Ara Vardanyan, the Executive Director of Hayastan All-Armenian Fund, was released on bail for one million drams, his advocate Yervand Varosyan informs on Facebook page.

The National Security Service Investigative Department filed a motion to arrest Vardanyan, but, according to advocate Yervand Varosyan, the investigator did not object to the use of the bail instead of arrest.

As reported earlier, Ara Vardanyan, Director of the Hayastan All-Armenian Fund, was detained on July 2 on the basis of the operative data received by the National Security Service of Armenia, as well as the abuse of power by the NGO employee, NSS reported.

Under the circumstances, Vardanyan confessed that by managing the 25 million dram credit card issued to the fund, he used the funds for personal purposes, including directing them to various online casinos bets.

According to Vardanyan, he had returned funds back to the account of the credit card line. Then, he invested cash from his personal funds, thus concealing the fact that the fund was wasted.

Only during the past week Vardanyan has transferred about AMD 14 million from the bank card to online casinos, and from 2016 to 2018 this amount made about 130 million AMD.

Currently, Hayastan All-Armenian Fund is conducting checks on revealing possible abuses and misappropriations, as well as clarifying the legitimacy of the spent money.