A criminal group in Armenia created a financial pyramid scheme with  over 10,000 investors 

ArmInfo. The activities of a criminal group that created a financial pyramid scheme in Armenia,  attracting over 10,000 investors and  large sums of money and property, have been suppressed.

As reported by the press service of the Investigative Committee of  the Republic of Armenia, in 2019, N.G.  and N.Kh., at the suggestion  of the latter's father K.Kh., founded the company "One Card". They  advertised goods and services of various entities through the mobile  application "One Card LLC" on the operating systems "Android" and  "iOS", as well as on social networks.  All suspects are facing public  criminal prosecution under Article 282, Part 3, Clauses 1 and 3 of  the Criminal Code of the Republic of Armenia (creation, organization  or management of a financial pyramid).  A written undertaking not to  leave has been chosen as a preventive measure against the latter. The  criminal case, along with the indictment, has been sent to the  supervising prosecutor with a request to approve and send the case to  court for consideration on the merits.