Millions Embezzled Under the Pretext of Acquiring Electric Vehicles

The Investigative Committee of Armenia is currently investigating another scheme involving the fraudulent embezzlement of money from citizens. The first division of the Center and Norq-Marash administrative districts of the Yerevan Investigative Administration has initiated inquiries into the circumstances surrounding this case.

According to the Committee, several citizens have reported that between May and October 2024, employees of ‘BM MOTORS’ LLC, a company engaged in the import and sale of vehicles located on Mashtots Avenue in Yerevan, collected various sums of money from them under the pretense of purchasing vehicles from abroad. However, the vehicles were not delivered as promised, and the money was not refunded.

In response to these reports, the Investigative Committee has launched criminal proceedings under Article 255, Section 3, Point 3 of the RA Criminal Code. To ensure an objective and comprehensive investigation, these proceedings have been consolidated into a single case. Eight individuals have been identified as victims of this scheme.

Based on information received from the victims and data obtained during investigative actions, advertisements for the purchase of various brands of electric vehicles from the People's Republic of China were published on social media under the name of the company. Individuals contacted the company's representatives using the contact details provided in these advertisements, and contracts were signed between the citizens and the company director at the company's office on Mashtots Avenue in Yerevan in accordance with these agreements.

According to the contracts, the company was obligated to import and deliver the ordered electric vehicles within approximately 2.5 months from China, while the ordering parties were required to pay a 70% advance on the specified value. After signing the contracts, over several days, the victims transferred various amounts of money totaling between 4 million and 10 million AMD to the company’s bank account or directly to the individuals representing the company as an advance payment.

However, after the deadlines passed, the victims were unable to contact the representatives of the company and did not receive the electric vehicles or their money back.

The investigation has determined that, as a result of the activities of this limited liability company, the eight victims have experienced particularly large property damages amounting to a total of 46,182,787 AMD due to fraud and abuse of trust, as known by the preliminary investigation.

The investigation is ongoing. Measures are being taken to locate the company's director and staff and present them to the investigative body, as well as to determine the full scope of the victims involved. Relevant instructions have been issued to the appropriate department of the police.

In light of this, the Investigative Committee urges citizens to verify the credibility of companies or individuals before entering into such transactions, and those who may have been affected by the activities of ‘BM MOTORS’ LLC to contact law enforcement authorities.