Director of Hayastan All Armenian Fund detained

Baku. 4 July. REPORT.AZ/ Armenia’s National Security Service (NSS) on Tuesday placed Ara Vardanyan, the director Hayastan All Armenian Fund under arrest on charges of embezzlement and misuse of funds. Report informs citing the Armenian media.

The NSS said that Vardanyan has confessed to misappropriating the organization’s funds, including using Armenia Fund money for online gambling.

According to the NSS, during the last week alone, Vardanyan used nearly 14 million drams ($29,000) from the Hayastan Fund credit card for online gambling. From 2016 to 2018 Vardanyan has reportedly misappropriated approximately 130 million drams (around $270,000) for personal use.