Corruption scheme of money laundering revealed in the Youth  Foundation of Armenia

ArmInfo. The corruption scheme of money laundering has been disclosed in the Youth Foundation of Armenia - the director of the fund has been charged with money  laundering and misappropriation of money in especially large amounts.

According to the Investigation Committee of Armenia, former member of  the board of trustees of the fund Karen Avagyan submitted a statement  to the IC that the executive director of the fund had concluded an  agreement on a loan in the amount of 326,000,000 AMD, a Criminal case  initiated under paragraph 1 of part 3 of article 179 of the Criminal  Code.

During the investigation it turned out that, being from 2010 the  executive director of the fund, the accused from April 29, 2013 to  May 22, 2018 appropriated a large amount of money. A special scheme  was developed to transfer the money assigned to the accounts of the  director's relatives.

As a result, $ 539,332 was transferred to the account of the mother  of the fund director in one of the British banks. Subsequently, part  of the funds was transferred to the account of the spouse of director  M. G, and $ 477,485 were transferred from her account to his account  in one of the Armenian banks. The executive director of the fund has  been charged under paragraph 1 of article 190 of the Criminal Code.