An Individual Entrepreneur Charged with Embezzlement of 8 Million Drams from a Jewelry Company

The Investigative Committee of Armenia reports that the investigation into the embezzlement case of a large sum from a jewelry company is ongoing at the Kotayk regional investigative department. An individual entrepreneur has been charged.

On July 31, 2017, a report was received from the general director of the jewelry company stating that, under an agency contract, the individual entrepreneur provided various types of jewelry for sale in exchange for remuneration and a promise to return the proceeds, but he failed to return 53 pieces of jewelry valued at 7,778,963 drams, effectively misappropriating the items.

Following this incident, a criminal case was initiated by the Armenian Police under Article 179, Part 3, Point 1 of the Criminal Code, which was subsequently forwarded to the Kotayk regional investigative department for further investigation.

During the investigation, several circumstances of the case were clarified, including the identity of the alleged perpetrator, a resident of Charentsavan, born in 1971. On June 27, 2018, a decision was made to suspend the proceedings due to the defendant's whereabouts being unknown for other reasons, and a search warrant was issued for the individual entrepreneur.

Through conducted investigative actions and operational measures, the 47-year-old entrepreneur was identified and presented to the prosecuting authority. On July 11, 2019, the suspended criminal proceedings were resumed. The entrepreneur has been charged under Article 179, Part 3, Point 1 of the Criminal Code. As a preventive measure, a signature not to flee has been chosen for him.

During the investigation, the entrepreneur fully compensated the jewelry company for the significant property damage caused, amounting to 7,778,963 drams. The investigation is ongoing.