Two developers found guilty of fraud in Yerevan

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04.04.2023, 10:23

Armenia’s State Revenue Committee (SRC) uncovered another case of large-scale fraud committed by two companies engaged in the construction of apartment buildings.

Two developers found guilty of fraud in Yerevan

YEREVAN, April 4. /ARKA/. Armenia’s State Revenue Committee (SRC) uncovered another case of large-scale fraud committed by two companies engaged in the construction of apartment buildings.

The SRC said its officers discovered that the companies deliberately set the apartment prices in the contracts significantly below the market ones in the multi-apartment buildings built in Kentron and Nork-Marash administrative districts of Yerevan.

This way they tried to hide both their real income and their turnover, avoiding taxes on a particularly large scale. Calculations showed that the "shadow" share of one company was 55.5% and the other’s - 29.7%.

The names of the companies and the amount of damage were not disclosed. The SRC appealed to citizens buying apartments not to risk their property rights and require builders to specify the real value of apartments in sale and purchase contracts. -0-

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