Police in Armenia have arrested Sedrak Arustamyan, the former director of Gagik Tsarukyan’s Multi Group company, and Artur Dallakyan, the company’s current director, on fraud and money laundering charges.

The arrests, according to Armenia’s Investigative Committee (IC) are part of a criminal investigation looking into the business dealings of prominent businessman and leader of the Prosperous Armenia Party (PAP) Gagik Tsarukyan.

Tsarukyan was arrested on July 6, 2026, and ordered to be held in two-month pre-trial detention. The arrest followed hours of extensive law enforcement searches at his private residence and over 70 addresses connected to his Multi Group business network.

The IC has charged Tsarukyan with large-scale fraud, tax evasion, and money laundering amounting to US$ 21 million.

Investigators claim Tsarukyan colluded with Iranian businessmen to form legal entities that illegally imported fuel, 52 vehicles, and specialized equipment from Iran into Armenia.

Arustamyan and Dallakyan were arrested for the purpose of being brought to court.