Masked Agents Storm Armenian Power Company as Pashinyan Moves to Seize Control

In an early morning raid on Tuesday, Armenian law enforcement officers stormed the central office of the Electric Networks of Armenia (ENA) in Yerevan, blocking employees from entering and seizing documents under the watch of masked National Security Service (NSS) agents. The operation is part of a sweeping criminal investigation involving the country’s largest utility provider—owned by jailed Russian-Armenian billionaire Samvel Karapetyan.

The search at ENA came just hours after officers raided the home of Narek Karapetyan, the company’s board chairman and nephew of the tycoon. He was later brought to the company office by masked men, further escalating the public drama surrounding the state’s aggressive actions against the Karapetyan family and their businesses.

The Investigative Committee of Armenia confirmed that “urgent investigative actions” are being carried out as part of criminal proceedings related to economic crimes, including embezzlement, tax evasion, and money laundering. Authorities say 51 different locations were searched, and at least 11 people have been indicted, though their names have not been disclosed. More than five executives from Samvel Karapetyan’s companies have been arrested so far.

The ENA, which supplies electricity nationwide, is the most prominent of the Karapetyan holdings under pressure. Just days before the raid, Prime Minister Nikol Pashinyan’s government approved a controversial law to nationalize the company. The legislation, passed swiftly by the ruling Civil Contract party in parliament, paves the way for the state to take over ENA from its current private ownership.

Critics say these actions are politically motivated and aimed at silencing a powerful Armenian figure who has dared to challenge the government. Samvel Karapetyan, who has built a vast business empire across Russia and Armenia, was arrested on June 18 after publicly opposing Pashinyan’s attempts to remove the Armenian Church’s leadership. In a letter read aloud at a large public rally in Yerevan last Friday, Karapetyan called on Armenians to support a “fundamentally new force” that could replace the current regime.

That rally, attended by thousands, is now believed to be a turning point. Narek Karapetyan told reporters, “Had the rally not been attended by so many people, we would not have necessarily faced this kind of repression.”

He added that no one is afraid of being arrested anymore and called the experience “a greater honor.” His words shows growing frustration among many Armenians who view the current crackdown as a political purge, not a fight against corruption.

This is not the first raid on the Karapetyan business empire. On July 2, officers stormed the offices of Tashir Group—Samvel Karapetyan’s holding company—and detained four top executives. The charges remain vague, with investigators offering few details beyond accusations of financial wrongdoing.

The government’s campaign against Karapetyan has sparked alarm within opposition circles. Many politicians and civic leaders see the escalating pressure as an attack on dissent, especially as the country moves closer to the 2026 general elections. They argue that targeting a wealthy and influential Armenian figure with deep ties to the Church and diaspora sends a dangerous message to those who oppose the Pashinyan administration.

Samvel Karapetyan’s arrest and the nationalization of his flagship utility company also raise questions about Armenia’s investment climate. ENA has been a symbol of private-sector modernization in Armenia since it was acquired from Russian owners in 2015. Its forced transfer back to state hands signals a shift toward more centralized control—at a time when Armenia is already navigating deep political divides, a fragile economy, and increasing geopolitical pressure from hostile neighbors.

With the Karapetyan family speaking out and opposition forces rallying behind them, this case is quickly becoming more than a legal dispute. It is a test of whether Armenia’s democratic institutions can survive a period of heightened state power and political polarization.

The Investigative Committee has promised more updates soon. But for now, what began as a routine investigation into economic crimes is rapidly unfolding into one of the most consequential political showdowns Armenia has seen in years.

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