YEREVAN. - In 2006-2007 Ardshininvestbank Vardenis department manager Armen Baghdasaryan and expert Hovhannes Harutyunyan, without knowledge of the borrowers, forged their documents and allocated credit loan of AMD 95.7 million ($262 thousand) and $27,616 under the pretext of purchasing housing appliances.

They gradually transferred the amount to K. Shaboyan commercial enterprise and Vasarat Ltd, with whom they had previous arrangements. Armen Baghdasaryan and Hovik Khachatryan (director of Vasarat Ltd) are sentenced, whereas Hovhannes Harutyunyan escaped in order to avoid the trial. Harutyunyan was put on police wanted list.