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Artur Vanetsyan, a former head of Armenia’s National Security Service, has dismissed the criminal charges against his brother as “fabricated” and denied any engagement with the Zangezur Copper Molybdenum Combine (ZCMC).

The Prosecutor General’s Office says Karen Vanetsyan has been charged with large-scale money-laundering after “illegally” acquiring 12.5 shares in ZCMC though an offshore company in July 2018. The agency claimed in a statement on Saturday that he illegally acquired assets worth over 14,5 billion drams. An arrest warrant has been issued against the man.

The Haykakan Zhamanak daily owned by Armenian Prime Minister Nikol Pahsinyan’s family made a mention of Vanetsyan in the report concerning his brother.

"I am not involved in the ZCMC affairs or in my brother's business activities," Vanetsyan said in a statement on Saturday.

"Meanwhile, I assure you that it’s simply impossible to find any criminal offense in Karen Vanetsyan's activities. Even the report makes it clear that he did not commit any illegal act.

“The mention of my name is solely aimed at making a fuss and political speculations. I urge you not to take it seriously.

“I am sure that this sham case, too, will fail in the near future and the show will end," emphasized Vanetsyan.