Director of Hayatsan All-Armenian Fund arrested on embezzlement charges

Director of the Hayastan All-Armenian Fund Ara Vardanyan was detained on July 2 on suspicion of embezzlement and abusing his authority, the Armenian National Security Service reports.

Under the pressure of factual circumstances, Vardanyan confessed to having used the financial means of the Hayastan Fund for personal purposes, using them to bet on different online casinos.

Vardanyan transfered 14 million AMD from Hayastan Fund’s credit card to online casinos in the past week, and from 2016 to 2018 this amount made about 130 million AMD.

Inspection is under way at Hayastan All-Armenian Fund to reveal any possible abuse and embezzlement, and to check the legitimacy of the funds raised.

Ara Vardanyan has been arrested. Investigation into the case is under way.

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