Armenia’s Investigative Committee said it has completed the pre-trial investigation into a criminal case involving an attempted fraud on an especially large scale and the submission of false evidence in civil proceedings. The case was handled by the department investigating property crimes within the main directorate for especially important cases.
According to investigators, Armenikum+ OJSC and Mika Limited LLC signed a loan agreement on March 10, 1999, under which the latter provided Armenikum+ with $4 million as a business investment. The committee says that afterward, Armenikum+ director L.G. and Armenikum CJSC director A.M. drew up a sham loan agreement on December 1, 1999, stating that Armenikum+ had allegedly lent Armenikum about 1.6 billion drams for six years. Investigators say additional false agreements were later prepared to extend the term of that contract.
The pre-trial investigation alleges that Armenikum director A.M., together with the company’s chief accountant M.G., Armenikum+ director L.G., and that company’s chief accountant A.B., prepared and signed false reconciliation statements between 2011 and 2018. Prosecutors say those documents were used to create an apparent liability of about 1.6 billion Armenian drams owed by Armenikum+ to Armenikum.
According to the Investigative Committee, A.M. later sought to enforce that claim through civil litigation. After the death of Armenikum+ director L.G., investigators say he prepared a materially false minutes record of the company’s shareholders’ meeting dated May 24, 2021, and submitted it to the authorized state body. The committee says that allowed him to unlawfully assume the post of chief executive of Armenikum+ while also remaining chief executive of Armenikum.
Investigators say that, in order to show that the statute of limitations for filing the claim had allegedly been preserved, A.M. used the false agreement bearing the chronology of November 30, 2015, along with the false reconciliation statements. On that basis, on November 27, 2025, a lawsuit was filed with the Yerevan Court of First Instance of General Jurisdiction seeking about 1.6 billion drams from Armenikum, a company with 100% state participation. That civil case is still under review.
Public criminal prosecution has been initiated against Armenikum+ director A.M. under Article 44-277 Part 2 Point 2, Article 44-255 Part 3 Point 3, Article 479 Part 2 Point 2, and Article 457 Part 2 of the Criminal Code. Those provisions concern attempted abuse of official powers or influence in the private sector causing especially large property damage, attempted fraud on an especially large scale, submission of false evidence, and the sale, preparation or use of forged documents.
The Investigative Committee also said no public criminal prosecution was initiated against Armenikum chief accountant M.G., Armenikum+ chief accountant A.B., or former Armenikum+ director L.G. because of the expiration of limitation periods and death. The criminal case has been sent with an indictment to the supervising prosecutor for approval and a motion to forward it to court.
The committee added that any person charged with a crime is presumed innocent until proven guilty by a court verdict that has entered into legal force.
