Federal charges filed against man accused of defrauding burned-down church

GMA Capital's owner, Arman Gasparian, charged

INDIANAPOLIS - Four years ago, Bells Chapel Church on the east side went up in flames.
Members have been unable to recover from their loss, and they blame Indianapolis-based GMA Capital.

GMA Capital's owner Arman Gasparian was charged in federal court Wednesday.

Bells Chapel gave Gasparian nearly $400,000 of its insurance money for an investment deal that was supposed to generate a $3.5 million grant that could help the church rebuild and expand.

Gasparian told the Call 6 Investigators that he would provide the money to finish the building, but the congregation is still waiting.

"It did me good to see him coming in court in shackles. It made my day," said Rev. Adrienne Holmes, with Bell's Chapel Church. "God is getting his vengeance."

Holmes said the church wishes it could have its insurance dollars back to at least finish the gym for the neighborhood kids

"To help themselves and for me to show them that there's a better life besides selling drugs," Holmes said.

The facility needs plumbing, heating and electrical work before the city will approve its permit and kids can play.

"I believe. I have my faith, and that's what I am standing on my faith," Holmes said.

Gasparian's business associate Christopher Land is also facing criminal charges.

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