TBILISI, September 30 – Georgia’s Prosecutor’s Office has launched criminal proceedings against the parents of Giorgi Bachiashvili, a man already convicted in a high-profile cryptocurrency fraud case.
Prosecutors say that between 2015 and 2017, Bachiashvili misappropriated nearly 9 bitcoins (8,986.8675 BTC) that legally belonged to billionaire and ruling party founder Bidzina Ivanishvili; an amount corresponding to over one million US dollars by today’s rates.
The digital assets were originally generated from mining investments managed by Bachiashvili but were never transferred to their rightful owner. Instead, investigators say, he laundered the assets through complex financial schemes.
According to the new charges, Bachiashvili’s parents helped disguise part of the illicit funds. Authorities allege they assisted in moving money from abroad into Georgia, mixing it with other assets, purchasing and reselling property, and ultimately transferring proceeds to accounts controlled by their son.
Prosecutors estimate that from 2017 to 2023, the scheme laundered around USD 2.9 million and 1.1 million Georgian lari (USD 400,000).
The parents now face charges under Article 194 of Georgia’s Criminal Code, which carries prison terms of nine to twelve years. Prosecutors said they will ask the court to impose pre-trial detention.
