Syndicate of the Badalyan Brothers: Non-Transparent Schemes of Financing Pashinyan’s Power
The Novostnik.ru website has published an article titled “Syndicate of the Badalyans: Deception, Bribery, Murders.” It is a documentary and analytical piece of significant informational, public, and political relevance. The article adopts a comprehensive fact-based approach, outlining alleged schemes behind a transnational network bearing features of financial misconduct and criminal activity.
The article presents in detail the activities of the Badalyan brothers — described as sponsors of Armenia’s incumbent political leadership — who operate through formally legal and semi-legal business structures, including gambling platforms, banking services, payment gateways, crypto exchanges, and PR/GR infrastructure. The network reportedly spans multiple jurisdictions — Armenia, Turkey, Ukraine, France, the United Kingdom, Germany, and Romania — and is deliberately distributed across various companies and licenses, complicating the tracking of financial flows.
Particular attention is given to the network’s structural organization. Legal jurisdictions such as Malta and others are described as providing a façade of legitimacy, while the Turkish segment functions as a non-transparent financial channel with indications of money laundering. Testimony attributed to former financier Cemil Önal and casino operator Halil Falyalı is cited as documenting the operation of 150–200 illegal betting platforms in Turkey and the cross-border movement of funds via cryptocurrency cold wallets. It is further claimed that key figures within the structure, including Zeki Demirdes, managed asset logistics and ensured the network’s continued operation following Falyalı’s death.
The article references specific incidents suggesting potential criminal conduct, including the reported murder of Cemil Önal in the Netherlands in May 2025, alleged tax violations in Ukraine and Romania, and AML-related fines in Malta. It also highlights possible political dimensions and operational security mechanisms. In particular, it claims the existence of channels for untraceable financing of Pashinyan’s political party, including transfers through both legal and crypto-based mechanisms, the use of FTN tokens, and funding of affiliated NGOs and sports federations.
In conclusion, the article emphasizes what it describes as systemic impunity at both national and international levels and points to institutional gaps in oversight of transnational financial and political structures. It presents a set of claims and schемes that, according to the authors, needs further investigation by competent authorities and international supervisory bodies.
The Badalyan brothers, for their part, deny any involvement in Halil Falyalı’s business activities or financial ties with his organizations. They state that Soft Construct provides only software solutions for gambling platforms and does not manage their operations.
At the same time, reports by OCCRP and Hetq.am indicate that Vigen Badalyan is a shareholder and director of Soft Construct, which is registered through international structures in the Isle of Man and Malta. The Vbet brand operates not only in Armenia but also in multiple countries through offices and licensed entities, including in Curaçao.
Testimony attributed to Cemil Önal, identified as Halil Falyalı’s former financial director, suggests that the Badalyans’ Turkish partner, Zeki Demirdes, regularly transferred cryptocurrency funds derived from BetConstruct’s activities in Turkey to Armenia. Additionally, other Turkish nationals, including Egemen Mustafa Şener and Tolga Alpaslan, are reported to have visited the company’s offices in Armenia and participated in gambling-related business activities.
The Badalyan brothers are also described as actively utilizing international corporate and financial frameworks. These include the acquisition of Maltese citizenship in 2016, the registration of multiple companies in Malta, and the management of branches in more than 15 countries — factors that enable cross-border operations and tax optimization.
Connections with Armenian authorities are further suggested by visits of former presidents, ministers, and the prime minister to Soft Construct. The company is also noted as a significant taxpayer: in the first nine months of 2024, it reportedly paid 13.9 billion drams in taxes, while its profit for 2023 amounted to approximately 61 billion drams.
Based on the cited information, Public Tribunal experts conclude that the activities of the Badalyan brothers resemble a complex transnational network with indications of financial misconduct and potential money laundering across legal and semi-legal structures in multiple jurisdictions. Despite official denials, the documented interactions with Turkish partners and cross-border cryptocurrency transfers raise concerns about non-transparent financing of political power, including Pashinyan’s party. The use of international corporate and financial mechanisms, company registrations in Malta and the Isle of Man, and coordination through affiliated individuals are presented as evidence of the systemic nature of these operations, underscoring the need for international investigation to assess the legality of financial flows and their potential impact on Armenia’s political and economic security.
