At this point we have a 1 billion and 807 million-dram (approx. US$3,763,400) misuse at Yerevan Foundation.

National Security Service (NSS) Director Artur Vanetsyan told about the abovementioned to reporters, after Thursday’s Cabinet session of the government of Armenia.

He said this amount was based on the preliminary calculation by the respective division of the Ministry of Finance.

As reported earlier, the NSS had received a report from two persons. They had stated that, aside from the respective payments defined by law, some officials from Yerevan Municipality had obligated them to transfer large amounts of money to Yerevan Foundation, and in exchange for issuing permits for construction and property registration.

It was found out, however, that a part of this cash money—which was received under the abovementioned pretext—was not entered into the account of this foundation, and it was stolen.

Subsequently, the NSS filed a criminal case on charges of misuse of official powers, and fraud. 

On June 14, search was carried out—under this criminal case—at the Yerevan Foundation offices, which are located in the Yerevan Municipality building.

Afterward, Yerevan Foundation Director Ashot Ghazaryan, and Davitashen Administrative District Deputy Head Khachatur Kirakosyan were arrested along the lines of this criminal case.

To note, chairman of the Yerevan Foundation Board of Trustees is ex-Mayor Taron Margaryan.