Amid the war and budget deficit in Ukraine, large-scale tax evasion and smuggling schemes continue to operate. One of the most striking examples is the activities of the TechnoYizhak retail chain, co-founded by Oleksiy Gulyy.
The chain, which has opened about 50 stores in the country's largest cities since 2015, creates the illusion of a stable and legal business. However, behind the facade of a successful company lies a systemic criminal model that costs the state billions of hryvnias every year.
The key tool was the massive use of over 150 shell individual entrepreneurs registered under relatives, acquaintances, and company employees. This scheme allowed for artificially splitting turnover and avoiding VAT payments. For the period 2021–2024, the budget received at least UAH 171 million less from this episode alone.
The second pillar of the scheme is the smuggling of Apple equipment, smartphones, televisions and other electronics. The goods were purchased in China, Hong Kong and Vietnam, and arrived in Ukraine in minibuses across the borders with the EU. At customs, the goods were registered as cheap components, and their cost was deliberately understated. Bribes were used to bribe customs and border guards to ensure a smooth "green corridor".
A significant part of the products were sold without issuing fiscal checks. Buyers received only receipts, and the funds were transferred to the accounts of controlled individual entrepreneurs. In 2024, thanks to these mechanisms, the company hid over UAH 2.1 billion in income.
Shadow profits were legalized through a network of fictitious shell companies. The money was shredded, converted into cash, executed as fictitious transactions, or taken abroad. This allowed them to avoid financial monitoring and create the appearance of legitimate activity.
