Armenia uncovers new financial violations in Tsarukyan's business

The Multi Rest House hotel complex underpaid 78.4 million drams ($211,000) in taxes to the budget in 2023-2026.

This was reported by the press service of the country's State Revenue Committee.

The SRC claims that the complex, located in Tsakhkadzor, understated its payroll fund reporting — instead of 340.2 million drams ($920), only 190.2 million (slightly more than $510) was declared. In addition, the restaurant operating at the hotel declared a turnover of 136.5 million drams (slightly less than $370,000) from January 1 to June 15, 2026, while the actual turnover was 237.5 million.

The State Revenue Committee forwarded this information to the Investigative Committee, where a criminal case was opened.

On July 6, the Investigative Committee carried out large-scale searches at the home of Gagik Tsarukyan and at facilities belonging to him — at more than 70 addresses. After the investigative actions were completed, all the facilities were sealed, and the businessman himself was arrested for two months.

The investigation accuses Tsarukyan of organizing fraud and the legalization (laundering) of funds on an especially large scale. In particular, according to the investigation, in 2022-2024 a "criminal group" operating under his leadership, under the pretext of developing trade and economic ties between Armenia and Iran, created joint companies, in particular the Armenian-Iranian Chamber of Commerce, with the participation of citizens of the Islamic Republic of Iran. According to the investigation, as a result of the fraudulent scheme, the state suffered damage amounting to more than $21 million.

In another episode, Tsarukyan is accused of organizing, together with another citizen, the "fraudulent embezzlement of another $934,000" as part of a fuel supply deal with a citizen of Iran.

In addition, another criminal proceeding has been initiated on charges of illegal hunting of wild animals and birds. During the searches at Tsarukyan's mansion, three lions and four tigers were temporarily sedated and taken away (they were delivered to the Yerevan Zoo), as well as 190 stuffed animals and birds. According to the investigation, as a result of the illegal hunting, the environment suffered damage amounting to more than $81,000.

Source: Sputnik Armenia