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Central Bank Chairman: Over 400 Cases of Bank Fraud Recorded in Armenia in Q1
In the first quarter of this year, 408 cases of fraud were recorded in the banking system of Armenia, and their number is decreasing, said Martin Galstyan, Chairman of the Central Bank of the Republic, explaining that this figure may be inaccurate, since there are no applications for some cases to ...
06/11/2025Insurance fund and certificate with QR code: Armenia to tighten control over tour operators and guides
... special insurance fund. This will guarantee the fulfillment of obligations to tourists in the event of a company's bankruptcy or force majeure. According to the head of the Committee, the need for these regulations arises from the increasing incidence of fraud in the tourism sector—from failure to fulfill obligations to transport tourists to travel agencies disappearing with clients' money. Previously, the lack of appropriate legislative regulation and control mechanisms led to numerous violations of ...
01/30/2025Thirty-five traffic accidents in Armenia in first days of new year - MIA
... according to the operational report from the Ministry of Internal Affairs of the Republic of Armenia. Between December 30, 2024, and January 3, 2025, a total of 197 crimes were detected. Specifically, there were 32 cases of drug seizures, 28 cases of fraud, 21 cases of drug and psychotropic substance smuggling, 20 cases of causing bodily harm or physical interference, 19 cases of driving without a valid driver's license or with a revoked license, 16 cases of psychological influence, 14 cases of hooliganism,...
01/03/2025Yerevan public transport to cost 880-900 drams daily from January 1
... confirmed that, starting January 1, it will be possible to purchase an online travel pass for 800 drams, allowing for virtually unlimited trips throughout the day. "The only reasonable limitation is the number of trips—8-9 per day. This is to prevent fraud, such as ticket cloning, ensuring that one ticket is not used by multiple people. Otherwise, a responsible passenger will be able to use the ticket virtually unlimited times," Grigoryan explained. As the vice-mayor stated, the specified fare packages ...
11/14/2024Armenian Prosecutors demand confiscation of 29 real estate properties and 2.5 billion drams from former Prosecutor General Aghvan Hovsepyan
... reads. Hovsepyan was arrested in early September 2021. As part of a criminal case being investigated by Armenia's Special Investigation Service. It was confirmed that Hovsepyan received a bribe in a particularly large amount of 190,000,000 drams and fraudulently embezzled 800,000,000 drams. Hovsepyan is also accused of money laundering in a particularly large amount of 1,299,404,414 drams. Earlier it was reported that Hovsepyan, while serving as Armenia's Prosecutor General from March 18, 2004 to ...
10/08/2024Armenia and Eurojust to co-operate in fighting crime
... liaison prosecutors to Eurojust to work on cases with their counterparts in the Collegium. Eurojust also works closely with other EU agencies and partners that support various stages of the criminal justice network, including law enforcement and anti-fraud authorities. -0-
09/23/2024Fraudsters use new scheme to steal citizens' money
Armenian police warned citizens about a new fraudulent scheme used by crooks to steal their money. YEREAAN, 7 August. /ARKA/. Armenian police warned citizens about a new fraudulent scheme used by crooks to steal their money. "Citizens received calls from unknown persons claiming that their ...
08/07/2024The case of 12 people accused of embezzlement of 412 million drams referred to court
... estimates with inflated prices, thus stealing 412.3 million drams. An attempt was also made to steal another 757.5 million drams, but it failed. The criminal scheme was exposed in time. At the beginning of the year it emerged that two criminal cases on fraud and abuse of power in the Ministry of Economy were initiated. On 30 January, Deputy Minister Ani Ispiryan was dismissed on suspicion of involvement in fraudulent distribution of subsidies for intensive orchards. On 14 February, Minister Vahan Kerobyan ...
07/31/2024Two new deputy economy ministers appointed in Armenia
... Commission Narek Hovakimyan and Tatevik Sargsyan. Two other deputy ministers - Narek Teryan and Arman Khojoyan retained their posts. Personnel reshuffles in the Ministry of Economy started in late January this year in connection with two criminal cases of fraud and abuse of power. On January 30, Deputy Minister Ani Ispiryan was dismissed on suspicion of involvement in fraudulent distribution of subsidies for intensive gardens, and later she was indicted. Minister Vahan Kerobyan announced his resignation ...
04/01/2024Five conjectures about investing that scare us
... way to invest. If your goal is, for example, to save money, you can choose assets with predictable returns such as deposits and bonds. 2. You will definitely lose your funds to scammers Unfortunately, in any sphere of life a person can encounter fraudsters, and investing is no exception. People who reject the idea of making money on the financial market often refer to the negative experience of those who lost money by trusting unscrupulous companies. The truth is that when investing, you will ...
