YEREVAN (Armenpress) — Hayastan All Armenian Fund’s director Ara Vardanyan has been detained by the National Security Service (NSS) of Armenia on July 2 in suspicion of embezzlement and abuse.

The NSS said that Vardanyan has confessed in misappropriating the fund’s finances, including, by using the funds money for online gambling.

According to Vardanyan, he has returned the misused money through the donated funds. According to him, he later entered personal cash to the fund’s bookkeeping, thus covering up the misused amounts.

In the last week alone Vardanyan transferred nearly 14,000,000 drams to online casinos from the fund’s credit card. The amount comprises nearly 130,000,000 in the period from 2016 to 2018.

NSS said it is currently carrying out inspections in the fund to clarify other possible abuses.

Vardanyan has been placed under arrest.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletters

Get notified of the latest updates from MassisPost.

You May Also Like

S.D. Hunchakian Party Meeting with Artsakh President Bako Sahakyan

GLENDALE — On November 26 2013, a delegation representing the Social Democratic…

MP Naira Zohrabian Defends Berating Turkish-Armenian Colleague

YEREVAN (RFE/RL) — Naira Zohrabian, a member of the Armenian parliamentary delegation…

Armenia Pavilion Wins Golden Lion of Biennale di Venezia

VENICE — Armenia’s pavilion won the Golden Lion for best national pavilion…

Open Letter to Ambassador Yovanovich

The following is an open letter to the U.S. Ambassador to Armenia…