Former Armenian economy minister detained in money laundering investigation Details/Updated

The Investigative Committee of Armenia has detained former Minister of Economy Vahan Kerobyan as part of a large-scale criminal investigation into money laundering and illegal land privatisation schemes dating back to 2008–2014.

Investigators allege that members of a criminal organisation—including officials and business figures—laundered millions of dollars through the illicit acquisition and mortgaging of state-owned land, Caliber.Az reports per Armenian media.

The case centers on the owner of a wine and cognac enterprise who, with assistance from employees of the Real Estate Cadastre Committee, allegedly illegally privatised three large land plots in Yerevan measuring 40, 19.3, and 14.5 hectares.

Investigators claim the plots were later mortgaged to several banks, allowing the group to secure loans exceeding $10 million. The scheme continued when a former head of a Cadastre Committee division issued ownership certificates unlawfully, facilitating money laundering through fictitious civil transactions.

The Investigative Committee stated that the circle of suspects has been identified, with 12 individuals targeted for detention—seven of whom have already been arrested. Searches have been conducted in the homes of those implicated, leading to the seizure of materials deemed important to the case.

The investigation remains ongoing.

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Armenia’s former Minister of Economy, Vahan Kerobyan, has been taken into custody, his brother Avetik Kerobyan confirmed.

Avetik Kerobyan said that law enforcement officers searched his brother’s home but noted that the search was not connected to Vahan Kerobyan’s tenure as economy minister, Caliber.Az reports, citing Armenian media.

The family is currently seeking clarification on the reasons behind the latest actions by authorities. 

Vahan Kerobyan has been under investigation in a corruption-related case. In February 2024, he was placed under house arrest for two months, with the measure extended for another two months in April.

The case initially involved eight defendants, including officials from the Ministry of Economy and representatives of the private sector. Authorities later dropped charges against six of them on the grounds of active remorse.

By Sabina Mammadli