THE POUND OF REAL ARMENIA: WHO IS BEHIND NAREK NALBANDYAN’S BUSINESS EMPIRE?
WHO IS HE AND WHERE DID HE COME FROM?
Narek Nalbandyan was born in 1988 in the village of Arghel, Kotayk Province. In 2004, he entered the Faculty of Law at Yerevan State University; in 2009, he began working as an investigator at the General Department of Investigation of the Police, and in 2012 he left his job and went into business. According to him, starting in 2013, he began developing the retail and wholesale trade of construction materials, grain imports, and construction. By 2018, he had acquired the Taperakan and Masis flour mills, a fleet of more than 100 trucks, and a vehicle service center. He claims that already at that time his companies were among the major taxpayers.
The nickname “Pound” became associated with him in March 2022, following a publication by 7or, where he was compared to a character from the environment of the fake president Ostap Bender in The Golden Calf—the person considered the owner where the real owners remain in the shadows.
THE STARTING POINT: PROJECT INTER-INVEST
Project Inter-Invest LLC was registered in March 2002. Until October 12, 2018, 100 percent of the company’s shares belonged to Mail Toroyan, after which they passed to Nalbandyan. Following the change of ownership, the company became the main vehicle of the investment group.
In November 2019, the government granted Project Inter-Invest tax and customs privileges for a program worth around 2.5 billion drams. It was planned to import 200 tractor units and 200 semi-trailers, defer VAT payments for three years, exempt the imports from customs duties, and create 205–215 jobs.
However, already on October 26, 2020, the State Revenue Committee initiated proceedings to collect 39,411,558 drams in outstanding tax liabilities. On November 20, the company “Max Oil” applied to the court over a fuel debt of 20,830,220.85 drams. At the same time, on December 7, 2020, the State Revenue Committee issued the company a certificate as a law-abiding taxpayer. On June 16, 2021, a decision was made to impose a 500,000-dram penalty on Project Inter-Invest for the illegal circulation of goods.
“AYRAPET”: ALMOST AN 18-FOLD DIFFERENCE
On April 1, 2021, Project Inter-Invest acquired the “Ayrapet” hotel complex and two adjacent plots of land at a bankruptcy auction. The complex, covering approximately 16,000 square meters, included three buildings, a restaurant, a holiday house, guard-post areas, and a cafeteria. The price of the hotel was 191 million drams approximately $360,000 while the prices of the plots of land were 13.7 million and 4.7 million drams, respectively.
According to the case materials, the bank-assessed value of the hotel was $6.64 million, while its liquidation value was $4.3 million. The difference between the purchase price and those valuations was almost 18-fold. Project Inter-Invest was the only participant in the auction. The criminal proceedings related to the offshore scandal surrounding Tigran Sargsyan, Archbishop Navasard Kchoyan, and Ashot Sukiasyan were later terminated.
THE SHORES OF LAKE SEVAN
On July 8, 2021, Project Inter-Invest was granted, without a new tender, the right to operate beach areas No. 1 and No. 3, with a total area of approximately 6.3 hectares. Previously, the tender had been won by “M.Yan” LLC, but two months later the contract had been terminated. The park administration explained the transfer by stating that this concerned the right to provide services and that the season had already begun.
Subsequent publications also mention a direct contract for the lease of 15 hectares of specially protected coastal land for 25 years at 3 million drams per year, and for the operation of three beaches for a payment of 1.5 million drams per year. In 2023, the environmental inspectorate recorded an illegal withdrawal of water from the lake.
GOLDEN PALACE: A STATE ASSET AND A SINGLE BUYER
The Golden Palace hotel in Tsaghkadzor had been transferred to the state by the family of former Customs Committee chief Armen Avetisyan after a criminal case was opened in 2018. The case was closed in 2019. On October 29, 2021, the real estate was valued at 5.602 billion drams, while the movable property was valued at another 305.757 million drams. The government set a minimum sale price of 5 billion drams, against the property’s initial valuation of 15.8 billion drams, and allowed payment to be made over five years.
