Armenian–Russian tycoon Karapetyan to remain in pre-trial detention for two more months

A Yerevan court has extended the pre-trial detention period of Armenian–Russian billionaire Samvel Karapetyan until at least 18 January.

Karapetyan, the owner of Tashir Group and one of the wealthiest Armenians globally, is facing charges related to incitement to seize power and financial crimes. He denies all allegations.

Karapetyan’s lawyer Liana Gasparyan told reporters on Tuesday that her client continues to reject the accusations and has no intention or capability to obstruct the investigation.

‘Mr Karapetyan stated clearly that he has no involvement in any of these matters, does not accept the charges, and has neither motive nor means to interfere’, she said outside the courtroom.

Judge Sargis Dadoyan approved a request from Armenia’s Investigative Committee to extend Karapetyan’s detention, citing a risk of interference with the ongoing investigation. Defence attorney Aram Vardevanyan criticised the decision as unjustified, calling it a ‘legal mockery’.

Karapetyan, 60, has been in custody since June. He was detained shortly after making a public statement defending the Armenian Apostolic Church, which he claimed was under government pressure.

Following Karapetyan’s comments, Prime Minister Nikol Pashinyan posted a series of Facebook messages indirectly addressing the ‘depraved clergy and their benefactors’, prompting further speculation that the arrest was politically motivated.

Defence lawyers argue that the initial legal basis for Karapetyan’s detention — incitement to seize power — has expired under Armenia’s criminal procedure code, and only the economic charges remain. Gasparyan said the Court of Cassation recently issued a ruling that enabled the prosecution to keep Karapetyan in custody on money laundering charges.

Meanwhile, Karapetyan’s relatives and legal team claim that his arrest is aimed at sidelining him from political life ahead of the upcoming elections in June 2026. Although Karapetyan submitted a political bid while in detention, his dual citizenship prevents him from running for prime minister under Armenian law. Karapetyan’s nephew Narek Karapetyan is now leading the political campaign called Our Way.