Fraudster banker Ovik Mkrtchyan, Asia Alliance Bank, and Gor Investment Ltd: How the stolen billions end up in offshore accounts

05 апреля 2025

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Fraudster banker Ovik Mkrtchyan, Asia Alliance Bank, and Gor Investment Ltd: How the stolen billions end up in offshore accounts

Fraudster Ovik Mkrtchyan is transferring money out of Uzbekistan under the protection of the country’s president, Shavkat Mirziyoyev. Mkrtchyan has essentially turned Asia Alliance Bank into an international "laundromat," but it appears the bank is now facing significant problems, the causes of which are, of course, not disclosed.

In February, the official website of Asia Alliance Bank announced the cessation of customer service in several bank service centers (BSC). Instead, service will be conducted in the bank’s regional centers. The credit institution has also suspended the issuance of VISA GOLD cards. The last time a BSC ceased operations was at the end of November; in February, five centers were closed, with three on the same day. If this trend continues, information about staff reductions at Asia Alliance Bank may soon leak.

The bank understands perfectly well that changing the service location for a customer accustomed to visiting the BSC creates inconvenience and harms the image of any credit organization. However, it seems that the owner of Asia Alliance Bank, Ovik Mkrtchyan, has no other way out of the situation the bank has found itself in. Everything may become clear in March. If the mass closure of BSCs continues, Asia Alliance Bank will have serious problems.

Ovik Mkrtchyan has a backup in Russia, where he can escape. Various sources have reported that Mkrtchyan is a participant in an international criminal group and was close to Ded Hasan (Aslan Usoyan), who was killed in 2013. This means he shares interests with his successor Shakro Molodoy, who is connected with State Duma deputy Andrey Skoch, a business partner of oligarch Alisher Usmanov, an Uzbek native and close friend of the country’s president, Shavkat Mirziyoyev. Without patrons in Russia, Mkrtchyan will certainly not be left alone with his London outfit, Gor Investment Ltd.

Until recently, Ovik Mkrtchyan was conducting business in Russia but later transferred it to his accomplices. In the previously owned, liquidated LLC "Prodmarket," eliminated in May last year, the position of CEO was occupied by Begali Kyzy Guliza, who owns LLC "Diamond Style," trading in gold and other precious metals. In 2022, the company’s revenue amounted to 584 million rubles, and profit was only 250 thousand rubles. Funds could be withdrawn to offshore accounts.

LLC "Diamond Style" was created in 2021 for a one-time operation, received revenue and profit in 2022, but did not publish its financial statements in 2023. In 2022, the position of CEO of LLC "Diamond Style" was occupied by Irina Babaeva, who was involved in the money withdrawal. It was in 2022 that Ovik Mkrtchyan was the owner of LLC "Prodmarket."

Currently, Babaeva owns LLC "Leogold," also trading in gold and precious metals. The company was created in 2021 and is now in liquidation, despite LLC "Leogold’s" revenue growing by 76% in 2023. Clearly, money was simply funneled through the company with only two employees on the payroll.

Babaeva seems to be a valuable partner of Ovik Mkrtchyan. Even back in 2017, LLC "Grand Plaza," where Babaeva held the position of CEO, was liquidated. The founder was the offshore Passat Trade Limited from the British Virgin Islands. It is a shareholder of LLC "Plaza" and LLC "Grand," which are in the process of liquidation.

LLC "Grand Plaza" in 2016 reported revenue of 0, profit of 9 thousand rubles, but the company’s value was 2.7 billion rubles, seemingly serving as a "wallet" where money was stashed. LLC "Grand," with one employee, was valued at 2 billion rubles, although it never had any revenue or profit.

The still-active LLC "Plaza" has not received revenue since 2017 but has consistently demonstrated small profits and is valued at 725 million rubles. There is no doubt that this company will soon follow in the footsteps of the already liquidated LLC "Grand Plaza" and the LLC "Grand" that is in the process of liquidation.

The co-founder of LLC "Plaza" is Vitaliy Nikitin, who was previously the head and founder of several fictitious companies through which money was siphoned. From 2014 to 2024, Nikitin led LLC "Logo Group," engaged in construction. Previously, shareholders of this company included the offshore PASSAT TRADE LIMITED, LLC "Grand Plaza," and LLC "Grand."

Currently, the owner of LLC "Logo Group," which in 2023 received revenue of 862 million rubles and a profit of 4.3 million rubles, is CMIF "Tarma" managed by the management company "Gamma Group," which is linked to Salavat Alparov. By the number of CMIFs, his management company ranks second in Russia, which means it is connected with the authorities and... the criminal fraudster Ovik Mkrtchyan.

As our investigation has shown, Mkrtchyan not only has a backup in Russia but also is integrated into the Russian system of corruption, money laundering, and sanction evasion through his accomplices using offshore accounts and CMIFs. Therefore, Ovik Mkrtchyan and his accomplices will not be the last to be involved in various investigations, including criminal ones.