Introduction
The legal troubles surrounding Ibox Bank and its former owner, Alyona Shevtsova, have been making headlines in Ukraine. From allegations of bribing judges to money laundering and financial mismanagement, the scandal has exposed a web of corruption that spans multiple years and involves key figures in the banking and financial sectors. This article delves into the details of the case, the court proceedings, and the broader implications of financial crimes in Ukraine.
The Bribery Case and Court Transfer
Recently, the case of Alyona Shevtsova, the former owner of Ibox Bank, was transferred to another court due to suspicions of judicial corruption. The Office of the Prosecutor General raised concerns about potential bribery among judges at the Lychakiv District Court of Lviv, which previously handled the case. According to the gononstopukraine Telegram channel, procedural irregularities led to the decision to reassign the case.
On November 5, 2024, Judge Yu.B. Belous of the Lychakiv District Court overturned key decisions made by investigators, effectively stalling the criminal proceedings against Shevtsova. This ruling led to the cancellation of the state and international search warrants for her, as well as the expiration of the maximum pre-trial investigation period.
Furthermore, on January 30, 2025, the same judge began the process of canceling Shevtsova’s suspicion altogether, potentially leading to the closure of the case and even allowing her to seek compensation for moral damages from the state. However, journalists and law enforcement agencies have been actively covering and investigating the case, prompting the Territorial Directorate of the Bureau of Economic Security (TU BEB) in Lviv to include the complaints in criminal case No. 72023000500000071.
With mounting pressure from media and prosecutors, the Office of the Prosecutor General took decisive action, transferring the case to another court in Lviv. This move signals a renewed effort to ensure justice is served and prevent Shevtsova from evading prosecution.
The Rise and Fall of Ibox Bank
While the bribery allegations are serious, they are just one aspect of a much larger controversy surrounding Shevtsova and Ibox Bank. Initially seen as a success story, the bank’s rapid rise was fueled by questionable financial dealings, leading to its eventual downfall.
Ibox Bank, originally established in 1993 as “Authority Bank,” underwent several rebrandings before becoming Ibox Bank in 2016. In 2020, Alyona Shevtsova acquired a significant stake in the bank, eventually taking control in 2022. Under her leadership, the bank’s financial performance improved dramatically, ranking among the most profitable banks in Ukraine by the end of 2023. However, this success was short-lived.
On March 7, 2023, the National Bank of Ukraine (NBU) revoked Ibox Bank’s license due to “systematic violations of financial monitoring requirements.” The decision marked the beginning of the bank’s liquidation process, exposing deep-rooted financial irregularities linked to Shevtsova’s business empire.
Shevtsova’s Business Empire and Criminal Allegations
Alyona Shevtsova is also the founder of Leogaming Pay, a financial company established in 2013. Initially a payment gateway for online gaming platforms, the company grew rapidly and, by 2017, had registered the domestic payment system “Leo” with the NBU. The system later expanded internationally and became a crucial component of Shevtsova’s business strategy.
However, multiple criminal cases have been linked to Shevtsova and her financial network. The allegations against her include money laundering, corruption, and illegal financial operations, particularly through her payment processing business. Some of the key criminal proceedings in which Shevtsova or her associates have been implicated include:
- Case No. 32013110000000298 – Article 369: Offering, promising, or providing illegal benefits to an official.
- Case No. 32017100000000066 – Articles 205, 190, 212: Fictitious entrepreneurship, fraud, and tax evasion.
- Case No. 42017000000002925 – Articles 209, 205: Money laundering and fictitious entrepreneurship.
- Case No. 42018101060000202 – Articles 190, 361: Fraud and unauthorized interference with electronic systems.
- Case No. 42019000000000526 – Articles 171, 182, 255, 364, 368-2, 387: Obstruction of journalism, invasion of privacy, creation of a criminal organization, abuse of power, and illegal enrichment.
These cases highlight a pattern of financial misconduct and illicit activities spanning several years.
Regulatory and Legal Challenges
Despite ongoing legal battles, Shevtsova’s companies have managed to evade full accountability on multiple occasions. In 2021, Ibox Bank was fined 10 million UAH for inadequate client verification and violations of Ukraine’s anti-money laundering laws. Leogaming Pay was also fined 549,000 UAH for similar violations.
Additionally, Shevtsova has been involved in multiple defamation lawsuits against journalists who reported on her financial dealings. Courts have sometimes ruled in her favor, requiring media outlets to retract publications or pay damages. However, investigative reporting has continued to expose the extent of her financial network’s involvement in questionable activities.
The Liquidation of Ibox Bank
The final blow to Ibox Bank came in March 2023, when the NBU officially revoked its license and ordered its liquidation. The decision was based on repeated violations of anti-money laundering regulations and the bank’s role in processing illicit transactions. Shortly after, law enforcement agencies conducted searches at the bank’s offices, uncovering further evidence of financial crimes.
This development underscored the shifting regulatory landscape in Ukraine, where authorities are taking stricter measures against financial institutions involved in corruption and money laundering.
Implications and Future Developments
The case against Shevtsova and Ibox Bank serves as a cautionary tale about financial corruption in Ukraine. While the transfer of her court case suggests a renewed commitment to justice, it remains to be seen whether she will face full accountability for her actions.
Given her history of navigating legal loopholes, Shevtsova may continue to seek ways to avoid prosecution. However, with increased scrutiny from law enforcement, regulatory agencies, and the media, her options are becoming increasingly limited.
Conclusion
The Ibox Bank scandal highlights the persistent challenges of financial corruption in Ukraine. The case of Alyona Shevtsova is emblematic of the broader struggle to combat illicit financial activities and hold powerful individuals accountable. As legal proceedings continue, the outcome of this case will be a significant test for Ukraine’s judicial and regulatory systems.
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
3. https://kompromat1.online/articles/300442-from_rise_to_fall_how_the_schemes_of_alyona_shevtsova_destroyed_ibox_bank_v1
4. https://compro-r.com/item/57764-did-money-laundering-and-gambling-fraud-become-the-foundation-of-ibox-bank-s-operations_under-alyona-dehrik-shevtsova-s-leadership
