2.5 Million Dollar Extortion and Money Laundering Case Involving Tsarukyan and Arustamyan Revealed

Gagik Tsarukyan and Sedrak Arustamyan have been charged with large-scale extortion and money laundering. According to the Investigative Committee, they forcibly stolen 50% of a company's shares worth approximately $2.5 million from a Lebanese-Armenian businessman and then attempted to legalize the criminal origin of the funds.

As stated by the Investigative Committee, both individuals have already been detained in connection with another criminal case, hence no preventive measures have been imposed on them in this matter.

“As a result of a comprehensive and effective preliminary investigation conducted by the Investigative Committee’s Main Department for the Investigation of Crimes Against the State, Constitutional Order, and Public Security, it has been established that G.T. became acquainted with Lebanese-Armenian businessman G.T. in 2008 and proposed to jointly conduct a gold jewelry sales business. In order to realize the mentioned activity, a company was registered in 2009, with G. Tsarukyan and G. T.-s registered as shareholders with 50% shares each, while S.A. was appointed as the Chief Executive Officer.”

“In parallel, in mid-2009, G.T. suggested to G.T. to establish a drinking water plant in the village of Akunk, Kotayk Province, agreeing to jointly purchase land in Akunk village. Afterward, G.T. committed to building the factory building, while G.T. was to organize the purchase and transportation of equipment to Armenia. Between December 2009 and August 5, 2010, a total of 19 equipment necessary for the operation of the water plant was sent to Armenia, but the packaging equipment could not be delivered on time due to the supplier's inaction.”

“Subsequently, on August 17, 2010, S.A. and G.T., as part of a group, directly intended to extort G.T.'s shares. Under threat of violence at G.T.'s property in Arinj village, they demanded that G.T. sign documents. Under duress, G.T. signed a commitment and granted a power of attorney in front of a notary on the same day, based on which, on March 14, 2011, a contract on the purchase and sale of shares was concluded between H.G., authorized by him, and S.A., whereby S.A. was transferred G.T.'s 50% shareholding in the company, realizing large scale extortion of $2.5 million under the threat of violence.”

“Then, G.T. and S.A. intended to conceal and distort the criminal origin of the gold jewelry and the 50% share of the company by linking its activity with legitimate transactions of related companies and the jewelry with their other legal incomes. Thus, through a legitimate transaction, the criminal origin and real nature of the ownership rights over the company—acquired through extortion—were effectively concealed and distorted, thereby committing large-scale money laundering.”

Based on the gathered evidence, public criminal prosecution has been initiated against G.T. and S.A. under point 2 of part 3 of Article 182 of the Criminal Code of April 18, 2003 (large-scale extortion) and part 1 of Article 190 (legalization of property acquired through criminal means in particularly large amounts—money laundering).

Given that G.T. and S.A. are already detained under another criminal case, no preventive measures have been applied against them at this stage. The preliminary investigation of the criminal case continues.”

Notice: A person accused of a crime is considered innocent until proven guilty by a court's final judgment in accordance with the rules established by the Criminal Procedure Code.