Lawyer Yerem Sargsyan, representing Prosperous Armenia Party (PPA) leader and businessman Gagik Tsarukyan, has published a video on his Facebook page, outlining his position on the case.
According to Sargsyan, the footage demonstrates that the Iranian nationals recognized as victims in the criminal case actually misappropriated at least $14.5 million from Tsarukyan, while law enforcement authorities have accused Tsarukyan himself of fraud.
The lawyer said the defense disputes both the grounds for granting the Iranian nationals victim status and the accusation that Tsarukyan defrauded them of $21 million.
“We are presenting the public with an excerpt from the first video, which clearly confirms that Gagik Tsarukyan did not commit fraud. Rather, the Iranian nationals portrayed as victims misappropriated at least $14.5 million from him. Nevertheless, law enforcement authorities have artificially turned Gagik Tsarukyan, the actual victim, into the accused.
Specifically, according to the official charges, Gagik Tsarukyan never intended to engage in business activities with the Iranian nationals recognized as victims. Instead, from the outset, he allegedly intended to fraudulently obtain money from Iranian citizens Arman, Hajiali and Erfan Olamayi, ultimately misappropriating $21 million from them.
As we maintained throughout the preliminary investigation, the defense possesses irrefutable evidence that these Iranian nationals, who were artificially designated as victims, contributed absolutely no money toward establishing the joint business. Gagik Tsarukyan provided the entire investment.
In particular, Arman Olamayi introduced himself as a representative of the Iranian government, claiming to hold exclusive licenses issued by the Iranian state to import numerous products into Armenia. He said he could import and sell those goods in Armenia at significantly lower and more advantageous prices, generating profits for both parties.
Consequently, by mutual agreement, Gagik Tsarukyan provided all the funding necessary for the business, while Arman Olamayi was responsible for supplying goods from Iran and managing operations through his trusted associates.
For this purpose, Iran-Armenia Trade Development LLC was established, with 50% owned by MULTI GROUP LLC and the remaining 50% by PARS HELAL, an Iranian company belonging to the Olamayi family. Hamlet Tumanyan, a close friend and trusted associate of Arman Olamayi’s father, Hajiali Olamayi, another recognized victim, was appointed executive director.
Other companies were also established, including EURASIA MULTI TRADE COMPANY and EURASIA CEMENT LLC. Arman Olamayi held a 50% stake in these companies, while Gagik Tsarukyan owned the other 50%. Their trusted associate Hamlet Tumanyan was again appointed executive director.
In the published video, Gagik Tsarukyan, speaking through an interpreter, addresses Hajiali and Erfan Olamayi, who have been recognized as victims. He explains how deeply he trusted them, saying he regarded and still regards Arman Olamayi as a brother.
He says he believed without reservation that they represented the Iranian government, particularly because they had invited him to Iran, received him with great respect and arranged meetings with numerous officials, including government ministers. He emphasizes that his objective was to develop Armenian-Iranian relations on a deeper level,” the Facebook post states.
The lawyer also highlighted what he described as the most significant sections of the video.
“01:00–01:20: Gagik Tsarukyan explicitly states that he previously knew neither Hamlet Tumanyan nor Arman Olamayi. From their very first visit to him, they presented themselves as representatives of the Iranian government, which is why he placed complete trust in them.
03:24–03:38: Gagik Tsarukyan states that he personally invested all the money and that Arman Olamayi did not contribute ‘a single penny.’ When Tsarukyan asked Arman to invest at least 10% of the funds, Olamayi replied that he had no money. Despite this, Tsarukyan registered 50% of the newly established company in Arman Olamayi’s name.
05:20–05:46: Gagik Tsarukyan describes the amounts he provided for constructing cement and oil factories and establishing other separate businesses. However, he says he was deceived and no work was carried out.
06:05–06:22: Gagik Tsarukyan says he was not even allowed to appoint a single trusted representative to oversee these businesses and monitor the movement of goods and money. The Iranian partners justified this by claiming they were a government entity and would handle everything themselves.
09:20–09:53: Gagik Tsarukyan states that he obtained a $7 million bank loan and invested it in the business, in addition to contributing another $7.5 million from his own resources, bringing his total investment to $14.5 million.
17:20–17:36: Gagik Tsarukyan states that, according to a report on the joint business presented in January 2024, total profits amounted to $23 million. However, the money was not available. Arman Olamayi asked Tsarukyan to give him until March to pay the entire amount.
19:30–20:04: Gagik Tsarukyan explains that all his agreements were made with Arman Olamayi, who brought a document from Iran. The document was also signed by Hajiali and Erfan Olamayi, who were present during the conversation.
This was a guarantee agreement under which the Olamayis confirmed their obligation to return the entire amount.
Tsarukyan also states that they had earned $23 million and recorded that $7 million plus $7.5 million, totaling $14.5 million, represented his initial investment. The remaining $8.5 million was their joint profit, which was to be divided equally between him and Arman Olamayi, with each receiving $4.25 million.
20:36–20:54: Gagik Tsarukyan states that Arman, Hajiali and Erfan Olamayi signed a document undertaking to repay the money. He told them that if certain aspects of the business had not worked out, they could settle the debt through their work. The Olamayis agreed to repay the amount using proceeds from their joint business activities.
23:05–23:40: Gagik Tsarukyan states that he learned the Olamayis had signed contracts with various organizations in Iran for the Armenian-Iranian Trade Center and received money, but had deceived him and failed to transfer any of those funds to him.
24:57–26:14: Gagik Tsarukyan explains that he simply wants Arman Olamayi’s father, Hajiali Olamayi, to hear everything and decide what they should do next. He says Arman Olamayi deceived him and withheld money, and that unless they disclose where the funds are, he will not invest any additional money.
27:07–27:30: Gagik Tsarukyan says he is addressing Hajiali Olamayi directly because he respects him greatly. He explains that Arman prepared a repayment schedule specifying when he would return the money but failed to make the payments. Moreover, when Arman visited Armenia, he attempted to prevent Tsarukyan from learning about the situation.
Most importantly, after hearing all of this, at 34:50–39:20, Hajiali Olamayi explicitly acknowledges that Gagik Tsarukyan did everything at a very high standard for the joint business, that they personally witnessed his efforts and that there is no need to explain those efforts to them.
Furthermore, he clearly acknowledges that they themselves organized all the business operations and says they are prepared to provide Gagik Tsarukyan with details of the work performed.
He also explicitly states that Gagik Tsarukyan’s money is being held in their custody and that they will do everything possible to ensure he does not lose a single penny.
Finally, I would like to ask everyone one question: How can the Iranian nationals be considered victims, and how could Gagik Tsarukyan have misappropriated $21 million from them, when they themselves acknowledged during that conversation that they were holding Tsarukyan’s $14.5 million?
Moreover, if Gagik Tsarukyan had actually misappropriated $21 million from them, how is it possible that throughout this entire conversation the Iranian nationals, supposedly the victims, did not tell Tsarukyan even once that they did not owe him money and that, on the contrary, he had misappropriated theirs?
Of course, the written undertakings and guarantee agreements signed by the individuals recognized as victims also confirm that they misappropriated Gagik Tsarukyan’s money and have not returned it to this day.
This is precisely why we maintain that Gagik Tsarukyan, the actual victim, has been turned into the accused, while the Iranian nationals, the actual perpetrators, have been artificially designated as victims.
In other words, not only have the Iranian nationals misappropriated $14.5 million from Gagik Tsarukyan, but Armenian law enforcement authorities are also seeking to have the court order Tsarukyan to pay an additional $21 million to those same Iranian nationals.
Needless to say, this is very ‘fair’…” the post concludes.
