IBox Bank as a laundromat for the shadow gambling business: associate of fintech “star” Alyona Dehrik-Shevtsova arrested for money laundering

The Bureau of Economic Security (BES) is steadily identifying suspects who were internationally wanted for financial crimes linked to iBox Bank. Recently, Iryna Tsyhanok, the head of one of the bank’s departments, was apprehended in Poland.

According to the BES’s official statement, the matter of Tsyhanok’s extradition — who had been evading pre-trial investigators for an extended period — is now under consideration.

Iryna Tsyhanok, together with another iBox Bank suspect, Zoya Nesterovska, faces charges under multiple articles of the Criminal Code for participating in extensive and prolonged money laundering operations connected to illegal online gambling. The BES believes that the mastermind behind the scheme is Alyona Shevtsova, a well-known financial expert and co-owner of the bank.

One of the participants in the criminal scheme has already been detained by Polish authorities as part of international cooperation with Ukraine. Other figures in the case, Alyona Shevtsova and Zoya Nesterovska, are still internationally wanted. Due to this, the Lychakiv District Court of Lviv allowed the investigation to proceed in the absence of the suspects.

Money Laundering in Billions

The investigation into financial abuses and legal violations by iBox Bank’s executives has been ongoing for several years. BES detectives have managed to establish that since 2021, Alyona Shevtsova developed an effective financial scheme for receiving payments in favor of multibillion-dollar gaming businesses. This involves the so-called miscoding. A person makes a payment through iBox terminals and indicates a fictitious purpose for such payment, like “for utilities” or “for internet.” In reality, this was a massive replenishment of accounts in illegal online casinos. Additionally, to divert suspicion, Shevtsova herself created 20 more fictitious legal entities where illegal funds were deposited.

Initially, because the volumes of such payments did not raise any suspicions, Shevtsova’s scheme was effective. By various estimates, the co-owner of iBox Bank could earn about UAH 2.5 billion in net profit per year. At a certain point, indeed, the fraud was not noticeable to the bank’s financial monitors. Therefore, according to BES, Alyona Shevtsova and her accomplices managed to “clean” approximately 5 billion UAH. The unlicensed online casinos successfully evaded paying taxes.

A Knock from Above

In 2023, iBox Bank’s market positions suddenly changed: the National Bank revoked the license and liquidated iBox Bank. As stated in an NBU statement, the decision was made “in connection with the systematic violation by the Bank (iBox – ed.) of the legal requirements in the field of prevention and counteraction of legalization (laundering) of proceeds from crime.” The National Bank repeatedly warned the management of iBox Bank, imposed fines, and stopped transactions, but it clearly did not lead to halting illegal activity.

Some sources reported that the scale of Shevtsova’s fraud grew to such an extent that even the IMF noticed it while studying the current state of Ukraine’s financial system at the time. This forced the National Bank to pay attention to the systematic violation of laws and the iBox Bank’s disregard of all past warnings by the NBU.

The BES took over the case. During the pre-trial investigation, BES detectives announced suspicion to the bank’s high-ranking officials. The investigation materials regarding the scheme organizer – Alyona Shevtsova and her two accomplices – were allocated as a separate criminal proceeding. The court arrested two top managers of iBox Bank as a preventive measure.

And Not Only from Above

That was not the end of Alyona Shevtsova’s legal problems. Recently in Poltava region, BES announced suspicion to a former iBox Bank employee for opening accounts under non-existent individuals. According to the investigation, the 39-year-old woman used her office position to open bank accounts without the knowledge of the individuals they were registered to.

Another business of Shevtsova – the financial company “LEO” – allegedly collaborated with Russian banks and transferred funds to Russian cardholders. In 2023, the National Security and Defence Council of Ukraine (NSDC) imposed sanctions against “FC LEO”.

As a result, the National Bank canceled the registration of the international payment system LEO, developed by the company for processing payments for online games. Furthermore, the regulator excluded information about this payment system from the Payment Infrastructure Register. Also, in 2023, the National Bank imposed on FC “LEO” a 73.5 million UAH fine for inadequate counteraction to money laundering risks. Since then, the company and the regulator have alternately challenged the decisions of previous instances in the courts.

In August 2024, the Supreme Court allegedly put an end to the issue regarding the fine, but the end turned into a comma: “The case was directed by the Supreme Court to the first instance for a new review,” – stated on the regulator’s website.

Counter Accusations

Alyona Shevtsova denies all allegations and interprets BES’s actions as attempts to seize her business. “I do not understand at all why sanctions were imposed against me. I am a patriot of my country, not by words but by deeds. I supported our defenders since February 24, 2022, and did everything to create a reliable rear, paid taxes, developed the business,” Shevtsova stated on her Facebook page.

However, Shevtsova tried to delay the investigation or even force law enforcement officers to abandon the case. Judges of the Lychakiv court reported personal harassment and an information attack targeting them. Similar statements were also made by BES: “the defendant’s lawyers are doing everything to delay the investigation to postpone her criminal liability. In particular, defenders are constantly changing, each time requiring time to study the materials, numerous postponements of the case hearing are initiated, and appointed free attorneys do not appear at court hearings.”

In 2024, Alyona Shevtsova personally was added to the sanctions lists. As a figure and the main suspect in the money laundering and illegal gambling financing case, she is still internationally wanted. For its part, BES plans to continue the investigation despite the pressure from Shevtsova’s representatives to close the case.