11 february 2020

Case of Creating Branch of Financial Pyramid and Involving Sum to It in Especially Large Amount Detected

Case of Creating Branch of Financial Pyramid and Involving Sum to It in Especially Large Amount Detected

The NSS being faithful to the functional principle of protecting the rights of citizens from internal and external threats, as a result of operational and search measures and investigative activities undertaken within the functions in the sphere of the fight against crime vested upon by the law, detected the case of creating and leading a branch of financial pyramid and involving sum to it in especially large amount.

According to the received factual information a group of the RA citizens, aiming to expand the activity of the organization with typical features of the financial pyramid in the territory of the RA which is registered abroad and provides tourism services via the website, in November 2018 during various conversations and trainings advertised the possibility earning income in case of paying for the services of the organization. As a result, above mentioned individuals have convinced several citizens of the RA to involve in the ‘’business program’’ of the organization and with preliminary agreement by fact they have created and led a branch of financial pyramid by including in it sum in especially large amount. Concurrently, the material benefit of the joined individuals is based on solely the expense of sum received from the involvement of new investors.

The criminal case was initiated in the Investigation Department of RA on the fact of an apparent crime according to the corresponding articles of the RA Criminal Code. The preliminary investigation is in process, measures are being taken to detect other persons involved in the criminal scheme, to give equivalent criminal law assessment to the acts and to clarify damage caused.

Note: The suspect or accused of an alleged crime is considered innocent as long as his/her guilt is not proven in a manner prescribed by the Code of Criminal Procedure of RA - by the court decision entered into legal force.