Developer causes $1.6mln damage to state budgtet 

ArmInfo.  As a result of the application of the prosecutor's act, damage caused to the state in the amount of 650 million drams, which is equivalent to 1 million 662 thousand US dollars, was restored, the press service of the  Prosecutor General's Office of Armenia reports.

According to the information, during the investigation of the  criminal case investigated by the Investigative Committee, it was  established that the owner of 50 and 100% of the shares of two  companies engaged in the construction of apartment buildings and the  sale of apartments, by prior agreement of the heads of these  companies, deliberately concealed the real income of the said  companies in order to evade taxes on an especially large scale during  2020-2024 and make a profit.

In particular, in the contracts for the right to purchase real estate  in apartment buildings under construction at the address: Yerevan,  Paruyr Sevak Street, Bldg. 51/2 and Yerevan, Bldg. Vratsakan, 16/5,  included false data, in which, instead of the actual cost of the  property, a reduced price was indicated in the contracts.

Considering that the criminal case materials contain sufficient  factual data indicating the commission of a crime, on April 11, 2025,  the prosecutor, on his own initiative, initiated a public criminal  prosecution against the said persons under paragraphs 1 and 2 of Part  3 of Article 290 of the Criminal Code of the Republic of Armenia  (failure to pay taxes on an especially large scale by prior agreement  by a group of persons).

After the decisions on initiating a criminal case were made, charges  were brought against the said persons.

As a result, the owners of the companies admitted the fact of tax  evasion on an especially large scale and restored the damage caused  to the state in the amount of 650 million drams, which is equivalent  to 1 million 662 thousand US dollars. The investigation is ongoing.