Around 110 Million AMD Embezzled from Bookmaker Websites
The Investigative Committee reports that in 2021-2022, a group of individuals, acting in collusion, embezzled large sums of money from bookmaker websites operating in Armenia through computer fraud. The preliminary investigation has been completed. It was revealed that 7 individuals from 4 different criminal groups were involved in the case.
It was discovered that the criminal groups were aware of vulnerabilities in the software of ATMs belonging to two banks in Armenia. Exploiting these vulnerabilities, they created gaming accounts on bookmaker websites under their names and those of others, deposited money, and placed low-risk bets. Subsequently, leveraging these software flaws, they withdrew the profits simultaneously from two ATMs by conducting numerous transactions.
Moreover, in February 2022, they once again exploited software vulnerabilities in ATM cash withdrawal operations, embezzling a particularly large sum of money through computer fraud.
In total, 110 million AMD was embezzled as a result of the two fraud schemes.
Four individuals have been detained as a preventive measure, one person is under administrative supervision, and two others are under a travel ban. The investigation is ongoing regarding other members of the criminal groups and other possible offenses.