03/13/2024The impact of technology on financial market. Would you trust robots with your money?
... transactions. Blockchain allows for greater transparency than traditional bases. Any market participant can independently view the register and confirm transactions. The encryption and verification methods used by blockchain make it resistant to hacking and fraud. This technology is used to create and store cryptocurrencies (Bitcoin, Ethereum, Litecoin and Ripple) and digital financial assets. The latter are similar to traditional instruments - stocks, bonds, bills of exchange - but are tokens (certificates) ...
02/21/2024There should be no distinction between financial market participants when regulating crypto-assets –Union of Banks of Armenia
... positive aspect is that any supervisory body or regulator will not be able to hinder technological development. And the negative aspect is that there is still a lot of work to be done to properly identify the customer, to prevent possible risks and fraud." Earlier, Central Bank Governor Martin Galstyan said that the regulator intends to submit to the Armenian parliament a legislative initiative on cryptocurrencies, developed based on the best global experience. -0-
02/20/2024Prosecutor's Office initiates criminal case over attempted sale of sports center at a price 5 times lower than its cadastral value
... tenant had the right to buy out the property by paying 56.1 million drams. It was sold then to the director's wife. On February 7, 2024, a criminal case was opened against the director of the company on charges of abuse of official powers, attempted fraud and forgery of documents. On February 15, 2024, the prosecutor approved the indictment against the director of the company and his wife and sent it to the court together with the case.-0-.
02/20/2024Investor protection in the financial market. What is important to know about regulation ?
... financial market is diverse and includes a huge number of participants, including unscrupulous ones. Therefore, when choosing a platform, intermediaries and instruments, it is important for investors to understand what mechanisms can protect them from fraudsters. YEREVAN, February 7. /ARKA/. The financial market is diverse and includes a huge number of participants, including unscrupulous ones. Therefore, when choosing a platform, intermediaries and instruments, it is important for investors to understand ...
02/07/2024Former Gyumri mayor accused of money laundering and illegal alienation of real estate
... 2006-2011. In collusion with a group of persons, including his brother and son, Vardan Ghukasyan legalized 4 of the illegally acquired real estate objects with a cadastral value of about AMD 16.1 million. Two more relatives of Ghukasyan were involved in the fraud. The ex-mayor of Gyumri is accused of official forgery, abuse of office (26 episodes), legalization of illegally obtained income (4 episodes). His brother, son and two relatives are accused of money laundering. With regard to another five former ...
12/18/2023Armenian NSS reveals fraudsters who embezzled large sums of money in the process of supplying food to kindergartens in Yerevan
Armenian law-enforcement authorities have initiated a criminal prosecutions against nine people on charges of large-scale fraud and forgery of legal documents. They all are from the companies, which supplied food to pre-school educational institutions, run by the Yerevan Municipality. YEREVAN, November 27. /ARKA/. Armenian law-enforcement authorities have initiated ...
11/27/2023Head of Yerevan Conservatory branch in Gyumri accused of embezzling more than 370 million drams
The head of Yerevan Conservatory branch in Gyumri is accused of fraud and embezzlement of a large amount, the Investigative Committee of Armenia reported. YEREVAN, October 17. /ARKA/. The head of Yerevan Conservatory branch in Gyumri is accused of fraud and embezzlement of a large amount, the Investigative Committee ...
10/17/2023Armenian investigators reveal money laundering scheme totaling 190 mln. Drams
... steal 190.7 million drams. YEREVAN, September 11. /ARKA/. Armenia's Investigative Committee has uncovered a money laundering scheme that was used to steal 190.7 million drams. The law-enforcers managed to identify only one person of a group of fraudsters - a 33-year-old resident of Yerevan. According to the investigators, a group of persons, under unclear circumstances, stole over 190 million drams from foreign card accounts located in the United Arab Emirates (5 banks), Qatar (3 banks), and ...
09/11/2023Armenian venture capital community and banks have a good understanding of what the cryptocurrency industry is all about, says Binance CIS regional director
... fund was created so that in any emergency situation, users can be compensated for potential losses. In terms of user security, we do a tremendous job, both product-wise, for example in the form of two-factor authentication, and prevention-wise: no fraudster can get on the platform because we have a strict KYC procedure for individuals, during which we check users against various lists. For corporate clients, it's a KYB procedure where companies submit their documents. And of course, there is a ...
