1 Billion Dram Seizure Demanded from Former Director of Armenian Fund

The former executive director of the "Hayastan" All-Armenian Fund, Ara Vardanyan, along with a person connected to him, a former official from the Ministry of Economy, and an owner of LLCs, are facing a demand for the seizure of real estate and monetary assets by the Prosecutor General's Office of Armenia. This information has been provided by the press service of the Prosecutor General's Office.

It is reported that the Anti-Corruption Court of Armenia accepted the Prosecutor General's Office's requests for the seizure of property of illegal origin in March 2024.

In particular, the Prosecutor's Office is demanding the seizure of three real estate properties, one vehicle, and the current average market value of an apartment in downtown Yerevan amounting to 933 million 144 thousand drams, which is not substantiated by the individual’s legal income, has illegal origins, has been transferred to a bona fide purchaser, or cannot be identified and seized, along with 208 million 214 thousand drams as the remaining income from the use of property of illegal origin.

The Prosecutor's Office is also requiring former head of the Licensing Division of the Ministry of Economy, Armen Nalbandyan, to forfeit three real estate properties, one vehicle, 270 thousand drams as the remaining amount of illegal monetary funds, and 103 thousand 755 drams, which cannot be substantiated by legal sources of income, has illegal origins, and cannot be seized as it was transferred to a bona fide purchaser or cannot be identified between 2006 and 2023.

Additionally, demands have been made from LLC owner Artak Bagikyan and associated individuals to seize five real estate properties, stakes in four legal entities, and 52 million drams.