Armenian billionaire Samvel Karapetyan has been remanded in custody again
On November 4, 2026, the Yerevan Anti-Corruption Court ordered the one-month detention of Samvel Karapetyan, a Russian-Armenian billionaire and leader of the opposition party “Strong Armenia.” The court hearing lasted all night.
The day before, Investigative Committee officials conducted searches at 65 addresses as part of a criminal investigation in which, in addition to Karapetyan, 35 other individuals are implicated. According to investigators, the businessman led a criminal group that embezzled more than 23 billion drams (about $64 million) from the company “Armenian Electric Networks,” which he owned.
Karapetyan’s supporters believe that his re-arrest is an attempt to force the “Strong Armenia” party to support the constitutional reform proposed by Prime Minister Nikol Pashinyan. Amendments to the Armenian Constitution are one of Azerbaijan’s demands as part of a peaceful settlement.
Pashinyan’s “Civic Contract” party lacks the votes in parliament to hold a referendum. At the same time, the opposition “Strong Armenia” party opposes such changes, claiming that concessions to Azerbaijan would undermine the country’s national dignity.
Samvel Karapetyan was first detained in June 2025 on charges of inciting a coup. The reason was his public conflict with Pashinyan over the Armenian Apostolic Church. Six months later, the businessman was placed under house arrest.
Against the backdrop of this standoff, the Armenian government took control of “Armenian Electric Networks,” which belonged to Karapetyan, and began the process of nationalizing it. The government offered to buy out the company’s shares for $62.3 million, but with the requirement to return dividends from the past 10 years. In that case, the actual buyout amount could be reduced to $380,000.
This is according to reports by Russian propaganda media.
Opposition figure detained in Armenia following conflict with Pashinyan (video)
A well-known Russian billionaire was detained while attempting to flee Russia.
