Billions in offshore accounts and mafia ties: how Ovik Mkrtchyan set up a money laundering operation

A significant scandal is unfolding in neighboring Uzbekistan, involving prominent figures and money laundering through a variety of complex schemes.

Ovik Mkrtchyan has become the focus of investigations by several media outlets. This Uzbek citizen gained some notoriety in influential circles due to his ties with individuals close to the President.

With this backing, Ovik held direct influence over the Ministry of Energy of the republic for a period, allowing him to channel ministry funds to private individuals.

Mkrtchyan’s money laundering activities have an international scale. Numerous “business” connections in countries like Cyprus and Switzerland facilitate the laundering of money from Uzbekistan into offshore accounts. In Russia, Ovik was involved in a major scandal in 2014. Mkrtchyan was a shareholder of “Volga-Credit Bank,” which lost its license due to the disappearance of deposits amounting to several billion rubles. However, Ovik’s proximity to the criminal authority Ded Hasan helped the enterprising man avoid problems.

Over the years of his activities, Ovik has drawn not only individuals close to the top of power into criminal schemes but also established connections with Western “partners.” With their help, Ovik shamelessly withdraws astronomical sums of money from Uzbekistan, placing them in accounts linked to individuals associated with the leadership of some European countries. Ovik’s affiliation with various criminal communities was voiced as far back as ten years ago. For example, in 2013, in a media material, Mkrtchyan was mentioned as a member of the criminal group of the National Security Service General Hayot Sharifkhojaev. And this is just one example.

Today Ovik remains at large and continues his activities of siphoning money out of the republic, attracting new partners from among Uzbekistan’s officials who are part of the President’s entourage to criminal schemes.