On Monday, July 6, Armenian businessman and leader of the opposition Prosperous Armenia Party, Gagik Tsarukyan, was detained in Yerevan on suspicion of organizing large-scale fraud and money laundering.
According to Armenia’s Investigative Committee, the operation began early in the morning. Security forces conducted searches at more than 70 locations linked to Tsarukyan and his Multi Group business empire, including his hilltop residence north of Yerevan. The searches lasted nearly 12 hours.
Tsarukyan is accused of leading a criminal group that, between 2022 and 2024, created joint companies under the guise of developing trade and economic ties with Iran and carried out a fraudulent scheme. The damage is estimated at approximately $22 million (in stolen fuel, vehicles, and other goods). He is also charged with money laundering.
Following the searches, Tsarukyan was taken to the Investigative Committee and later to court for a decision on pretrial detention. Another alleged member of the group was detained along with him. Supporters of the politician have called the charges politically motivated and absurd.
Gagik Tsarukyan is one of Armenia’s most influential opposition figures and is known as a pro-Russian politician. His Prosperous Armenia Party has traditionally opposed current Prime Minister Nikol Pashinyan. The arrest comes shortly after parliamentary elections and amid the authorities’ statements about fighting oligarchs and corruption.