Seven arrested in corruption probe involving ex-Armenian economy minister

Armenia’s Investigative Committee says it has arrested seven people, including former Economy Minister Vahan Kerobyan, as part of a large-scale corruption investigation into a criminal organization accused of embezzlement and money laundering between 2008 and 2014.

In a statement on Friday, the law enforcement agency said the group involving business owners and former officials from the Cadaster Committee allegedly used forged documents to illegally remove large land plots from Yerevan’s municipal property, registering them under associated individuals and companies. The properties were later used as collateral to secure loans worth more than $10 million.

Twelve people have been charged under articles covering organized crime, large-scale fraud, money laundering, abuse of office and forgery. Searches have been conducted at over ten locations, uncovering evidence relevant to the case.

The preliminary investigation is underway.