The sole participant in the tender was Project Inter-Invest LLC. The sale took place on February 11, 2022. After reconstruction, the property reopened as Eighty Eight Hotel & Spa. Nikol Pashinyan attended the opening ceremony. In 2023, the company failed to make another scheduled payment on time, and in 2024 the hotel was pledged to Ameriabank.
THE HOUSE ON AZATUTYAN STREET: A 2.5 BILLION-DRAM TRANSACTION
On March 1, 2022, former Prime Minister Hovik Abrahamyan’s son, Argam Abrahamyan, signed an agreement to sell the house to Nalbandyan’s wife, Lilit Petrosyan. The transaction value was 2.5 billion drams: 48 million had been paid, while 2.452 billion remained payable.
On March 30, the Prosecutor’s Office announced that the house had been recognized as material evidence, and on the same day the decision was handed to the owner’s, Lilit Petrosyan’s, guard. The latter undertook not to alienate the real estate until the investigation was completed. On March 31, the investigative body sent a letter to the Cadastre Committee asking to be informed in the event of registration of a possible transaction.
In January 2026, Hetq reported that Nalbandyan had paid Hovik Abrahamyan’s 25-million-dram bail. The lawyer explained this by citing their friendly relationship.
“OASIS”: THEY BOUGHT THE CHAIN, LEFT THE MONEY FOR LATER
At the beginning of 2024, Project Inter-Invest acquired the movable property of four “Oasis” supermarkets—commercial shelving, refrigerators, and equipment. The value of the transaction was 300 million drams, of which 240 million had been paid. “Oasis Market” LLC was seeking to collect the remaining 60 million drams through the court.
Nalbandyan explained the delay in payment by citing unreliable data concerning the stores’ turnover.
THE “88” CHAIN
The legal structure of NN Holding was registered on December 21, 2018, but the “88” retail project was presented to the public at the beginning of 2024. The first store opened on Alabyan Street in Yerevan. By May 2024, there were already seven stores, and by November, 13.
According to State Revenue Committee data, 57 addresses or cash-register points were registered under the name of NN Holding in 2024–2025: 29 in Yerevan, 10 in Kotayk, 5 in Armavir, 4 in Syunik, 3 in Ararat, and one each in Shirak and Aragatsotn.
The chain was accused of pushing small businesses out. Nalbandyan denied the claims of pressure.
“MEGHRADZOR GOLD”
On October 17, 2024, Nalbandyan acquired a 33 percent stake in “Meghradzor Gold” LLC. The company operates the Meghradzor gold mine. Before the transaction, the sole owner was Vardan Margaryan. After the transaction, his son, Narek Margaryan, received a 34 percent stake, while another 33 percent went to Artyom Sahakyan.
Two weeks earlier, Nalbandyan and Sahakyan had registered “Ankagorts” LLC with equal participation. The mine’s proven reserves amount to 60,000 tons of ore containing 4,753.5 kilograms of gold.
“TSIRAN”
In February 2025, the composition of the participants in the company associated with the “Tsiran” chain changed. Before the transaction, the company’s sole owner was its founder, Aram Harutyunyan. From February 24, the shares were registered in the name of Armen Margaryan, a resident of Arghel.
Nalbandyan confirmed the connection with the company: Armen Margaryan is his sister’s son. At the time of the comment, the chain had 22 stores, with another three being prepared for opening. Together with the 17 stores of “88,” this meant 39 operating locations.
“SHOGHAKN”
In May 2025, Nalbandyan entered the structure through which he acquired the former “Shoghakn” diamond factory located in Nor Hachn. The transaction value was $3 million, and the financing was provided through an Ameriabank loan.
The factory belonged to “Diamond Park” CJSC, whose 100 percent stake was held by “Gold & Diamond” LLC. From May 15, 2025, Nalbandyan, Artyom Sahakyan, and Narek Margaryan each received 33.3 percent of the shares.
HRAZDAN CEMENT
In 2026, Project Inter-Invest acquired the property complex of Hrazdan Cement Corporation LLC at an AMIO Bank auction. Forty-four properties were presented as a single lot, with an assessed value of 15.228 billion drams.
