Billionaire Samvel Karapetyan detained in Yerevan over embezzlement case at ENA

On November 4, 2026, the Investigative Committee of Armenia detained billionaire and founder of the Tashir Group of companies, Samvel Karapetyan, in Yerevan. The businessman and 35 other individuals have become defendants in a criminal case involving large-scale embezzlement, abuse of office, and money laundering at the national distribution operator Electric Networks of Armenia (ENA).

On the morning of November 4, officers from the Department for Investigation of Economic Crimes conducted simultaneous searches at 65 addresses, including company offices, as well as the residences of the businessman and his nephew, Narek Karapetyan, who heads the parliamentary faction of the Strong Armenia party. Party representative Agavni Sukiasyan confirmed that investigative measures were carried out at the family's properties.

According to the investigation, the schemes were carried out from 2016 to 2024 under Karapetyan's leadership, and members of the board of directors and the management of the energy company were involved in the criminal schemes. The agency stated that the abuses caused damage to the enterprise in the amount of over 64.585 billion drams (about 180 million dollars). The Tashir holding has owned the networks since 2015.

Armenian Minister of Internal Affairs Arpine Sargsyan commented at a briefing on reports about the businessman's attempts to renounce his Russian and Cypriot citizenship, stating that the country's authorities have no information about the businessman annulling any passports. Prior to his detention, Karapetyan was already under house arrest on charges of public calls for the seizure of state power and legalization of income.

Investigators and prosecutors intend to petition the court to select a preventive measure in the form of detention for Karapetyan and a number of other defendants.