President of 'Aris' Charitable Foundation Board Arrested for Embezzlement of 11 Million Dram

The President of the Board of Trustees of the 'Aris' Charitable Foundation has been arrested. He is accused of embezzling large sums of money through deception from several individuals. This information was provided by the Investigative Committee of Armenia.

The total damage caused amounts to over 11 million dram, of which 1,900,000 has been recovered.

It has been revealed that in June 2022, the aforementioned individual became acquainted with the director of a company engaged in the buying and selling of clothing, presenting himself as a reputable figure in society. He offered to purchase various types of clothing from the company’s store with the promise of paying the money later. He took clothing worth 3,148,800 dram from the store but did not make any payments, thereby embezzling the items and causing significant property damage to the company.

During May 2020, the same individual took various types of clothing worth a total of 4,412,110 dram from stores owned by a company that sells clothing and underwear. He later embezzled these clothes through deceptive means, causing substantial property damage to the company.

It was also found that in the summer of 2018, this individual befriended a resident of the village of Zovk in the Kotayk region. By gaining her trust, he deceived her under the pretext of purchasing silver chains, crosses, and other items for a baptism to be held in the village of Bayandur in the Shirak region, as well as gifts of gold jewelry for individuals who had made charitable contributions to the foundation. He obtained and embezzled various types of gold jewelry, silver crosses, chains, and other items valued at 3,713,000 dram.

Based on the gathered evidence, the President of the Charitable Foundation's Board of Trustees has been charged under Article 255, Part 2, Clause 3 of the Criminal Code of Armenia for committing large-scale fraud. The pre-trial investigation has been completed, and the case materials have been sent to court.