Armenian authorities arrest suspect in international investment fraud scheme

The Investigative Committee of Armenia has confirmed the arrest of an individual allegedly involved in a vast international fraud operation centred around fictitious online investment platforms.

The scheme, which spanned several years, defrauded more than 1,400 victims across multiple countries, Caliber.Az reports, citing Armenian media.

According to the investigation, the suspect was an active participant in an organised criminal group that operated from November 2021 to December 2023. The group, reportedly comprising at least 144 members, including several minors, orchestrated a sophisticated cybercrime operation aimed at deceiving unsuspecting investors.

The criminal enterprise is said to have developed fraudulent websites designed to resemble legitimate investment platforms. These platforms promised high-yield returns and incorporated fabricated identity verification features, lending an air of credibility to the scam. Victims were misled into transferring funds in the hope of securing rapid financial gains, only to be defrauded.

Authorities estimate the total financial damage at more than 810 million Armenian drams—equivalent to approximately $2.16 million. The scope and coordination of the operation have raised concerns about the growing sophistication of cyber-enabled financial crimes in the region.

A criminal case has been formally initiated under Armenian legislation for computer-related theft involving exceptionally large sums. The case file, including a formal indictment, has already been submitted to the prosecutor’s office for further legal proceedings.

By Vafa Guliyeva