A large-scale audit by Armenia’s State Revenue Committee (SRC) has revealed a significant tax evasion scheme in the wholesale and retail construction materials trade in the city of Vanadzor. Preliminary damage to the state is estimated at nearly $913,000.
According to the SRC’s Investigative and Operational Activities Department, a company on Tigran Mets Street in Vanadzor consistently accepted cash payments for goods without issuing receipts, allowing it to conceal actual sales volumes.
During a comprehensive audit, investigators examined the company’s accounting records and data from its work computers. Findings indicate that from 2021 to 2024, the company concealed approximately $3.1 million in revenue from taxation.
The case has been forwarded to the Main Directorate for the Investigation of Economic Crimes and Smuggling at Armenia’s Investigative Committee, where a criminal investigation has been launched. Searches have been conducted, and critical documents, computers, and electronic storage devices have been seized.
At the request of investigators, a court has ordered the arrest of the company’s director. The investigation is ongoing.
