FORMER HEAD OF VARDENIS BRANCH OF ARDSHININVESTBANK ACCUSED OF MONEY LAUNDERING

ArmInfo
2010-04-09 18:17:00

ArmInfo. The former head of Vardenis branch of Ardshininvestbank CJSC
is accused of money laundering. A relevant criminal case has been
instituted, the press release of the Armenian Prosecutor General’s
Office says. It was found out on the basis of materials provided to
Ardshininvestbank CJSC that according to a preliminary agreement with
expert A.Hambardzumyan, private entrepreneur Kh.Shaboyan and director
of Vasarat LLC, the former head of Vardenis branch of Ardshininvestbank
A.Baghdasaryan issued fictitious loans. In particular, without the
knowledge or consent of the branch borrowers, 396 credit agreements
on purchase of household appliances worth 95 mln 788 thsd AMD and
27616 USD were issued on their names. The specified amounts were
by installments transferred to the accounts of Shaboyan and Vasarat
LLC, afterwards were converted into cash. Shaboyan and Vasarat LLC,
which are the clients of the branch, are engaged in sale of household
appliances.

On the basis of the specified data, a criminal case has been instituted
under Article 179 Part 3 Item 1 of the Criminal Code of Armenia and
under Article 190 Part 3 Item 1 of the Criminal Code of Armenia. The
criminal case has been submitted for preliminary investigation
of the Investigative Department of the National Security Service
under the Armenian Government. Charges have been arraigned against
A.Baghdasaryan, and arrest has been applied as a measure of restraint.

The press service of Ardsininvestbank pointed out that the data on
the activity of the former head of Vardenis branch, as well as on a
similar case with the activity of the former head of Goris branch were
found out by the bank itself and then presented to law-enforcers. "The
relevant structures of the bank attentively follow and in case of the
slightest suspicion study in detail any violations, which are strictly
punished for. We appreciate the cooperation with the law-enforcement
agencies in this matter",- said the press service of the bank.