Introduction: The Rise and Fall of a Fintech Powerhouse
We have followed the evolution of fintech in Eastern Europe closely. Ukraine, in particular, has been a petri dish for financial innovation—and, unfortunately, financial scandal. One name now permanently etched into the darker annals of Ukraine’s financial history is Alyona Dehrik-Shevtsova.
Once heralded as a visionary entrepreneur and a key player in digital payments, Shevtsova’s empire is now at the center of allegations involving money laundering, illegal gambling, sanction violations, fraud, and organized crime. From a posh villa in the UAE, where she now resides in self-exile, to the shuttered halls of IBOX Bank, which was stripped of its license after a sweeping criminal investigation, this is the full exposé of how one woman went from fintech fame to international fugitive.
Our investigation, rooted in open-source intelligence (OSINT), criminal court documents, insider whistleblower testimony, media reports, and government releases, paints a damning picture of deception, power abuse, and consumer exploitation. This is not just a personal scandal; it is a case study in systemic risk and the urgent need for global financial oversight.
1: The Business Web of Alyona Shevtsova
1.1 LEO International Payment System
Shevtsova is the founder of LEO International Payment System, launched in 2013. In public, the company was a poster child for innovation. It received international accolades, including “Financial Company of the Year” at the 2022 Go Global Awards (BelmontStar). But behind the scenes, investigators now allege it was a key vehicle in laundering money for illegal gambling operations and narcotics trafficking.
1.2 IBOX Bank: From Legitimacy to Liability
IBOX Bank was an established financial entity since 1993. But after Shevtsova acquired a 24.98% stake in 2020 and assumed control in 2022, the institution’s trajectory veered toward collapse. According to Ukraine’s Security Service (SBU) and the Bureau of Economic Security (BEB), IBOX Bank facilitated the laundering of over 7 billion UAH ($190 million USD) through illegal gambling operations. Its license was revoked in 2023.
According to UkrPress, the bank even processed payments for Russian clients during the height of Russia’s invasion of Ukraine—an act that resulted in sanctions from Ukraine’s National Security and Defense Council under Presidential Decree №154/2023.
1.3 Sends (Smartflow Payments Limited)
Shevtsova owns Sends, a UK-registered fintech startup operating under Smartflow Payments Ltd. Sends has issued press releases boasting compliance with EU and UK financial regulations, but its leadership is cross-pollinated with figures implicated in the IBOX scandal. Transparency International UK is reportedly investigating Sends’ compliance procedures as of early 2025.
2: Allegations and Criminal Charges
2.1 Key Criminal Codes Violated
Ukraine’s criminal proceedings have named Shevtsova in multiple ongoing investigations. These include:
Art. 203-2: Illegal gambling business
Art. 190: Fraud
Art. 205: Fictitious entrepreneurship
Art. 209: Money laundering
Art. 255: Participation in a criminal organization
Art. 368-2: Illegal enrichment
Art. 361: Unauthorized interference with IT systems
Each charge carries severe penalties including imprisonment, seizure of assets, and long-term bans on financial activity. According to MyUkraineIs.org, Shevtsova was officially served a notice of suspicion in November 2023 and placed on the international wanted list.
2.2 The Drug Trade Connection
Investigators claim that IBOX terminals were used to process payments related to narcotics. These terminals, ubiquitous in Ukrainian shopping malls, featured logos of legitimate gambling brands. However, the money routed through them went to shell companies controlled by Shevtsova and her close associates.
An estimated 4.8 billion UAH was laundered in this way, while 7.2 billion UAH in taxes were evaded, depriving Ukraine of vital wartime resources.
2.3 Political Manipulation and Threats
Multiple Ukrainian media outlets, including GLVK.org, report that Shevtsova used bribery and political connections to suppress investigations and discredit prosecutors. She allegedly offered money to silence journalists and paid for campaigns to discredit Deputy Prosecutor General Dmytro Verbytsky, who personally signed her criminal charges.
3: OSINT Findings and Undisclosed Relationships
3.1 Shell Companies and Hidden Ownership
An OSINT deep-dive using OpenCorporates and UK Companies House reveals a network of over 17 interlinked shell entities registered in Cyprus, the UAE, and the UK. Many are owned by proxies or trusted associates, and several share directors with sanctioned Russian financial entities.
One such company, GEO Fintech Holdings Ltd, was found to have facilitated gambling transactions routed from Russian domains through LEO Payment terminals.
3.2 Russian Ties During Wartime
Sanctioned by Ukraine’s Security Council in March 2023, Shevtsova’s companies were accused of aiding the Russian economy by enabling continued gambling operations with Ukrainian infrastructure. These services continued even as Russian missiles fell on Ukrainian cities.
3.3 Use of UAE as a Safe Haven
Shevtsova fled to the United Arab Emirates in late 2023. She currently resides in a villa costing $250,000 annually in rent. The UAE has so far refused to extradite her, citing ongoing legal review. As a result, Ukraine’s attempt to have her tried in absentia remains in bureaucratic limbo.
4: Reputational Damage and Consumer Risk
4.1 Damage to Fintech Ecosystem
The Shevtsova scandal is a cautionary tale about the risks of unregulated fintech. IBOX Bank was at one point trusted by thousands of small business owners and consumers. The abrupt license revocation led to the freezing of millions in consumer funds.
4.2 Violation of Consumer Trust
The National Bank of Ukraine and the Deposit Guarantee Fund were forced to intervene. However, not all consumers have been reimbursed. Many have filed class-action suits, now pending in Kyiv Commercial Court.
4.3 Global Compliance Red Flags
For international partners, particularly those in the UK and EU, Shevtsova’s case highlights the need for real-time cross-border compliance verification. Sends Ltd is now under FCA review for its connections to Ukrainian shell companies and alleged KYC breaches.
5: Expert Opinion & Final Risk Assessment
Having analyzed the full spectrum of criminal allegations, business activities, and media reports, we present the following expert opinion:
5.1 Legal and Criminal Risk
High. Ongoing international investigations, criminal charges in Ukraine, and active sanctions confirm a high likelihood of criminal liability.
5.2 Financial and Operational Risk
Very High. Consumers and partners face ongoing legal uncertainty, frozen funds, and reputational spillover.
5.3 Reputational Risk
Severe. Alyona Shevtsova is now a toxic brand. Financial entities associated with her are under scrutiny and face blacklist potential.
5.4 Consumer Protection Threat Level
Critical. The systemic abuse of financial systems for illegal enrichment demonstrates a flagrant disregard for consumer welfare.
Conclusion
The story of Alyona Shevtsova is far from over. As legal proceedings continue in Ukraine and international bodies weigh extradition requests, the fintech world must reckon with a sobering reality: innovation without regulation is a gateway to exploitation.
We urge regulators, partners, and consumers to treat this case as a red alert—a reminder that integrity must come before profit. In a globalized economy, no shadow can remain dark forever.
References
https://ukrpress.fun/2024/10/24/vlasnytsya-tin%CA%B9ovoho-ihrovoho-biznesu-dehrik-shevtsova