09/07/2023Armenia’s Investigative Committee charges founder of Davinci travel agency and tour manager with embezzling almost $600,000 from clients
Armenia’s Investigative Committee has formally charged the founding director and a tour manager of Davinci travel agency with fraud. YEREVAN, August 22. /ARKA/. Armenia’s Investigative Committee has formally charged the founding director and a tour manager of Davinci travel agency with fraud. According to the Investigative Committee, although the founder of the travel ...
08/22/2023Two companies engaged in paid parking services accused of embezzling over 770 million drams
Top managers and several employees of Security Dream and Ellipses G.A. , two companies engaged in rendering video policing and paid parking services are accused by Armenian Investigative Committee of fraud, falsification of documents and embezzlement of more than 770.96 million drams. YEREVAN, August 21. /ARKA/. Top managers and several employees of Security Dream and Ellipses G.A. , two companies engaged in rendering video policing and paid ...
08/21/2023Former Deputy Chairman of Armenian SRC charged with large-scale financial fraud
A former deputy head of Armenia’s State Revenue Committee (SRC) Tigran Barseghyan has been charged with financial fraud, Prosecutor General's Office said. YEREVAN, May 11. /ARKA/. A former deputy head of Armenia’s State Revenue Committee (SRC) Tigran Barseghyan has been charged with financial fraud, Prosecutor General's Office said. Barseghyan, who served in ...
05/11/2023Ardshinbank warns about facts of fraud
The press service of Ardshinbank issued an official statement to customers warning them against increasing facts of fraud with fake bank pages on the Internet. YEREVAN, May 4. /ARKA/. The press service of Ardshinbank issued an official statement to customers warning them against increasing facts of fraud with fake bank pages on the Internet. The statement, in particular,...
05/04/2023Byblos Bank Armenia launches Google PayTM support for cardholders
... card stored in Google Wallet to pay, transactions are made using a virtual card number (a token). This token is device-specific and associated with a dynamic security code that changes with each transaction, providing an extra layer of protection from fraud. Also, if your phone is ever lost or stolen, you can simply use the “Find my device” function to instantly lock your device from anywhere, secure it with a new password, or even wipe it clean of your personal information. To start paying with ...
04/05/2023Two developers found guilty of fraud in Yerevan
Armenia’s State Revenue Committee (SRC) uncovered another case of large-scale fraud committed by two companies engaged in the construction of apartment buildings. 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 ...
04/04/2023Armenian law-enforcers detain top managers of Nor Zovk company on tax evasion charges
... detained the owner of Nor Zovk LLC, identified as A.A., the director of Nor Zovk chain of supermarkets, identified as R.A. and the chief accountant identified as S.S. on charges of tax evasion. The owner of the company is charged also with software fraud. According to the Investigative Committee, A.A, who owns 100% in Nor Zovk LLC, by prior agreement with the director and the chief accountant distorted tax related data to have avoided paying more than 4.1 billion drams in various taxes in a time ...
03/01/2023Unibank Launches Google Pay Support for Card Users in Armenia
... card stored in Google Wallet to pay, transactions are made using a virtual card number (a token). This token is device-specific and associated with a dynamic security code that changes with each transaction, providing an extra layer of protection from fraud. Also, if your phone is ever lost or stolen, you can simply use the “Find my device” function to instantly lock your device from anywhere, secure it with a new password, or even wipe it clean of your personal information. “Google Pay provides ...
01/18/2023Armenian SRC recovers 23 billion drams in 2022
... criminal cases investigated by the Investigation Department involved import-export, mining, services, trade, properly alienation, smuggling and other activities. Over the reporting period, the Investigation Department investigated money laundering and fraud cases, as a result of which indictments were brought against different individuals. Preliminary investigation in 35 cases is completed and the cases with indictments were referred to supervising prosecutors for further referral to courts. ($1 - ...
12/28/2022Ameriabank Launches Google Pay and Google Wallet Support for Card Users in Armenia
... card stored in Google Wallet to pay, transactions are made using a virtual card number (a token). This token is device-specific and associated with a dynamic security code that change with each transaction, providing an extra layer of protection from fraud. In addition, if your phone is ever lost or stolen, you can simply use the “Find my device” function to instantly lock your device from anywhere, secure it with a new password, or even wipe it clean of your personal information. “Google Pay ...
11/15/2022Armenia's ex-prosecutor general will be released on 100 million dram bail
Armenia's former Prosecutor General Aghvan Hovsepyan, standing trial on charges of illegal entrepreneurship, bribery, fraud and legalization of illegally obtained incomes, will be released on a 100 million dram bail, his lawyer Yerem Sargsyan said in a Facebook post. YEREVAN, Aug. 11. /ARKA/. Armenia's former Prosecutor General Aghvan Hovsepyan, standing trial on charges ...
