Major Transnational Investment Fraud Ring Dismantled in Armenia: 20 Suspects Identified

Overview

• The Ministry of Internal Affairs (MIA) of the Republic of Armenia announces the dismantling of a large-transnational investment fraud ring operating under the name fArmInfo.
• The group reportedly stole millions of dollars from both Armenian and foreign citizens over the past two years.

Disguised Criminal Activities

• The criminal group used office premises at various addresses in Yerevan to disguise their activities as employment and software.
• They employed cybercrime tools and involved individuals from various countries for internet and telephone calls to unsuspecting victims.
• The group created and advertised fake websites on social media platforms promoting fictitious high-return investments.

Dismantling the Fraudulent Ring

• The MIA’s Department for Combating Cybercrime gathered evidence on participants’ identities, roles, and nature of the criminal organization.
• A criminal case was opened, leading to the arrest of one of the leaders on January 16, 2023.

Damages and Stolen Funds

• Since March 2022, the group laundered large sums of money through fake businesses, causing over 130 million drams in damages to the state.
• Monthly, the group stole a significant amount of cryptocurrency from foreign citizens.

International Collaboration and Suspects

• The investigating team is working closely with international partners and has submitted a request for public prosecution against 20 suspects.

Contact and Public Awareness

• Any information related to the fraudulent activities of the group or those affected by them are encouraged to contact the investigative committee or law enforcement authorities.

Remaining Vigilant

• Citizens are urged to remain vigilant and avoid falling prey to suspicious investment offers.

[Call to Action]: If you or someone you know receives a potentially fraudulent offer, please contact your local law enforcement agency.