Tuesday, 25 September

Police Arrest Executive Director of Hayastan All-Armenian Fund on Embezzlement Charges



Police in Armenia report today that they have arrested Ara Vardanyan, Executive Director of the Hayastan-All Armenian Fund, on embezzlement charges.

Faced with the evidence against him, Vardanyan has confessed to withdrawing money from an AMD 25 million credit line that the Fund had with a local bank and using the cash for personal interests.

Vardanyan told law enforcement that he used some of the money for gambling.

Vardanyan claims to have used his savings to return the money without anyone knowing of the theft.

Police obtained evidence that within the past week Vardanyan transferred AMD 14 million from the Fund’s account to online gambling sites.

From 2016-1018, Vardanyan is charged with surreptitiously withdrawing AMD 130 million from the Fund’s coffers.

An investigation into the matter is ongoing.


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Comments (10)
1. HAGOP21:07 - 3 July, 2018
WILL ARMENIA HAVE ENOUGH SPACE IN ITS JAILS FOR ALL OF THESE CORRUPT SCUM BAGS?!?! THE FIRST CHRISTIAN NATION IN THE WORLD! SAD! SO MANY CORRUPT LEADERS. SHAME!!! OUR SOLDIERS AND FEDAYEES FOUGHT AND DIED FOR ARMENIA WHILE THE LEADERS STEAL MONEY FROM THE PEOPLE!!! DISGRACEFUL!!
2. Լուսիկ00:02 - 4 July, 2018
Շատ եմ ափսոսում, որ գոնե մի կես տարի ավել կյանք չունեցավ մեր մեծ հայրենասեր Սարգիս Հացպանյանը: Նա կարող էր ավելի հանգիստ հեռանալ կյանքից, երբ տեսներ այս հուսադրող փոփոխությունները: Հիշում եմ, ինչ ցավով էր խոսում "Հայաստան" հիմնադրամի մասին, որը ստեղծվել էր երկրին օգնելու համար, բայց թալանվում էր:
3. gabe Korajian01:04 - 4 July, 2018
Many of us knew Hayastan All-Armenia Fund was managed by THIEVES. This is just the beginning of a larger network of fraud within All-Armenia Fund. Poor diasporans. Our seniors are saving their pension money and sending it to All-Armenia Fund so they can go and gamble with our money. Not only that, they have robed this organization from top to bottom. How about the millions of Euros Sargsyan has been gambling in Monte Carlo? Director Vardanyan is a small potato compared to Sargsyan and the other THIEVES. Anyhow, he has to speak and tell more now that he is in jail.
4. Armen Nalbandian03:52 - 4 July, 2018
Shocking news This should not stop us to support and help the Armenian people. Armen Nalbandian Doner
5. Gagik08:29 - 4 July, 2018
Dear Hakob, this and similar issues has nothing to do with acceptance of an any religion first or last. In fact religion has nothing to do with stealing millions, all and what matters is just Consciousness and that’s it. serj has created a right and dirty soil and conditions where mushrooms ware growing and blooming for years. It doesn’t really matter which religion one follows what matters is how strictly they follow the principles of that particular religion. Isn’t it all religions only preach purity and kindness, humility and love? Is there any religion which preaches to steal from people or government? Of course not! Regarding enough space in our jails... When all the innocent people come out from the jail there will be enough space for all this rubbers for sure...
6. Garo19:18 - 4 July, 2018
Although it is sad see yet another corrupt official being discovered in Armenia, it does bring hope to the people of Armenia for a more lawful state and equal opportunity for all citizens to thrive and make Armenia a self sustaining economy. As from what I've seen so far, great progress has been made in achieving this goal. Gtsse Hairenik
7. Դուխով23:24 - 5 July, 2018
http://www.thetruthmustbetold.com/2011/10/07/bedros-elephant/ Read this from 2011 and you will know that no one from the board members of Hayastan-All Armenian Fund can claim not to have known about the years of corruption at Himnadram. They all knew,!! But they prefered to whitewash everything as long as they can, hoping that the truth will never be revealed, and never expecting that someone like Pashinyan will ever come to power in Armenia. If Terzian and his fellow board members have a shred of dignity left, they should all resign, because they are either utterly incompetent or simply corrupt, either way they should not be anyore allowed to lead an organization like Himnadram.
8. Shahe02:54 - 8 July, 2018
I ceased my donations long ago after reading articles about average գիւղացի mayors driving Bentleys while I drive a used car. Can't find that article, but here's a similar one: http://asbarez.com/94712/the-borgias-of-etchmiadzin/
9. Arsho Zakarian15:02 - 10 July, 2018
Fortunately, Ara Vardanian has not embazzled any of the Himnatram money. His on line addiction losses are his own. Toronto Himnatram's transparency, yearly reports, inspection reports, eye witness reports and Artsakh people's documented reports show and prove that not one cent was embezzled all these years. We have seen the water and gas pipes built, life centres built, schools renovated, large families have received their newly built homes, hospital wings renovated, musical instruments provided to music schools and the list is endless. Whenever an Artsakhtsi meets us and know we are from Toronto, they all start expressing their appreciation5 gratitude and thank us for what we have done all these years. We owe all these to our chair, our committee and the integrity of the Artsakh people.
10. Garbis16:08 - 10 July, 2018
I believe there are more than one corrupt practice in this organization. The single replace of Vardanyan with an other confidential personality would not reestablish confidence to this establishment. The complete staff has to be changed and the process of reestablishment has to be continiously monitored.
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