Armenia completes probe into tycoon Samvel Karapetyan

Armenia’s Investigative Committee of Armenia has completed its investigation into a criminal case involving Samvel Karapetyan, the owner of Electric Networks of Armenia, as well as two executives of companies affiliated with him, identified as V. T. and A. Kh.

According to Armenian media reports cited by Caliber.Az, the case includes multiple charges, namely tax evasion, money laundering, large-scale embezzlement, and public calls to seize power.

Investigators allege that Karapetyan, acting in coordination with the named individuals, organised a scheme to evade taxes totalling more than 1.84 billion drams (approximately $4.8 million).

The investigation further states that between 2020 and 2023, embezzlement exceeding 4.97 billion drams (about $13.1 million) was carried out with the involvement of executives from other companies.

In addition, Karapetyan is accused of two counts of money laundering, allegedly committed in prior collusion with leaders of other firms, involving a combined sum of around 1.97 billion drams (approximately $5.2 million).

The Investigative Committee has now concluded the inquiry, marking the completion of the case at the investigative stage.

By Tamilla Hasanova