The Yerevan Criminal Court of General Jurisdiction on Friday extended the pretrial detention of opposition Prosperous Armenia Party (PAP) chairman and businessman Gagik Tsarukyan for two months.

Tsarukyan was taken into custody on July 7 on charges of committing fraud and money laundering on a particularly large scale. Later, a new public criminal prosecution was initiated against the PAP leader on charges of tax evasion.

On July 6, for about 12 hours, investigators from the Investigative Committee of Armenia had searched Gagik Tsarukyan's mansion and more than 70 other addresses associated with him. Then, National Security Service officers took Tsarukyan into custody from his manor.

According to the Investigative Committee, in one of the criminal proceedings under investigation, facts were obtained that, organized by Gagik Tsarukyan, a number of individuals allegedly had committed fraud and money laundering on a particularly large scale during 2022-2024.

As per the Investigative Committee, Tsarukyan had also organized and led a criminal group that stole 52 units of transport, equipment, and goods from Iranian companies by deception and falsifying documents under the pretext of establishing Iran-Armenia logistics ties, causing damage of about $22 million.

Subsequently, according to the investigative body, Tsarukyan had organized the laundering of the property and money obtained through this criminal means, mixing them with the legal turnover of his own companies.

Gagik Tsarukyan denies these charges, calling them as a fraud. His lawyers also claim that these charges are unfounded.