Armenia's Investigative Committee said on November 4 that businessman Samvel Karapetyan had been detained and criminal proceedings initiated against 36 people over alleged financial irregularities at Electric Networks of Armenia (ENA). According to Armenpress, the committee estimated the company's alleged losses at 64 billion 585 million drams.
Investigators allege that the scheme involved abuse of authority by company executives, particularly large-scale embezzlement and money laundering. They believe that, between 2016 and 2024, certain officials arranged loans exceeding ENA's operating needs and then directed the money toward dividends and payments to related organizations. The committee also alleges that around 23.16 billion drams was unlawfully taken out of the company in 2024–2025.
Law enforcement agencies searched 65 locations as part of the investigation, including homes and company offices. The opposition Strong Armenia party had earlier reported searches of the homes of Samvel and Narek Karapetyan and described the investigation as political pressure.
Karapetyan was already under house arrest in a separate criminal case involving allegations of calls to seize power. The new detention and financial allegations relate to a different proceeding.