Armenia’s Investigative Committee has launched a massive criminal prosecution against 36 individuals—including prominent Russian-Armenian billionaire Samvel Karapetyan, according to information obtained by Hetq—over the alleged financial bleeding of the national power utility.

The investigation alleges a staggering AMD 64.5 billion in damages (approx. US$179.6 million) caused to the "Electric Networks of Armenia" (ENA) through systematic abuse of authority, misappropriation of assets, and money laundering between 2016 and 2024.

Context: The Feud, Arrest, and State Takeover

The criminal charges represent a critical development in a high-stakes, politically charged battle between Prime Minister Nikol Pashinyan’s government and billionaire tycoon Samvel Karapetyan.

• The Backstory: Karapetyan, head of the Moscow-based Tashir Group, has been a key opposition figure who strongly criticized the government and publicly supported the Armenian Apostolic Church during state crackdowns. He was arrested in June 2025 on charges ranging from fraud and tax evasion to organizing calls for a regime change, which he heavily rejects as politically motivated.
• The Takeover Strategy: Rushing emergency legislation through parliament, the Armenian government seized operational control of ENA in July 2025 and subsequently suspended or revoked its distribution license, citing "mismanagement".
• Nationalization Roadmap: In October 2026, the Armenian cabinet officially declared 100% of ENA's shares as an "overriding public interest," initializing a forced buyout process slated to transfer full ownership to the state by late 2027. Pashinyan’s stated "Plan A" is to permanently keep ENA as state property while contracting its operations to a top-tier international management firm.
• International Backlash: Rejecting the government's claims, Karapetyan’s Tashir Group initiated international arbitration at the Stockholm Chamber of Commerce (SCC), filing a US$500 million lawsuit against Armenia for illegal expropriation. Despite an SCC emergency order to halt the seizure, the Armenian authorities proceeded with the state takeover.

Below, we present the statement issued by the Investigative Committee:

Statement Issued by the Investigative Committee (Summary)

Following an expansive joint operation involving the Investigative Committee, the National Security Service (NSS), the Ministry of Internal Affairs, and the State Revenue Committee, coordinated raids and searches were executed across 65 residential and corporate properties.

The core findings of the state's criminal case outline a calculated financial scheme:

• The Scheme (2016–2024): Investigators allege that under the direct organization and leadership of "S.K." (Samvel Karapetyan), an organized criminal group consisting of ENA board members, the General Director, his deputy, and other key officials deliberately abused their management powers.
• The Mechanism: The group systematically secured massive commercial loans far exceeding the actual operational needs of the utility company.
• The Diversion: Instead of funding the energy grid, these multi-billion-dram loans were unlawfully funneled out of ENA. Over AMD 23.1 billion  (approx. $64.4 million) was distributed as unjustified dividends to ENA’s main shareholders—Tashir Capital and Liormand Holdings Limited. Additional funds were siphoned via artificial loans and advance payments to interconnected, corporate-affiliated entities.
• The Money Laundering (2024–2025): To legitimize the illicit gains, the heads of more than ten shell or interconnected companies allegedly orchestrated a massive laundering operation. They wove the funds through a maze of simulated corporate and civil transactions to commingle the money and mask its criminal origin.
• Total Calculated Damage: AMD 64,585,780,024 (approx. $179.6 million), which comprises distinct layers of institutional damage valued at AMD 36,981,660,000   (approx. $102.8 million), AMD 23,158,169,029 (approx. $64.4 million), and AMD 4,445,950,995 AMD (approx. $12.4 million).

Legal Status and Offenses Charged

A supervising prosecutor has authorized public criminal prosecution against 36 designated suspects, and formal decisions have been issued for their arrest. The charges break down as follows:

• Organizing Private Sector Abuse: (Article 46-277, Part 2) – For exploiting executive authority to over-borrow and deplete company resources.
• Organizing Large-Scale Misappropriation: (Article 46-256, Part 3) – For the embezzlement and extraction of entrusted corporate funds.
• Grand Money Laundering: (Article 296, Part 3) – For legalizing and concealing the origin of the siphoned capital.

The preliminary investigation remains active as authorities process the arrested individuals and evaluate further corporate links.