Samvel Karapetyan arrested on charges of economic crimes

Russian-Armenian billionaire Samvel Karapetyan, leader of the opposition Strong Armenia party, was arrested in Yerevan on Wednesday on charges of embezzlement, money laundering and abuse of authority linked to his ownership of Electric Networks of Armenia (ENA), a utility company at the center of a dispute between him and the Armenian state.

Karapetyan was arrested after law enforcement officers searched his home in Yerevan, along with dozens of other locations connected to the investigation, including the home of his nephew Narek Karapetyan, a Strong Armenia member of parliament.

In a statement following the arrest, Armenia’s Investigative Committee said 35 other people had also been detained on Wednesday as part of the same investigation. The committee accused Karapetyan of leading a criminal group that included senior ENA managers, who allegedly abused their positions to embezzle more than $180 million and launder the proceeds through an array of front companies.

Karapetyan was first arrested in June 2025 on charges of publicly calling for a violent change of government and money laundering, after he voiced support for the Armenian Apostolic Church amid its confrontation with Prime Minister Nikol Pashinyan. He was subsequently released under house arrest.

His Strong Armenia party, founded in 2025, finished second in Armenia’s parliamentary election in June, winning 23.3% of the vote and securing 29 seats in parliament. Karapetyan, however, is ineligible for running for member of parliament or prime minister as he holds Russian and Cypriot citizenship in addition to Armenian.

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Karapetyan acquired ENA, which distributes electricity from regional substations to households and businesses across Armenia, in 2015 under the previous administration. Following his arrest in 2025, the government moved to nationalize the company, citing its importance to national security and the daily lives of Armenian citizens. Authorities pledged to compensate Karapetyan for the takeover, but the process has yet to be completed.

ENA has faced widespread criticism over poor management and frequent power outages in Yerevan and other parts of the country.