Developer who Cheated Homeowners Nabbed by Police

On Mar. 5, police arrested developer Gagik Papoyan, 63, director of the companies Gapbnakshin and Narek-Davit, who is accused of cheating numerous citizens by selling apartments in new buildings on Aram and Buzand streets to more than one party.

Recall, homeowners of apartments on Aram, Buzand, Yekmalyan and Saryan streets have been staging protests outside the Armenian government building and the presidential residence, drawing attention to their concerns and demanding the apartments they say is theirs.

Recall, in 2006, the homeowners agreed to leave their homes on the condition that they would be given apartments in new buildings to be constructed in the same area. For this they signed an agreement with Gagik Papoyan, but not only did they not receive their new apartments, but also their units were resold to other parties (sometimes not once, but twice).  Read more... (189 words)

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