Developer, estate appraisal company deceive land owners in central  Yerevan 

ArmInfo.  The Investigative Committee of the Republic of Armenia has completed the preliminary investigation of the criminal case initiated against the director of a construction company A.K. for committing theft on an especially large scale.

According to the Investigative Committee, the director of a real  estate appraisal company A.A. provided the director of a company  purchasing land plots recognized as representing priority public  interest on the adjacent section of Abovyan-Nalbandyan-Arami streets  in Yerevan with a false report on the appraisal of real estate  subject to appraisal, which was several times lower than the actual  market value.

As a result, based on the report, A.K. fraudulently stole real estate  belonging to V.G. and S.Yu. in an especially large amount - 370  million 700 thousand drams, paying only 74 million 906 thousand  drams, as stated in the appraisal report.

With respect to A.K. public criminal prosecution was initiated under  Article 255, Part 3, Clause 3 (fraud committed on an especially large  scale) and Article 457, Part 1 (forgery of documents, stamps, seals,  forms or sale, production or use of forged documents, stamps, (seals,  forms) of the Criminal Code, and in relation to Kh.A. - under Article  46-255, Part 3, Clause 3 (assistance in fraud committed on an  especially large scale) and Article 457, Part 1 (forgery of  documents, stamps, seals, forms or sale, production or use of forged  documents, stamps, seals, forms). The real estate belonging to A.K.  was seized in the amount of 295 million 902 thousand drams.

The criminal case with the indictment was sent to the supervising  prosecutor.