Armenian police take Samvel Karapetyan’s nephew to Investigative Department UPDATED

Chairman of “Electric Networks of Armenia” (ENA) CJSC Board of Directors, Narek Karapetyan, has been taken to the Investigative Department.

According to Armenian media, Karapetyan himself stated that he had been expecting the detention and believes he is likely to be arrested.

10:59

Chairman of “Electric Networks of Armenia” (ENA) CJSC Board of Directors, Narek Karapetyan, has been taken away by criminal police after raids in his home and at the ENA office.

He was taken to the "Sixth Police Department" following searches, Caliber.Az reports, citing Armenian media,

09:53

In the morning of July 8, Armenian law enforcement officers are raiding the home of Narek Karapetyan, Chairman of the Board of Directors of “Electric Networks of Armenia” (ENA) CJSC and nephew of the arrested billionaire Samvel Karapetyan.

According to the ENA press service, law enforcement also arrived at the company’s headquarters at 8 a.m. and barred employees from entering the building, Caliber.Az reports.

The Armenian Investigative Committee confirmed that “urgent investigative actions” are being carried out at the CSJC office.

“As part of criminal proceedings initiated by the Main Department for the Investigation of Economic Crimes of the Investigative Committee and the Yerevan City Investigation Department, urgent investigative actions are being conducted. An official statement will be issued shortly,” said committee spokesperson Kima Avdalyan in a comment to Armenian media.

Employees are reportedly being barred from entering the building.

The raids come in the wake of legislative amendments passed by Armenia’s parliament that enable the nationalisation of ENA, currently owned by the Russian-Armenian Tashir Group headed by Samvel Karapetyan. The businessman was arrested on June 25 on charges of attempting to overthrow the government after publicly expressing support for the Armenian Apostolic Church amid escalating tensions with Prime Minister Nikol Pashinyan’s administration.

The Armenian Parliament approved the nationalisation bill in its second and final reading with 65 votes in favour, 27 against, and one abstention. The new law empowers the Public Services Regulatory Commission to replace company management in the event of serious legal violations. If such findings are confirmed, ownership rights can be temporarily suspended, and a state-appointed manager with at least five years of experience in the energy or management sector will take over operations.

ENA controls Armenia’s electricity distribution network, while the high-voltage infrastructure remains state-owned. The company was privatised in 2002 and purchased by Karapetyan’s Tashir Group in 2015 for $260 million. According to Forbes, his net worth was estimated at $3.2 billion in 2024. His arrest has sparked political and economic reverberations, with authorities now moving swiftly to dismantle his energy empire.

By Khagan Isayev