In Yerevan, Armenian and Russian billionaire Samvel Karapetyan, leader of the opposition "Strong Armenia" party, has been detained. He and 35 other individuals are suspected of abuse of power within the "Electric Networks of Armenia" company, embezzlement of property, and money laundering. This was reported by the Investigative Committee of Armenia on November 4.
As part of the investigation, searches were simultaneously conducted in 65 residential and commercial properties. According to investigative materials, between 2016 and 2024, the actions of Karapetyan and individuals carrying out his instructions could have caused damages of almost 64.6 billion drams (more than 159 million euros).
Investigators claim that through the company controlled by Karapetyan, borrowed funds exceeding the real needs of the enterprise were attracted and then withdrawn. In documents, these operations were recorded as dividend payments and loan disbursements. According to the investigation, the money was mixed with other revenues to conceal its true origin and legalize it.
This is not Karapetyan's first detention. In June 2025, he was arrested on charges of inciting the seizure of state power. This occurred after the businessman supported representatives of the Armenian Apostolic Church, who were at the time in conflict with Prime Minister Nikol Pashinyan.
Later, he was also charged with tax evasion and money laundering. In January 2026, his restrictive measure was changed to house arrest.
In February, the "Strong Armenia" party, led by Karapetyan, nominated him as a candidate for prime minister in the parliamentary elections on June 7. The party received 23.27% of the votes, coming in second after Nikol Pashinyan's ruling "Civil Contract" party, which secured 49.75%.
Together with another pro-Russian opposition bloc, "Armenia Alliance," led by former President Robert Kocharyan, Karapetyan's party holds 41 seats in parliament. The ruling party has 64 mandates.
Samvel Karapetyan's nephew and leader of the "Strong Armenia" faction, Narek Karapetyan, linked his uncle's new detention to the parliamentary opposition's refusal to support the new constitution draft. The document's text is expected to be published in November. At least 70 deputies' votes are required for constitutional amendments to pass.
The detention occurred almost three weeks after the Armenian government decided to recognize all 100% of the shares of "Electric Networks of Armenia" as an object of predominant public interest. This opens up the possibility of nationalizing the enterprise. Nikol Pashinyan stated that after the company transitions to state ownership, it is planned to transfer its management to a major international company or group of companies.
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