The winning bid amounted to 11.101 billion drams, approximately 4.1 billion less than the assessed value. The winner was required to pay the amount within ten days.
The former owner was identified as Vitaly Grigoryants, who owned the former Haybusinessbank, now AMIO Bank.
THE POLITICAL TRACE
On September 3, 2026, Nikol Pashinyan stated that if there is a person in Armenia’s economy who irritates him and his family “beyond all permissible limits,” it is Narek Nalbandyan. The prime minister instructed law enforcement bodies to verify information concerning businessmen who could create the impression of a connection with his family.
Nalbandyan responded that he has no personal, family, or business ties with Pashinyan, his family, the former authorities, or political forces.
On September 7, the “Ishkhanutyun” publication circulated a video and reported Nalbandyan’s arrest. Armenia’s Ministry of Internal Affairs stated that the video had been filmed approximately a year and a half earlier. At that time, several people had been taken to the police for traveling in an escorted convoy. A representative of the “88” chain confirmed that the incident had occurred, but much earlier.
On April 29, 2026, Prosecutor General Anna Vardapetyan stated in parliament that criminal proceedings involving Nalbandyan were being investigated on suspicion of money laundering. In September, the Prosecutor General’s Office confirmed the existence of criminal proceedings connected with the “88” chain, which had been initiated as early as February 26.
CONTRADICTIONS AND CLAIMS
On August 5, 2026, it became known about the death of Bonus chain founder and director Andranik Muradyan. According to the Investigative Committee’s preliminary version, it was a suicide.
In his testimony, the deceased’s brother-in-law and co-founder of “Bonus,” Arshavir Harutyunyan, named Nalbandyan and “Spayka” founder Davit Ghazaryan as organizers of pressure against the family. Ghazaryan denied the allegations, while Nalbandyan called them absurd.
Another conflict mentions the “Valencia” hotel in Sevan, the “Bayandur Shirak” poultry farm, and the school in Lusagyugh. Chief engineer Levon Hovhannisyan claimed that 90 construction workers had worked from mid-September to December 30 without official registration. According to his calculation, they should have been paid around 110 million drams, while in fact 30–35 million had been paid. The debt exceeded 50–55 million drams. On March 26, 2026, the construction workers held a protest outside the government building.
Other claims include an application by Gazprom Armenia CJSC to the court over an unpaid gas debt of 299,514 drams, as well as a 3,044,534-dram fine imposed on the company by the Competition Protection Commission for unfair competition. The “Shirak” poultry farm had sold eggs marked “ESO” without the appropriate certificate.
On June 7, 2023, the Aparan Municipality signed a contract worth 240,600,360 drams with Project Inter-Invest. On March 11, 2025, the community head terminated the contract due to failure to complete the work, and on March 24, the company was included in the “blacklist” of participants in public procurement procedures. On October 13, 2025, the court accepted for consideration Project Inter-Invest’s lawsuit against the municipality and the Ministry of Finance.
THREE PILLARS
1. The origin of the initial capital and the mechanism through which access to the first major assets was obtained before 2018 remain unknown.
2. Project Inter-Invest serves as the main corporate channel for major acquisitions, while simultaneously benefiting from state privileges.
3. The same pattern is repeated in the transactions: a problematic, pledged, bankrupt, or state- or bank-controlled asset is transferred to structures connected with Nalbandyan, his relatives, or his partners, in a number of cases at a price substantially below the initial valuation.
If, as Nalbandyan himself claims, there really is no one behind him other than himself, his team, and God, then this should be proven by documents, not faith. For now, the complete and transparent financial trail of the key transactions is not public.
The combination of the speed of growth, access to major assets, a persistent political trace, and conflicts that have arisen with lenders, employees, and regulatory bodies makes Nalbandyan’s image an indicator of the state of Armenia’s economy and institutions.
Ultimately, the answer to the question “Who is Narek Nalbandyan?”— a businessman, “Pound,” or “the new Sashik”— can be obtained not from nicknames and old videos, but only by following the trail of the money. And that path has not yet been revealed to the public.