Introduction
IBOX BANK was once considered a success story in Ukraine’s banking sector. By the end of 2022, it was ranked eighth among the most profitable banks in the country, an impressive feat given the economic instability caused by the ongoing conflict. However, beneath this seemingly prosperous exterior lay a web of financial misconduct, corruption, and regulatory violations. The bank’s story took a dramatic turn on March 7, 2023, when the National Bank of Ukraine (NBU) revoked its license, citing systematic violations of financial monitoring requirements. The decision led to the bank’s eventual liquidation, exposing a deeper crisis within the institution.
At the center of this downfall was Alyona Shevtsova, a businesswoman who was initially celebrated for rescuing IBOX BANK from financial trouble. She was often portrayed as a skilled professional who had turned the bank around, making it profitable against all odds. However, a closer look at Shevtsova’s business operations and financial dealings reveals a different story—one filled with fraudulent activities, money laundering, and illicit transactions that ultimately brought down the bank.
The collapse behind the façade of success: how Alyona Shevtsova led Ibox Bank to liquidation
The Origins and Evolution of IBOX BANK
IBOX BANK’s history dates back to 1993, when it was founded under the name “Authority Bank.” Over the years, the bank underwent several rebrandings and structural changes, each time attempting to reposition itself in the financial market. In 2002, the bank changed its name to “Agrocombank,” a move that reflected its efforts to focus on agricultural financing. However, this strategy did not bring the expected success, and the bank continued to struggle.
In 2016, the bank was renamed once again—this time as “IBOX BANK”—following the entry of financier Yevheniy Berezovskyi as a shareholder. Berezovskyi, who had a controversial reputation, brought with him a network of iBox payment terminals, which the bank hoped would revitalize its operations. Despite these efforts, IBOX BANK remained in financial distress, unable to compete with larger and more established institutions. The turning point came in 2020, when Alyona Shevtsova acquired shares in the bank.
The Rise of Alyona Shevtsova
Alyona Shevtsova’s entry into IBOX BANK was marked by bold claims of transformation and growth. She positioned herself as a visionary leader who could pull the bank out of its financial troubles. Her background in financial technology and digital payments gave her credibility, and she quickly took control of the bank’s strategic direction. In 2022, she officially became the head of IBOX BANK, bringing with her a management team composed of individuals from her other financial ventures.
One of the key elements of Shevtsova’s strategy was integrating the bank with her payment system, LEO. She had founded the financial company “Leogaming Pay” in 2013, initially operating as a payment gateway for online gaming platforms. Over the years, the company expanded, and in 2017, she successfully registered the domestic payment system “Leo” with the National Bank of Ukraine. This system eventually went international, allowing Shevtsova to build a vast network of financial transactions across multiple jurisdictions.
However, what was portrayed as a remarkable success story was in reality a carefully orchestrated scheme to use IBOX BANK as a tool for money laundering, illicit transactions, and financial fraud. Under Shevtsova’s leadership, the bank engaged in questionable financial activities that ultimately led to its demise.
The Web of Criminal Activities
While IBOX BANK was being promoted as a rising player in Ukraine’s banking sector, behind the scenes, it was entangled in numerous criminal cases. Shevtsova and the companies associated with her were implicated in financial crimes ranging from tax evasion to money laundering. Ukrainian law enforcement agencies launched multiple investigations, uncovering suspicious transactions and illegal activities.
Court documents and investigative reports reveal that IBOX BANK was involved in concealing financial transactions, falsifying records, and facilitating money laundering through a network of shell companies. In January 2022, the Holosiivskyi District Court of Kyiv found that the bank had hidden transactions worth over 14 billion UAH during an inspection by the NBU. Additionally, the bank had failed to disclose information about merchants operating under specific MCC codes, further raising suspicions about its financial dealings.
Shevtsova’s payment system, Leogaming Pay, was also at the center of these investigations. The system had been used to process billions of UAH in transactions, many of which were linked to illegal online gambling operations. Although Shevtsova denied these allegations, court records suggest otherwise.
Regulatory Infractions and Fines
The National Bank of Ukraine had been monitoring IBOX BANK’s activities for several years. In October 2021, the NBU imposed a fine of 10 million UAH on the bank for failing to conduct proper client due diligence and violating anti-money laundering regulations. This was the highest possible fine under Ukrainian law, signaling the severity of the bank’s infractions.
Around the same time, Shevtsova’s company, Leogaming Pay, was fined 549,000 UAH for failing to comply with risk management protocols. The violations were related to inadequate oversight of financial transactions, which allowed suspicious funds to flow through the system unchecked. Despite these penalties, IBOX BANK continued its operations, seemingly unfazed by regulatory scrutiny.
Media Suppression and Legal Battles
In an attempt to protect her reputation, Shevtsova engaged in aggressive legal battles against journalists who reported on IBOX BANK’s illegal activities. In 2021, her company sued a media outlet for publishing an article that linked Leogaming Pay to illicit gambling operations. The court ruled in her favor, ordering the removal of the publication and awarding damages for defamation. However, these legal victories did little to stop the growing scrutiny surrounding the bank.
Despite her efforts to suppress negative coverage, investigations into IBOX BANK’s financial misconduct continued to gain traction. Law enforcement agencies gathered mounting evidence of fraudulent activities, leading to increased pressure on the bank.
The Inevitable Collapse
By early 2023, it had become clear that IBOX BANK was on the brink of collapse. The bank had accumulated a long list of regulatory violations, legal challenges, and financial irregularities. The NBU, which had previously issued fines and warnings, finally took decisive action. On March 7, 2023, the central bank revoked IBOX BANK’s license, citing the same violations that had led to its previous penalties.
The very next day, law enforcement agencies conducted searches at the bank’s offices, seizing financial records and electronic data. The liquidation of IBOX BANK marked the end of an era, exposing the extent of corruption and criminal activity that had taken place under Shevtsova’s leadership.
Conclusion
The downfall of IBOX BANK is a cautionary tale about the dangers of unchecked financial misconduct. What was once presented as a success story turned out to be a carefully crafted illusion, sustained by fraudulent activities and regulatory violations. Alyona Shevtsova, who had been celebrated as a financial innovator, was ultimately exposed as the mastermind behind a vast network of illicit transactions.
The liquidation of IBOX BANK serves as a stark reminder that financial institutions must be held accountable for their actions. Ukraine’s banking sector continues to face challenges, but the collapse of IBOX BANK represents a step toward greater transparency and regulatory enforcement. As investigations into Shevtsova’s activities continue, the full extent of the financial crimes committed under her leadership may soon come to light.
References:
1. https://antimafia.se/news/81500-money_laundering_through_gaming_platformc_or_financial_struggle_in_the_ukrainian_gaming_industry_between_alyona_shevtsov
2.https://antimafia.se/news/81457-banking_manipulationc_and_ibox_bank_how_schemer_alyona_dehrik-shevtsova_makes_millions_in_the_shadow_gambling_business_v
