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A 1.5 Million USD worth Mine was alienated for 800 Thousand Dollars: The “Financial Pyramid” Case

The only defendant in the “Financial Pyramid” case Arthur Andreasyan today did not admit the accusation.

In the Court of General Jurisdiction of Kentron and Nork-Marash Administrative Districts, the defendant stated. “I am not guilty and I do not understand on what basis I am accused, I have not committed such crime. When I borrowed a loan, I even left money to be paid up to the last days, so as there would not be any problem, because I am a responsible man”.

The defendant told that he pledged his share of the sand mine for 720 thousand dollars. The victim Mushegh Safaryan today told in the Court that the mine has already been alienated for 750 thousand dollars and granting of apartments: “The mine costing 1.5 million dollars was alienated for approximately 800 thousand dollars”.

At the previous sitting Arthur Andreasyan’s accusation was changed. The advocate asked the prosecutor to clarify, which evidence had served as basis for the new accusation. The prosecutor pointed the existing testimonies of the criminal case, and told that no new evidence had been found. Then the advocate filed a motion referring to obtaining evidence related to Arthur Andreasyan’s banking transactions. The Court denied the motion taking into account that the defense party might receive evidence by itself.

At the end of today’s sitting, the advocate solicited to provide time to get new evidence, the motion was granted. The next court sitting will be held on June 29.

Arthur Andreasyan was charged for the fact that as a result of his bookmakers activities and for foreign exchange trading he became actually insolvent, and in June 2010, he decided to take an advantage of the close connections with Colonel Karen Babakekhyan, Major General Nerses Nazaryan who hold senior positions in the RA Police at the Government, as well as the relations with Nerses Nazaryan’s son Armen Nazaryan, who was the owner of the network of “Moskvichka” stores that operates in Yerevan, and also the close relations with their family members to use the trust which he had gained among those people and by exploiting this trust under the preposition of investing the funds in entrepreneur activities and to gain profit for this had theft particularly large amounts from different citizens and obtained the property right on their real estate.

The Prosecutor had requested 14 Years in prison.

Gevorg Tosunyan


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