Financial Crime World

Title: Transnational Criminal Group “fArmInfo” Busted for Multi-Million Dollar Investment Fraud in Armenia

Breakthrough Against Transnational Financial Fraud

In a major operation, the criminal police of Armenia’s Ministry of Internal Affairs dismantled an investment scam ring operating under the name “fArmInfo.” The criminals, posing as legitimate employment and software businesses in Armenia, had stolen millions from unsuspecting victims across Europe.

Int intelligence and Investigation

  • The Ministry of Internal Affairs’ investigative department received intelligence on the criminal activities in early 2023 [early 2023]
  • Companies with disguised identities established a call center in Yerevan[Yerevan]
  • Members of the criminal group, comprised of Armenian and foreign citizens, used internet and telephone to lure individuals with promises of profitable investments [Internet and telephone used to lure victims]
  • Fake websites promoted on social media platforms with promises of high returns and simplicity [Fake websites on social media]

Large-Scale Operational Investigation

  • Identified individuals involved, their aliases, and the organization’s structure
  • Opened a criminal case by the Main Department for the Investigation of Particularly Important Cases

Criminal Activities

  • Active since March 2022
  • Launched a large-scale operational investigation leading to the arrest of one of the organization’s leaders in December 2022 [December 2022 arrest]
  • Illegally extracted large sums of money in cryptocurrency from foreign citizens
  • Attempted to legitimize the money through money laundering

Damages and International Cooperation

  • Estimated damages to the state: over 130 million Armenian drams (approximately USD 260,000)
  • Cooperation with international law enforcement agencies essential to unraveling this transnational criminal network
  • Targeted not only Armenian citizens but also individuals from other European countries
  • Victims encouraged to contact the Investigative Committee or the police with any information regarding the “fArmInfo” case

Staying Vigilant

As international cooperation against transnational financial fraud continues, individuals are urged to remain vigilant and report any potentially fraudulent activity to the relevant authorities.