Sedrak Arustamyan, former CEO and current Chairman of the Board of Directors of businessman Gagik Tsarukyan’s Multi Group concern, and the company’s current director, Arthur Dallakyan, have been detained.
The Investigative Committee said they were detained for the purpose of being brought before the court.
The Main Department for the Investigation of Economic Crimes and Smuggling of the Investigative Committee of Armenia is investigating an alleged scheme involving G.T. and other individuals accused of fraudulently misappropriating property and funds worth 21,072,827 U.S. dollars, equivalent to 8,126,946,460 Armenian drams, on an especially large scale, as well as alleged money laundering.
Based on sufficient evidence obtained during the investigation, public criminal prosecution has been initiated against former CEO and Chairman of the Board S.A. and company director A.D. under Article 46-255, Part 3, Clause 3 of the Criminal Code (aiding fraud on an especially large scale) and Article 46-296, Part 3, Clause 3 (aiding money laundering on an especially large scale).
Sedrak Arustamyan’s lawyer, Hovik Sukiasyan, said the court is currently considering the Investigative Committee’s motion to place his client in pretrial detention as a preventive measure, RFE/RL reported.
According to law enforcement authorities, the detained leader of the Prosperous Armenia Party organized the misappropriation of property worth more than $21 million from Iranian businessmen. Tsarukyan’s lawyers argue that the Iranian businessmen were, in fact, the debtors in the legal relationship and say promissory notes confirming that position are available.
Beginning early on July 6, officers of the National Security Service, the State Revenue Committee, and the Ministry of Internal Affairs Police conducted simultaneous searches at more than 70 locations, including Tsarukyan’s residence and companies affiliated with him. Tsarukyan was detained. Early on July 7, the Avan and Nor Nork Court of General Jurisdiction began considering the preventive measure against him. By the end of the day, it became known that he had been placed in pretrial detention for two months.
