Large Criminal Activity
Large‑scale fraud and money‑laundering ring targeting currency exchanges uncovered
Authorities uncover a large‑scale scheme involving illegal currency exchange operations and laundering of significant funds through Armenian banks and digital wallets.
Law enforcement and financial‑intelligence agencies in Armenia have detected a major criminal mechanism specializing in illegal currency‑exchange operations and money‑laundering. The scheme involved individuals operating outside the formal banking system who exchanged large volumes of foreign currency at preferential rates, causing particularly large damage to the state budget. The illicit proceeds—amounting to hundreds of millions of Armenian drams—were funneled through commercial banks and subsequently converted into and stored via cryptocurrency accounts and digital wallets registered under various individuals but effectively controlled by the criminal group. Officers seized transaction records, digital wallets, and related accounts, and the National Security Service has classified the operation as a long‑term, organized criminal enterprise targeting fiscal and economic security.
- Status
- active
- Location
- Yerevan, Armenia
- Date added
- 2026-03-24 07:49 UTC
- Added by
- nikieuropeapdrmis
- Last updated
- Source
- https://www.publicradio.am
- Source published dsate/time
- Not provided
- Event date/time
- Not provided
- Connected threats
-
- Not Available