Armenia's Investigative Committee demands the arrest of Samvel Karapetyan and eight other suspects in the Electric Networks case

Arrest motions and searches at 65 addresses

The Investigative Committee of Armenia has demanded the detention of the owner of the Tashir group of companies and leader of the opposition Strong Armenia party, Samvel Karapetyan. Similar motions have been sent to the court regarding eight other suspects in the criminal case over alleged financial machinations at Electric Networks of Armenia. This was reported by the Armenian TV channel 5TV citing the investigative agency.

Arrest motions and searches at 65 addresses

The operation began on the morning of November 4: officers of the Investigative Committee, the National Security Service, the Ministry of Internal Affairs and the State Revenue Committee simultaneously carried out searches at 65 addresses — apartments, offices and other premises linked to the suspects. Law enforcement officers came, among other places, to the homes of Samvel Karapetyan and his nephew, a member of parliament and head of the Strong Armenia faction, Narek Karapetyan. After the search, the businessman was taken to the Investigative Committee; by that time he was already under house arrest in another criminal case.

The investigation's version: loans, dividends and damage of 64.6 billion drams

According to the investigation, in 2016–2024 Karapetyan organized a scheme to siphon funds out of Electric Networks of Armenia, in which certain members of the board of directors, the company's general director, his deputy and other responsible employees took part. The company's management, investigators believe, took out loans not justified by the power company's actual needs, and used the funds received to pay dividends to shareholders, issue loans and advances to affiliated organizations. In 2024–2025, according to the agency, more than 23.1 billion drams were illegally withdrawn from the company — the money was transferred as dividends to Liormand Holdings Limited and Tashir Capital. The total damage was estimated by the investigation at 64.6 billion drams, or about 179 million dollars; alleged money laundering through more than ten interconnected organizations is also claimed. Criminal prosecution has been initiated against 36 people. Karapetyan himself does not admit the charges.

Context: conflict with the authorities and an opposition career

Electric Networks of Armenia supplies electricity to more than a million consumers; Tashir gained control of the company in 2015, and later a conflict flared up around the asset between the businessman and Nikol Pashinyan's government. In June 2025, the authorities announced their intention to nationalize the power company — Pashinyan blamed its management for electricity supply problems, Karapetyan's representatives opposed handing the asset over to the state, after which the management of the enterprise passed to leaders appointed by the authorities. The businessman himself was detained in June of last year after public statements in support of the Armenian Apostolic Church — he was charged with calling for the violent seizure of power. In January 2026, Life.ru reported that the Anti-Corruption Court of Appeals ruled to transfer him from the pre-trial detention center to house arrest with a bail payment after a 14-hour hearing; the defense called the prosecution politically motivated. Subsequently, Karapetyan took the lead of Strong Armenia, which received more than 23% of the vote in the parliamentary elections on June 7 and became the country's second political force after Pashinyan's Civil Contract (about 49%).