515 Million Drams Stolen: Police Revelation

The Police's main division for combating organized crime has uncovered a case of embezzlement, based on information received by the anti-corruption and economic crime department.

According to the police, through operational and investigative measures, they obtained evidence that a UAE national established a limited liability company in Armenia in 2016 for the purpose of investing in agriculture and engaging in entrepreneurial activities. He appointed a local acquaintance as the director of the company and made an investment of around $7,000,000 to acquire and cultivate land for the company's operations.

However, the company director, in the course of these transactions and among other abuses, embezzled significant amounts through the preparation and use of forged accounting documents. By making partial withdrawals of funds from the company's cash register with the intent to misappropriate, he embezzled a total of approximately 515 million drams.

A criminal case has been initiated by the police regarding this incident. As a result of additional measures taken by police officers during the investigation, it was found that numerous real estate properties were purchased with the illegally acquired funds, and their illegal alienation was prevented.