Armenian Investigative Committee Discovers Multimillion-Dollar ATM Heist

The Armenian Investigative Committee (IC) has announced the uncovering of a large-scale financial fraud scheme involving the theft of approximately 1.609 billion AMD (around US$4.2 million) from Automated Teller Machines (ATMs) of an unnamed commercial bank.

Details of the Fraudulent Activities

The IC reported that bank staff, in collusion with employees of the Armenia Collection Service CJSC, had carried out a total of 160 ATM robberies between April and November 2021. No further details about the individuals suspected of involvement have been disclosed.

The IC emphasized that the proceeds from these illegal activities were funneled into a money laundering scheme, with the real estate market the apparent destination for the laundered funds.

Further Legal Proceedings

The IC stated that the case would now be forwarded to the courts for further legal proceedings and possible prosecution of the suspects.

Concerns and Calls for Caution

This latest case underscores growing concerns about financial fraud in Armenia, particularly within the banking sector. The frequency of such incidents in recent years highlights the importance of increased public awareness and vigilance.

Silence from Involved Parties

As of yet, neither the unnamed commercial bank nor the Armenia Collection Service CJSC has released an official statement regarding the developments.

Encouraging Information Sharing

In light of this incident, the IC encouraged the public to remain vigilant against financial scams and called on those with any information regarding this or similar incidents to come forward.