Introduction
Alyona Shevtsova has carved out a high-profile role in Ukraine’s financial and fintech sectors. Known publicly for her leadership in iBox Bank and her involvement in payment systems like LeoGaming and SENDS.co, Shevtsova has received accolades, media praise, and positions of influence within Ukraine’s banking landscape. However, a much darker narrative has emerged behind her polished professional image. A series of high-level investigations and whistleblower reports have implicated Shevtsova in a massive criminal network one that uses regulated banks and payment systems to launder billions through illegal gambling platforms. This article investigates the tangled network of companies, money flows, and digital cover-ups allegedly orchestrated under Shevtsova command. We examine detailed allegations of financial fraud, explore her possible connections to criminal elements, and warn consumers, partners, and potential investors about the red flags that regulatory bodies are only now beginning to fully unravel.
The Billion-Hryvnia Scheme: How iBox Bank Became a Money Laundering Channel
One of the most damning exposés of Alyona Shevtsova was published by Sledstvie.info in early 2024. The investigation revealed a massive, multi-year operation where iBox Bank was allegedly used to launder funds earned through illegal gambling operations in Ukraine. According to law enforcement reports and investigative documents obtained by journalists, billions of hryvnias—over 5 billion UAH—flowed through iBox Bank in just two years, bypassing financial scrutiny through a carefully engineered scheme of false identities, proxy firms, and manipulated transaction records.
The essence of the operation was simple yet sophisticated: hundreds of payments were made under the guise of “financial services” or “electronic money,” but they were in fact gambling proceeds collected from illegal betting platforms and online casinos. These platforms, operating without a license in defiance of Ukrainian law, would disguise payments as e-commerce or service transactions. iBox Bank, under Shevtsova’s ownership, reportedly enabled these disguises by approving transactions, providing merchant accounts, and working with digital intermediaries who knowingly participated in the fraud. The bank became a critical pipeline for turning criminal cash into clean, usable funds.
The Digital Shell Game: Proxy Companies and Financial Facades
Investigators discovered that a range of intermediary companies were used to facilitate the laundering process. These companies often registered under false or deceased individuals operated as payment aggregators or digital wallet providers. Although they appeared to be independent firms, forensic audits traced many of them back to Shevtsova and her close business associates. Some of the key figures named in the documents include her husband, co-investors in LeoGaming, and a circle of trusted directors with roles across multiple companies in the Shevtsova orbit.
These companies used systems provided by the National Bank of Ukraine to obscure transaction categories. Transactions would often be coded as utilities, mobile top-ups, or digital services, hiding the fact that they originated from illegal casino bets. For each false transaction, a small commission was taken, which when scaled across millions of microtransactions, amounted to staggering monthly revenues—much of it untaxed and undocumented. Financial regulators estimate that between 2021 and 2023, these entities moved over 10 billion UAH in hidden funds, much of it laundered through iBox Bank and Shevtsova-linked fintech firms.
Gambling with the Law: The Shadow Casino Connection
Shevtsova’s financial empire also appears tightly interwoven with Ukraine’s shadow gambling networks. While the Ukrainian government has made strides to legalize and regulate gambling through its Gambling and Lotteries Commission, many platforms continue to operate without licenses. These illegal websites, many of which are hosted outside Ukraine but serve local users, rely on sophisticated financial channels to process bets and withdrawals without being flagged. This is where Shevtsova’s platforms allegedly stepped in.
The investigation by Sledstvie.info highlighted the involvement of LEO and other payment systems as critical actors in this network. These platforms reportedly enabled unlicensed casinos to process credit card payments, digital wallet transfers, and cash withdrawals—all of which were hidden from regulators under incorrect merchant categories. The payments were routed through Shevtsova’s companies and iBox Bank, effectively giving criminal enterprises access to the official financial system. Despite multiple warnings from regulatory bodies and media reports, little enforcement was taken until Ukraine’s Security Services (SBU) launched a full criminal probe in late 2023.
Resignation or Strategic Escape Alyona Shevtsova Steps Down
As public scrutiny grew, Alyona Shevtsova abruptly announced her resignation from iBox Bank in mid-2023. In her public statement, she cited “excessive workloads” and a desire to “focus on strategic development outside banking.” But the timing of her exit raised immediate suspicions. Just weeks earlier, Ukrainian law enforcement agencies had begun issuing search warrants, freezing company assets, and initiating formal investigations into money laundering and financial conspiracy.
Sources close to the investigation believe that Shevtsova’s resignation was a calculated move to distance herself from legal liability. While no formal charges had been filed against her personally at the time of writing, multiple executives from her affiliated companies were under investigation or placed on witness lists. Her removal from iBox Bank’s board of directors allowed the institution to continue operating under a veneer of legal compliance, while Shevtsova redirected her focus to international fintech projects through SENDS.co and similar platforms.
