Financial Crime World

Title: Unmasking the Transnational Ponzi Scheme in Armenia: 20 Suspects Detained

Overview

  • A transnational organized crime group operating a Ponzi scheme in Armenia has been uncovered [1].
  • Companies believed to be helmed by foreign nationals defrauded investors from various countries [1].
  • The case is historically unprecedented in Armenia [1].

Scheme Mechanics

Establishment and Promotion

  • Companies, believed to be controlled by foreign nationals, hired staff for the State Register and developed software [1].
  • They organized a call center in several office spaces across Yerevan, promising lucrative investments [1].
  • Suspected members established fake websites, aggressively promoting them on social media platforms [1].

Exploitation and Financial Losses

  • The group promised high return on investments with a simplified investment process [1].
  • In reality, investors had their trust exploited, leading to significant financial losses [1].

Investigation and Charges

Initial Inquiries

  • The Investigative Committee initiated a criminal case on December 8, 2023 [1].
  • Searches were carried out in various locations in Yerevan that same day [1].

Leader Arrested

  • One of the leaders of the criminal group was apprehended in Yerevan on January 16, 2024 [1].

Accumulated Evidence

  • The group allegedly stole substantial amounts of cryptocurrency from foreigners each month for two years [1].
  • The members attempted to legitimize the ill-gotten gains through the creation of legal entities [1].

Criminal Charges and Outlook

Pressing Charges

  • Prosecutors have authorized the pressing of criminal charges against 20 suspects involved [1].

Public Appeal

  • The authorities urge investors to report any losses or related information to the authorities [1].

Ongoing Developments and Cautionary Measures

  • This developing story is currently under investigation [1].
  • The public is advised to exercise caution when approached with investment offers from unknown sources [1].

[1] Inside sources: Interior Ministry, Investigative Committee, Prosecutor’s Office.