Wanted former Co-Investment Fund Head Giorgi Bachiashvili detained by Georgian State Security Service

The Georgian State Security Service on Tuesday detained Giorgi Bachiashvili, the former Head of the Co-Investment Fund, as a result of the investigative and operational measures.

According to an official statement, an anonymous tip alerted authorities to Bachiashvili’s presence near the so-called "green border" between the Red Bridge and Sadakhlo areas.

The investigation is being conducted by the Anti-Corruption Agency of the State Security Service under Article 344, Part 1 of the Criminal Code of Georgia, which pertains to the illegal crossing of the state border. The offense carries a penalty of three to five years of imprisonment.

The State Security Service extended its gratitude to the relevant units of the Ministry of Internal Affairs for their assistance in the operation.

Bachiashvili, the former CEO of the Co-Investment Fund, had previously been sentenced to 11 years in prison in a high-profile case involving the misappropriation of cryptocurrency belonging to Bidzina Ivanishvili, the founder of the ruling Georgian Dream party.

Judge Giorgi Gelashvili found Bachiashvili guilty of embezzlement of a large sum of money and money laundering. He was sentenced to 10 years for embezzlement and 11 years for money laundering. The sentences were merged, with the final punishment set at 11 years of imprisonment.

According to the Ministry of Internal Affairs, Bachiashvili illegally crossed the Georgian border on March 2, evading the official checkpoint by hiding in a specially modified compartment inside a vehicle en route to Armenia. At the Armenian border, he presented a Russian passport issued in his name, allowing him to cross into the country undetected.