Armenia’s Investigative Committee says alleged financial misconduct caused 64,585,780,024 drams in damage to Electric Networks of Armenia (ENA). Criminal prosecution has been initiated against 36 people, with simultaneous searches conducted at 65 addresses.
According to the preliminary investigation, a group allegedly organized and directed by S.K., identified by the editors as businessman Samvel Karapetyan, was involved in four instances of abuse of official powers in the private sector between 2016 and 2024, as well as suspected large-scale misappropriation and money laundering.
The case is being investigated by the Investigative Committee’s Main Department for Investigating Economic Crimes and Smuggling. Searches involving the National Security Service (NSS), Ministry of Internal Affairs and State Revenue Committee have targeted residential properties and company premises.
Investigators say information obtained through searches and from the three agencies indicates possible criminal activity involving ENA’s management.
According to the committee, the group allegedly included members of ENA’s board of directors, its CEO, deputy CEO and other senior officials. They are suspected of abusing their authority over the company’s operations to misappropriate its assets.
The alleged scheme involved taking out loans exceeding ENA’s operational needs, distributing what investigators describe as unjustified dividends to shareholders, and making loans and advance payments to ENA, companies affiliated with its executives and other businesses.
Investigators also allege that 23,158,169,029 drams was unlawfully withdrawn from ENA in 2024–2025 and transferred as dividends to shareholders Liormand Holdings Limited and Tashir Capital CJSC.
The Investigative Committee identified three amounts of alleged damage:
- 36,981,660,000 drams;
- 23,158,169,029 drams;
- 4,445,950,995 drams.
The total alleged damage amounts to 64,585,780,024 drams.
The investigation also concerns suspected money laundering involving executives of more than ten interconnected companies allegedly operating under S.K.’s direction.
According to investigators, the companies used civil-law and corporate transactions to circulate substantial sums, mix allegedly misappropriated funds with other income and conceal their origins by creating the appearance of legitimate business activity.
Following a motion by an investigator, the supervising prosecutor authorized public criminal prosecution against 36 individuals.
The proceedings include four episodes under Clauses 2 and 3 of Part 2 of Article 46-277 of Armenia’s Criminal Code, concerning the organization of abuse of official powers or influence in the private sector.
Two episodes are being investigated under Clause 3 of Part 3 of Article 46-256, concerning the organization of misappropriation of entrusted property on an especially large scale.
The case also includes suspected money laundering under Clauses 2 and 3 of Part 3 of Article 296.
The investigator issued detention decisions, assigning their enforcement to the relevant authorities. The preliminary investigation continues.
Separately, after a search lasting approximately seven hours, masked NSS officers took Samvel Karapetyan, leader of the Strong Armenia party, away through the rear entrance of his mansion. Supporters gathered in the courtyard chanted his name as he was escorted out, Sputnik Armenia reports.
The allegations have not been established by a court.
