Businessman and founder of the Tashir Group, Samvel Karapetyan, has been arrested in Armenia.

The country’s Investigative Committee announced the arrest, saying that criminal proceedings had been initiated against Karapetyan and 35 other individuals in connection with a case involving particularly large-scale financial damage to Electric Networks of Armenia (ENA), the embezzlement of entrusted property and money laundering, The Caspian Post reports, citing Armenian media.

According to the Investigative Committee, the total damage inflicted on the company exceeds AMD 64.585 billion.

As part of the investigation, law enforcement officers conducted simultaneous searches at 65 locations today, including residential properties and company offices.

Karapetyan is currently under house arrest in connection with separate criminal proceedings. He has also been charged with making public calls to seize power and overthrow the constitutional order.

In another case, Karapetyan had also faced money laundering charges.