Armenia Exposes Sports Club’s Hidden Dealings

The Armenian State Revenue Committee has uncovered a large-scale shadow turnover worth 8.6 billion drams (around $22.4 million) at one of the country’s sports clubs.

The club systematically concealed income and paid a significant portion of its employees’ wages in cash to evade taxes, The Caspian Post informs via Armenian media.

“Over the past five years, the company provided services to clients without issuing receipts or accounting documents, concealing approximately 8.6 billion drams ($22.514 million) in revenue and avoiding about 2.3 billion drams ($6.048 million) in taxes,” the Committee stated.

Authorities carried out searches at several sites linked to the sports complex, seizing documents and materials crucial to the investigation.

The Committee added that criminal proceedings have been launched against one individual, who has already been charged. Following the charges, 348.6 million drams ($912,618) in damages were reimbursed to the state.

The investigation is ongoing to uncover the full scope of the scheme and identify all those involved.