Armenia's National Security Service: Yerevan Foundation embezzles $3.7 mln

A 1 billion and 807 million-dram ($3,7 million) misuse was revealed at Yerevan Foundation, the country's National Security Service Director Artur Vanetsyan said.

According to him, this amount was based on the preliminary calculation by the respective division of the country's Ministry of Finance.

The NSS had received a report from two persons. They said that, aside from the respective payments defined by law, some officials from Yerevan Municipality had obligated them to transfer large amounts of money to Yerevan Foundation, and in exchange for issuing permits for construction and property registration.

It was found out that a part of this cash money was not entered into the account of this foundation.

Subsequently, the NSS filed a criminal case on charges of misuse of official powers and fraud, News.am reported.

On June 14, search was carried out at the Yerevan Foundation offices, which are located in the Yerevan Municipality building. 

To note, chairman of the Yerevan Foundation Board of Trustees is ex-Mayor Taron Margaryan.