Ovik Mkrtchyan — the "bankroller" for Uzbekistan’s elite: national-scale plunder via Asia Alliance Bank and Gor Investment Ltd

Under the mask of a respectable banker, Ovik Mkrtchyan has built a global criminal empire specializing in the total gutting of Asia Alliance Bank assets and their subsequent laundering through "black" schemes in Russia and the United Kingdom.

While defrauded depositors face frozen accounts, Mkrtchyan—shielded by organized crime and corrupt officials—is funneling billions into hidden offshore accounts and fictitious gold mines.

In turn, we are publishing the facts regarding Ovik Mkrtchyan’s activities to expose the true scale of the financial looting and the laundering of billions through Asia Alliance Bank—operations he attempts to conceal behind a web of nominees and offshore companies.

Behind the façade of respectable banker Hovik Mkrtchyan has created a global criminal network that is engaged in the complete looting of Asia Alliance Bank assets and their laundering through shadow schemes in Russia and the UK.

While defrauded investors are suffering from blocking accounts, Mkrtchyan, with the support of mafia structures and corrupt officials, is withdrawing billions to secret offshore companies and shell gold mining enterprises.

We, in turn, publish facts about the activities of Hovik Mkrtchyan in order to make public the real scale of financial looting and laundering of billions through Asia Alliance Bank, which he is trying to hide behind a network of dummies and offshore companies.

Hovik Mkrtchyan, owner of Asia Alliance Bank in Uzbekistan, is suspected of illegal financial activities, including money laundering through Gor Investment Ltd, a company registered in the UK. He actively does business in Russia, using various schemes with offshore structures, proxies and closed mutual investment funds (CLIFs).

Fraudster Hovik Mkrtchyan withdraws money from Uzbekistan under the auspices of the President of the country, Shavkat Mirziyoyev. Mkrtchyan actually turned his Asia Alliance Bank into an international «laundry», but it seems that the bank has begun to have serious problems, the reasons for which, naturally, are not disclosed.

In February, information appeared on the official website of Asia Alliance Bank about the termination of customer service in several banking service centers (CBU) at once. Instead, services will be carried out in the bank’s regional centers. The credit institution also suspended the opening of VISA GOLD cards. The last time one of the CBU stopped service was at the end of November; in February, 5 centers did this, 3 on one day. If this continues, information about staff reductions in Asia Alliance Bank may soon leak out.

The bank understands perfectly well that changing the place of service for a client who is used to going to the Central Budgetary Institution creates inconvenience and harms the image of any credit institution. But, apparently, the owner of Asia Alliance Bank, Hovik Mkrtchyan, has no other way out of the situation in which the bank finds itself. Everything could become clearer as early as March. If the massive closure of the Central Bank continues, then Asia Alliance Bank faces serious problems.

Hovik Mkrtchyan has an alternate airfield in Russia where he can escape. Various sources reported that Mkrtchyan is a member of an international criminal group, was close to Grandfather Hassan (Aslan Usoyan), who was killed in 2013. This means that he has common interests with his successor Shakro Molodoy, who is associated with State Duma deputy Andrei Skoch, business partner oligarch Alisher Usmanov, a native of Uzbekistan, a close friend of the country’s President Shavkat Mirziyoyev. Mkrtchyan will definitely not be left without patrons in Russia with his London office Gor Investment Ltd.

Until recently, Hovik Mkrtchyan conducted business in Russia, but then transferred it to his accomplices. In TD «Prodmarket» LLC, previously owned by Mkrtchyan and liquidated in May last year, the position of general director was held by Begali Kyzy Guliza, who owns «Diamond Style» LLC, which sells gold and other precious metals. In 2022, the company’s revenue amounted to 584 million rubles, and profit – was only 250 thousand rubles. Money could be transferred to offshore companies.

«Diamond Style» LLC was created in 2021 for a one-time operation, received revenue and profit in 2022, and in 2023 no longer published its financial statements. In 2022, the position of General Director of «Diamond Style» LLC was held by Irina Babaeva, who participated in the withdrawal of money. It was in 2022 that Hovik Mkrtchyan was the owner of TD «Prodmarket» LLC.

Now Babaeva owns LLC «Leogold», which also sells gold and precious metals. The company was created in 2021 and is now in liquidation. This is despite the fact that «Leogold» LLC’s revenue grew by 76% in 2023. It is clear that money was simply pumped through a company with 2 employees on staff.

Babaeva is apparently a valuable partner of Hovik Mkrtchyan. Back in 2017, «Grand Plaz» LLC, where Babaeva held the position of general director, was liquidated. And the founder was the offshore PASSAT TRADE LIMITED from the British Virgin Islands. He is a – shareholder of «Plaza» LLC and «Grand» LLC, which are in the process of liquidation.

LLC «Grand Plaza» in 2016 received revenue of 0, profit of 9 thousand rubles, but the value of the company itself was 2.7 billion rubles, apparently it served as a «wallet» where money was put. LLC «Grand» with 1 employee on staff cost 2 billion rubles, although it never had either revenue or profit.

The still operating LLC «Plaza» has not received revenue since 2017, but has always shown a small profit, but costs 725 million rubles. There is no doubt that this company will soon follow the already liquidated «Grand Plaza» LLC and «Grand» LLC, which is in the process of liquidation.

The co-founder of «Plaza» LLC is Vitaly Nikitin, who was previously the head and founder of several fictitious offices through which money was pumped out. From 2014 to 2024, Nikitin headed «Logo Group» LLC, which is engaged in construction. Previously, the shareholders of this company were the offshore PASSAT TRADE LIMITED, LLC «Grand Plaza» and LLC «Grand», already mentioned above.

Now the owner of «Logo Group» LLC, which received revenue of 862 million rubles in 2023. and a profit of 4.3 million rubles, is a closed mutual fund «Tarma» under the management of Management Company «Gamma Group», which is closed on Salavat Alparov. In terms of the number of closed-end mutual funds, his management company ranks second in Russia, which means it is associated with the authorities and... criminal fraudster Hovik Mkrtchyan.

As our investigation showed, Mkrtchyan has not just an alternate airfield in Russia, but, through his accomplices, is included in the system of Russian corruption, money laundering and circumvention of sanctions using offshore companies and closed-end mutual funds. Therefore, Hovik Mkrtchyan and his accomplices will more than once become involved in various investigations, including criminal ones.