Samvel Karapetyan Arrested in Connection with $170 Million Financial Misconduct at Armenia’s Electric Networks

YEREVAN — Businessman Samvel Karapetyan, leader of the Strong Armenia party, was arrested on November 4, Armenia’s Investigative Committee announced.

Karapetyan was escorted from his mansion by National Security Service (NSS) officers following a search of the property that began early in the morning.

According to the Investigative Committee, the new criminal proceedings against Karapetyan are linked to allegations of financial misconduct involving Electric Networks of Armenia (ENA), which allegedly resulted in losses of approximately 64.5 billion drams.

Investigators allege that, under Karapetyan’s direction, abuses of official authority, large-scale embezzlement, and money laundering took place at ENA between 2016 and 2024.

According to the investigation, the company obtained loans exceeding its operational needs. The excess funds were allegedly distributed to shareholders as unjustified dividends or transferred to various organizations without legitimate grounds.

The Investigative Committee reported that criminal proceedings have been initiated against 36 individuals in connection with the case, and decisions have been issued to detain them.

Beginning early on November 4, authorities also conducted searches at the residence of Narek Karapetyan, head of the Strong Armenia parliamentary faction, as well as other properties associated with the Karapetyan family.

According to the Investigative Committee, searches were carried out at a total of 65 locations.