The former director of the “Youth Foundation of Armenia” has been sentenced to 10 years in prison
The executive director of the “Youth Foundation of Armenia” has been charged with money laundering in large amounts and embezzling large sums of money. Between 2013 and 2018, he withdrew and then embezzled about 325 million 600 thousand drams from the foundation’s bank account in installments. This was reported by the Prosecutor General’s Office. Of the unlawfully obtained money, 226 million 464 thousand drams were legalized through transferring from account to account to conceal and divide the funds. Specifically, the executive director of the foundation transferred the money in cash to bank accounts registered in his mother’s name.
Later, these funds were transferred to Great Britain, and after some circulation, they reappeared in Armenia. The crime was reported to law enforcement by Karen Avagyan, a member of the foundation’s Board of Trustees.
On December 2, 2024, the Yerevan Court of General Jurisdiction granted the prosecutor’s motion. The director was sentenced to 10 year in prison, and 325 million 600 thousand drams were seized in favor of Armenia.