Armenia’s SRC uncovers 113M rubles in bulk cash smuggling

Armenia’s State Revenue Committee (SRC) has uncovered a major case of  bulk cash smuggling and shadow circulation, seizing 113 million Russian rubles brought into the country by air travelers.

The SRC’s Investigation and Operative Intelligence Department reported on Friday that several individuals arriving at Zvartnots International Airport were detained after violating Armenia’s Criminal Code.

Investigators also found that other travelers had repeatedly imported between 18 million and 100 million rubles, which were handed directly to certain exchange offices in Yerevan. The cash was reportedly converted into U.S. dollars without proper documentation and then exported.

Officials warned that such practices not only bypass legal reporting requirements but also risk fueling shadow investments in various sectors of the economy, concealing taxable assets. The SRC has referred the case to the Central Bank of Armenia for administrative review.

The agency urged currency exchange operators to comply with financial regulations and advised citizens to avoid transporting large sums of cash, recommending bank transfers as a safer and more transparent alternative.