08/11/2022Armenian authorities expand efforts to eliminate trafficking in persons- US. Department of State
... local and foreign victims in Armenia, as well as victims from Armenia abroad over the past five years. Traffickers use some Armenian migrants seeking work in Russia, the United Arab Emirates (UAE) and Turkey for forced labor, often through recruitment fraud and exorbitant recruitment fees charged by employment brokers. Armenian women can also be used for sexual exploitation in the UAE and Turkey. Armenian women can be exploited for sexual exploitation, human trafficking, and forced begging within the ...
07/20/2022Four catering companies in Armenia accused of stealing 23 million drams
Four catering companies in Armenia are accused of stealing 23 million drams of public funds, the Office of Prosecutor General said today. YEREVAN, May 30. /ARKA/. Four catering companies in Armenia are accused of stealing 23 million drams of public funds, the Office of Prosecutor General said today. These companies were picked by the government in 2020 spring to provide food to thousands of Armenians who returned home from abroad after the outbreak of the coronavirus and were quarantined at several...
05/30/2022Bitcoin, Etherium, NFT - how these and other complex words have created a new economic reality
... the tastiest sandwiches one can get in the neighborhood. I'm totally into it as my friend is enthusiastically telling me about something that's already worth $100. I am not really listening to him, because his story somehow reminds me of a commonplace fraud. I remember only the name - Bitcoin. It is the same year of 2013, but a little later. I dropped in on a friend. I feel a little awkward, because it's the first time I am visiting his home. My friend's father starts talking about Bitcoin, I vaguely ...
05/02/2022Armenian Minister of Emergency Situations and some of his subordinates arrested on charges of corruption
... the ministry, including the heads of various departments are detained, the Anti-Corruption Committee said. Piloyan was detained by investigators on March 30. Eight more people, including ministry's officials, were charged with complicity in bribery, fraud, abuse of power and attempted abuse of power. Five of the accused have been arrested. Another 10 employees of the ministry are treated as suspects, who were ordered not to leave the country. Piloyan, a retired army general, was appointed minister ...
03/31/2022Armenian court releases opposition mayor of Goris
... opposition mayor of Goris and several surrounding communities more than five months after Arushanyan's opposition bloc won the local self-government election. Arushanyan was charged with violation of the secrecy of voting, abuse of power, illegal business, fraud and arbitrariness. He was arrested shortly after the June 2021 snap parliamentary elections. The criminal case against him was based on incriminating testimony given by head of a village who according to prosecutors was ordered by Arushanyan to ...
03/28/2022Armenian economy ministry launches telegram bot to report apartment rental scams
Armenian Ministry of Economy is urging citizens who are faced with apartment rental scam or fraud to report it through a telegram chat bot. YEREVAN, March 15. /ARKA/. Armenian Ministry of Economy is urging citizens who are faced with apartment rental scam or fraud to report it through a telegram chat bot. "If you or your friends have ...
03/15/2022Armenia’s crime rate up 14.3 percent in 2021
... reported crimes grew by 3,777 to 30,245 incidents, up from 26,468 incidents reported in 2020. The rise, he said, was driven by a higher number of reported thefts, which grew last year by 1,695 compared to 2020, traffic offenses, which rose by 188, cases of fraud, which upped by 127 as well as by drug-related crimes which were higher by 318. According to the Police, non-severity and medium severity crimes accounted for 57.7% and 26.4% of all reported crimes respectively. In particular, homicides, crimes ...
01/24/2022Israeli Drone Firm, Three Senior Employees Charged With Violating Defense Export Law
... Magistrate’s Court prevents the publication of further details. According to Haaretz, the firm has been under investigation for the past several years. In 2018 the Justice Ministry said prosecutors intended to press charges against its employees for aggravated fraud and violations of the defense export law. In an unusual announcement in August 2017, the Defense Ministry said that it had suspended the marketing and export license for one of the firm’s attack drones to a significant customer in a foreign country....
12/30/2021Prime Minister Pashinyan’s party loses local elections in third of communities in Sunday's polls
... against the merger of their communities. Prime Minister Pashinyan praised the quality of the elections in a Facebook post today morning, saying that ‘the government’s system of counteraction had been undermined by the practice of previous election fraud, which took shape in the early 90s and led, through a chain reaction, to a security crisis.’ -0-
12/06/2021Black Friday CashBack from Converse Bank
... Bank’s Visa Virtual cards on Black Friday, November 26, and get up to AMD 20,000 CashBack,” the Bank representative said. Visa Virtual is the first digital card for online shopping in Armenia. It is secure for shopping and at the same time safe from fraud. The card does not exist physically, it is impossible to lose the card, nor is it linked to the cash account, therefore the customer’s funds are inaccessible to third parties during hacking. See Visa Virtual details here: https://www.conversebank....
