Director of Youth Foundation Charged with Stealing and Money Laundering

Armenia


The Investigative Committee has charged the executive director of Youth Foundation of Armenia with misappropriation and money laundering.

Earlier the Investigative Committee had informed that on 25 May 2018 they received a report from the ex-member of parliament Karen Avagyan, a member of the Board of Trustees of the foundation, that the executive director had signed a lending agreement on behalf of the foundation with himself worth 326 million AMD.

Based on the report the Investigative Committee started an investigation and found out that the executive director of the Youth Foundation of Armenia misappropriated immense amounts from the Foundation between the period 29 April 2013 and 22 May 2018.

Intending to cover up the illegal source of the money he transferred the amount to different correlated entities and individuals, or cashed the amount, as well as did other transactions.

Accordingly, in the mentioned period the executive director legalized 226.464.209 AMD of 325.600.000 AMD by way of multiple transfers in parts. In the same period, the aforementioned period the executive director put this amount in cash on the bank accounts opened in his name and his mother’s name.

Afterwards, in the period between 15.05.2013and29.12.2016 539.332 USD was transferred from his mother’s bank account to a bank account in UK and in the period between14.05.2013and 30.12.2016, 490.583 USD was transferred from the bank accounts in UK to his wife’s bank account and then transferred 477.485 USD from his wife’s bank account to his Armenian bank account and was cashed or transferred for his personal needs.

On 24 January 2019 the executive director of the Youth Foundation of Armenia was charged under Article 3 Para 1 and Article 190 Para 3.1 of the Criminal Code. The investigator has applied to court for remanding him in custody, the Investigative Committee informs.



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