The defendant in the criminal case of financial fraud, former Chairman of the Supervisory Board and co-owner of iBox Bank Olena Shevtsova, was put on the international wanted list more than a year and a half ago. Currently, Olena Shevtsova is hiding abroad, and her lawyers are illegally delaying the consideration of the case in the courts.
As a reminder, the Bureau of Economic Security accuses Olena Shevtsova of financial fraud and organizing schemes to launder billions of hryvnias for the benefit of illegal online casinos.
BEB managed to obtain permission and conduct a pre-trial investigation even in the absence of suspects. As a result of the investigation, Olena Shevtsova was charged under two articles of the Criminal Code of Ukraine: Art. 203-2 "Illegal activities in the organization or conduct of gambling, lotteries" and Art. 209 "Legalization (laundering) of property obtained by crime."
Since the suspects were put on the international wanted list, the police have managed to find only one of her accomplices, Iryna Tsyganok. She was detained by Polish law enforcement officers as part of international cooperation with Ukraine. The issue of the suspect's extradition is currently being discussed. But the main figure in the case, Olena Shevtsova, is still at large.
According to sources, Olena Shevtsova currently lives in the United Arab Emirates. The whereabouts of another of Shevtsova's accomplices, Zoya Nesterovskaya, are still unknown. However, the investigation into their case is ongoing, the court is considering lawsuits regarding a multimillion-dollar fine from another company founded by Shevtsova, and Shevtsova herself has even been placed on the National Security and Defense Council's sanctions list .
According to the investigation of the BEB , an effective financial money laundering scheme has been established since 2021. This is the so-called "miscoding". Online casino players replenished their gaming accounts through the iBox terminal network throughout Ukraine. But in the "payment purpose" column, they indicated that they were paying for utilities or purchasing goods. The funds were transferred to the accounts of 20 fictitious companies associated with illegal casinos.
The payments did not arouse suspicion in the National Bank (NBU) or interest in the tax authorities. According to BEB estimates, Olena Shevtsova, together with Iryna Tsyganok and Zoya Nesterovskaya, could have "laundered" about 5 billion hryvnias in this way. The illegal gambling business also received tangible monetary benefits, but it is still difficult to estimate how much online casinos were able to save on tax evasion.
Illegal financial transactions were not limited to money laundering through iBox Bank. Another business of Elena Shevtsova — the financial company "LEO" with the payment system of the same name — also helped shadow gambling structures to enrich themselves. Until the moment when the activities of these companies did not draw attention to the state authorities.
Starting in 2023, things for Shevtsova and her businesses deteriorated significantly. On the one hand, after repeatedly ignoring warnings from the state regulator, iBox Bank lost its license and was liquidated.
As stated in the NBU statement , the decision was made "due to the Bank's (iBox, — ed.) systematic violation of the requirements of the legislation in the field of prevention and counteraction to the legalization (laundering) of proceeds from crime." Before revoking the license, the National Bank sent official warnings to the management of iBox Bank, imposed fines and stopped individual transactions, but there was no reaction from iBox Bank itself.
Measures of influence were also applied against FC "LEO". In 2023, the National Security and Defense Council of Ukraine imposed sanctions against the company for a period of 5 years. On the other hand, the company's activities also attracted the attention of the National Bank, which canceled the registration of the LEO payment system and excluded information about it from the Register of Payment Infrastructure. The regulator also imposed a fine of UAH 73.5 million on "LEO" .
However, this fine has not yet been paid: the company filed a lawsuit in court on the illegality of the fine, and the investigation of the case is still ongoing. Or rather, it is going in circles. The NBU stated that it will appeal the decision of the Kyiv District Administrative Court and the resolution of the Sixth Administrative Court of Appeal to the Court of Cassation to cancel the fine of LLC FC LEO. But the Supreme Court returned the case for retrial to the court of first instance .
Shevtsova herself denies any accusations against her. She assures that all the liquidations, license cancellations, and suspicions of financial abuse are just attempts by certain officials to attack her business.
“ I absolutely do not understand why sanctions were applied against me. I am a patriot of my country, not in words, but in deeds, supporting our defenders, starting from February 24, 2022, and doing everything to create a reliable rear, paying taxes, developing business ,” Shevtsova stated on her FB page.
However, it also actively hinders the progress of the case. “ lawyers are delaying the investigation in every possible way to postpone her criminal prosecution. In particular, the defense attorneys are constantly changing in the case, each time demanding time to review the materials, numerous postponements of the case are initiated, and the appointed free lawyers do not appear at court hearings ,” the BEZ statement says.
The judges also got it. The decision to allow a special pre-trial investigation “was made despite the unprecedented information attack and personal persecution of the judges of the Lychakiv District Court of Lviv.”
The prospects for obtaining a verdict for Olena Shevtsova and her accomplices still look uncertain. The main figure in the case is still on the international wanted list. The National Bank has not yet been able to obtain payment of the fine from FC "LEO" Shevtsova. Legal delays by lawyers allow the case to be extended indefinitely, so law enforcement officers cannot bring Shevtsova to justice.