11/24/2021Deputy chief of staff of Nork Marash administrative district of Yerevan tried to sell publicly owned property as his own
Armenian law-enforcement authorities have detained the deputy chief of staff of the Nork Marash administrative district of Yerevan on charges of fraud and bribery, the Investigative Committee said today. YEREVAN, November 1. /ARKA/. Armenian law-enforcement authorities have detained the deputy chief of staff of the Nork Marash administrative district of Yerevan on charges of fraud and bribery,...
11/01/2021Armenia’s crime statistics up 6.1 percent in 9 months
... of the draft 2022 state budget. According to him, in the first nine months of 2021, some 20,863 crimes were reported to police, up from 19,662 crimes reported in the same time span of 2020. He said the growth was mainly contributed by such crimes as fraud, theft and traffic violations. "The bulk of the recorded cases –some 84% - are crimes of small and medium severity," he said. Fidanyan emphasized that the number of homicides, crimes against sexual inviolability, theft, robbery, fraud,...
11/01/2021VTB Bank (Armenia) warns its clients against phone scams
... /ARKA/. VTB Bank (Armenia) warned today its clients against phone scams, saying their number has increased dramatically recently. “VTB Bank (Armenia) is using modern technologies designed to protect the data of its clients. However, most often, such frauds occur exclusively when the client confirms the request of the fraudster and without realizing, inadvertently contributes to the Internet fraud,’ the bank said in a press release. In connection with the growing number of phone scams involving ...
10/06/2021Armenia’s ex-prosecutor general detained and charged with money laundering
... and when serving as head of the Investigative Committee from July 18, 2014 to June 11, 2018, was involved in the management of a number of LLCs engaged in entrepreneurial activities. SIS said it has found out that through 190 million dram bribery and fraud Aghvan Hovsepyan embezzled property worth f 800 million drams. Hovsepyan is charged with property legalization (money laundering) in the amount of about 1.3 billion drams. More precisely, the ex-prosecutor general is charged with illegal entrepreneurship,...
09/07/2021Contractors in Vayots Dzor embezzle 17 million drams
Armenia’s National Security Service (NSS) said a criminal investigation has been launched into a case involving abuse of official duties and fraud, committed by several contractors commissioned by the administration of Vayots Dzor province to improve a pathway in the resort town of Jermuk. YEREVAN, August 31. /ARKA/. Armenia’s National Security Service (NSS) said a criminal investigation ...
08/31/2021Opposition Hayastan alliance asks formally Constitutional Court to overturn June 20 elections’ results
... these elections illegitimate,” it said in a statement right after the polls. The Hayastan alliance, composed of the Armenian Revolutionary Federation and the Reviving Armenia parties, accuses the government of using state levers to commit wide-scale fraud during the election. “The authorities’ ability to operate without restraints must be stopped,” the alliance said in a statement made public late on Thursday. “We need to prove that these authorities represent the most corrupt government ...
07/02/2021Armenia bloc to challenge election results at Constitutional Court
The Armenia bloc, headed by a former president, Robert Kocharyan that came in second with 21 percent of the vote in the early parliamentary elections held on June 20, said on Monday that the results were tainted by fraud and that they will challenge them at the Constitutional Court. YEREVAN, June 21. /ARКА/. The Armenia bloc, headed by a former president, Robert Kocharyan that came in second with 21 percent of the vote in the early parliamentary elections held ...
06/21/2021Safe online shopping. A few tips
Every day, two percent of internet shoppers in the world fall victim to fraud. YEREVAN, May 10. /ARKA/. Every day, two percent of internet shoppers in the world fall victim to fraud. The figure is small only at first glance. As of 2020, the number of people shopping online in the world has reached about 1.92 billion (about ...
05/10/2021Armenia to replace Special Investigative Service with Anti-Corruption Committee
... Investigative Service was formed on November 28, 2007. Its main function is to investigate criminal cases involving crimes committed with the complicity of senior legislative, executive and judicial official, as well as criminal cases involving election fraud. -0-
03/24/2021Justice Minister describes allegations that Pashinyan's administration will use administrative resource to rig snap parliamentary elections as 'comical'
... provided during the early elections. 'As for the allegations that administrative resources will be used to rig the polls, they are comical, since we proved both during the national and local elections that at least after June 2018 there was no election fraud and no vote-rigging attempt in Armenia,” Badasyan said speaking to journalists. Some of the journalists disagreed claiming that Nikol Pashinyan used administrative resources to increase the turnout at a rally he called on March 1. The minister ...
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