Nearly AMD 300 Million in Undeclared Turnover Uncovered at Tsarukyan-Owned Entertainment Center

YEREVAN — Armenia’s State Revenue Committee says it has uncovered nearly AMD 300 million (appx. $820,000) in undeclared turnover at an entertainment and leisure center owned by businessman Gagik Tsarukyan.

According to the committee, company officials underreported the business’s actual sales revenue, resulting in lower tax liabilities being calculated and paid to the state budget.

The investigation found that approximately AMD 300 million in revenue generated from 25 banquets organized by the company in 2025 and 2026 was not included in tax filings submitted to the authorities.

As a result, approximately AMD 82 million (appx. $220,000) in taxes was neither calculated nor paid to the state budget, the committee said.

Law enforcement authorities have initiated criminal proceedings on suspicion of tax evasion.

Tsarukyan, a businessman and leader of the Prosperous Armenia Party, was remanded in custody for two months on July 7 on charges of particularly large-scale fraud and money laundering. His attorneys have described the accusations as baseless.