YEREVAN, JULY 6, ARMENPRESS. Director of the Hayastan All-Armenian Fund Ara Vardanyan has been released on bail. The court has set a bail at 1 million AMD, Vardanyan’s lawyer Lusine Sahakyan told Armenpress.

“We have submitted a motion to change the precautionary measure by setting a bail at 1 million AMD, and the investigator didn’t object”, she said.

Hayastan All-Armenian Fund’s director Ara Vardanyan has been detained by the National Security Service (NSS) of Armenia on July 2 in suspicion of embezzlement and abuse.

The NSS said that Vardanyan has confessed in misappropriating the fund’s finances, including by using the money for online gambling.

According to Vardanyan, he has returned the misused money through the donated funds. According to him, he later entered personal cash to the fund’s bookkeeping, thus covering up the misused amounts.

In the last week alone Vardanyan transferred nearly 14,000,000 drams to online casinos from the fund’s credit card. The amount comprises nearly 130,000,000 in the period from 2016 to 2018.

Edited and translated by Aneta Harutyunyan