Former economy minister arrested in Armenia in connection with money laundering case

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07.11.2025, 17:36

This morning, various Armenian media sources reported the arrest of former economy minister Vahan Kerobyan, as confirmed by his brother, Avetik.

Former economy minister arrested in Armenia in connection with money laundering case

YEREVAN, November 7. /ARKA/. This morning, various Armenian media sources reported the arrest of former economy minister Vahan Kerobyan, as confirmed by his brother, Avetik. The former minister is implicated in a large criminal investigation involving the establishment of an organized crime group, fraud, and extensive money laundering.

The Investigative Committee later issued a statement claiming that members of the organized crime group unlawfully appropriated around 73.8 hectares of land owned by the capital city between 2008 and 2014 and participated in large-scale money laundering activities.

The inquiry revealed proof of the formation and involvement in an organized crime group, money laundering, corruption, forgery of documents, abuse of power, official forgery, and fraud. The members of this organized crime group mortgaged the aforementioned properties to various banks, securing loans exceeding $10 million.

The organized crime group comprises the proprietor of the G.M. wine and cognac factory, the former head of the territorial division of the Cadastral Committee, and the former Minister of Economy. Over a dozen searches were carried out at the homes of the suspects, leading to the discovery of items pertinent to the criminal investigation.

A decision was made to detain 12 individuals, with seven already in custody. Vahan Kerobyan held the position of Minister of Economy of Armenia from 2021 to 2024.-0-

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