Title: Transnational Ponzi Scheme Unraveled in Armenia: 20 Suspects Identified, Key Leader Arrested

Overview

• Large-scale transnational Ponzi scheme uncovered in Armenia
• Multiple foreign and local suspects identified
• Key leader arrested

Discovery of the Scam

• Uncovered by the department for combating cybercrime of the Main Directorate of Criminal Police
• Utilized network of fake companies registered in State Register of Armenia
• Foreign citizens ran call centers in Yerevan with sophisticated computer hardware

Criminal Mechanism

• Victims contacted via internet and telephone
• Fake websites launched and promoted through social media platforms
• Members from Armenia and abroad involved
• Complex web of legal entities within Armenia created to launder gains

Impact and Damages

• Active since March 2022
• Estimated damages to the state amount to over 130 million drams

Ongoing Investigations

• Details limited due to transnational nature
• Arrest of one of the scheme’s leaders in Yerevan on January 16, 2023
• International partners assisting in locating other suspects and aiding victims

Warning to Citizens

• Ministry of Internal Affairs urges citizens to be cautious of overseas investment opportunities
• Encourages contacting law enforcement authorities for suspicious offers