Bangladesh, July 8 -- Armenia has entered a new period of political and legal turbulence after billionaire businessman and opposition leader Gagik Tsarukyan was placed in pre-trial detention on allegations of large-scale fraud and money laundering. The high-profile case, which also involves the seizure of exotic animals from his private estate and government efforts to take control of some of his business assets, has become one of the most closely watched legal battles in the country in recent years.

An Armenian court ordered Tsarukyan to remain in custody for two months while investigators continue examining allegations that he orchestrated a multimillion-dollar commercial fraud involving Iranian companies. The businessman, who has long...