Crypto used to launder over AMD 31 million from drug sales

PanARMENIAN.Net - The preliminary investigation into a criminal case revealed that a man identified as H.A. allegedly purchased various narcotics in Armenia through Telegram contacts and advertised them via online stores under his control. According to the Investigative Committee, he distributed the drugs to individuals who paid in cryptocurrency.

H.A. reportedly provided buyers with specific crypto wallets to which they transferred payments for the drugs. These wallets were registered in H.A.’s name, allowing him to obscure the illicit origin and true nature of the funds.

Between January 10, 2023, and December 12, 2024, 930 transactions were conducted via these wallets, totaling approximately 31,773,600 Armenian drams. Authorities concluded that H.A. had engaged in large-scale money laundering.

He faces criminal prosecution under Article 296, Part 3, Point 3 of Armenia’s Criminal Code for “money laundering in particularly large amounts” and Article 393, Part 3, Point 2 for “illegal distribution of particularly large amounts of narcotic drugs or equivalent substances.”

H.A. has been detained, and the case has been forwarded to the supervising prosecutor with an indictment.