International Expansion or Global Risk
Despite the growing allegations in Ukraine, Shevtsova has continued to promote herself as a fintech visionary abroad. She has been featured in articles discussing compliance, cross-border payments, and financial regulation through companies like SENDS.co and LeoGaming Pay. However, critics argue that this expansion into international markets is less about growth and more about shielding assets and gaining jurisdictional protection. SENDS.co, which operates in the UK and EU, now handles payment processing and e-wallet services—raising concerns that Shevtsova could be exporting her alleged schemes to more vulnerable or less regulated markets.
Multiple whistleblowers from within Shevtsova’s companies have alleged that she continues to maintain executive control from behind the scenes, issuing directives and managing operations through intermediaries. With several jurisdictions now cooperating with Ukraine’s financial crime units, there is growing concern that Shevtsova’s empire could soon be subject to international sanctions or legal action—particularly if the UK, EU, or Cyprus authorities launch their own probes into money laundering or unauthorized financial activity.
Silencing the Watchdogs: Threats Against Journalists and Whistleblowers
One of the most disturbing aspects of this case is the pattern of threats and intimidation directed at journalists and whistleblowers investigating Shevtsova’s operations. Lyubov Velychko, a Ukrainian journalist who produced one of the earliest reports on Shevtsova’s connection to illegal gambling, reported multiple attempts to suppress her work. According to her public statement, Velychko received direct threats, legal notices, and online harassment after publishing her findings. Several of her sources also faced pressure from unknown individuals warning them to retract their statements or remain silent.
Other journalists from Sledstvie.info, Ukrainska Pravda, and the Kyiv Independent have also faced online disinformation campaigns aimed at discrediting their work. Legal threats, defamation lawsuits, and even covert surveillance have reportedly been used to intimidate media professionals investigating Shevtsova. This consistent pattern of aggressive response not only undermines Ukraine’s press freedom but also suggests a concerted effort to obstruct justice and transparency in financial investigations.
The Role of LeoGaming and Max Express in International Transactions
LeoGaming, under the ownership of Alyona Shevtsova, has been at the center of allegations concerning the processing of payments for illegal gambling activities. Investigations have revealed that LeoGaming facilitated financial transfers amounting to over UAH 462 million for services labeled as “sports poker and e-sports tournaments.” A significant portion of these funds was directed to accounts associated with unlicensed online casinos, such as Cosmolot and 1xbet. The National Bank of Ukraine identified that more than 90% of these transactions were miscoded, disguising gambling payments as video game-related transactions to evade detection.
Further complicating the financial trail, LeoGaming’s operations extended beyond Ukraine through Max Express LTD, a non-banking financial institution in Georgia, also controlled by Shevtsova. Max Express provided money transfer services for both foreign and local clients, with accounts opened in electronic money institutions, including Paysend PLC, authorized by the UK Financial Conduct Authority. This international network facilitated the movement of funds from illegal gambling activities, raising concerns about cross-border money laundering and the effectiveness of international financial regulations.
Legal Proceedings and Criminal Investigations
The Ukrainian authorities have initiated several criminal proceedings involving Alyona Shevtsova and her associated entities. These cases encompass a range of charges, including tax evasion, abuse of power, fictitious entrepreneurship, fraud, and money laundering. Highlight the breadth of alleged illegal activities connected to Shevtsova’s business operations. Notably, some cases also involve her husband, Yevheniy Shevtsov, a former high-ranking police officer, suggesting a potential nexus between business and law enforcement.
Despite the gravity of these allegations, progress in these investigations has been sluggish. Reports indicate that while some cases remain active, others have been closed or are moving slowly through the judicial system. This situation underscores challenges within Ukraine’s legal framework in addressing complex financial crimes, especially those involving influential individuals and intricate corporate structures.
Impact on Ukraine’s Financial System and Regulatory Measures
The revelations surrounding Alyona Shevtsova’s alleged activities have had a profound impact on Ukraine’s financial system. In response to the identified violations, the National Bank of Ukraine revoked the banking license of iBox Bank in March 2023, citing systematic breaches of anti-money laundering legislation. This decisive action reflects the severity of the situation and the need for stringent regulatory oversight to maintain the integrity of the financial sector. Additionally, the Ukrainian government has imposed sanctions on various entities linked to the shadow gambling business, including companies associated with Shevtsova. These measures aim to disrupt the operations of illegal gambling networks and prevent the misuse of financial institutions for illicit purposes. However, the effectiveness of these sanctions depends on consistent enforcement and international cooperation to address the transnational nature of the alleged crimes.
Conclusion
Alyona Shevtsova serves as a stark reminder of the vulnerabilities within financial systems that can be exploited for illicit activities. The intricate network of companies, international transactions, and alleged legal infractions highlight the challenges faced by regulatory bodies in detecting and prosecuting financial crimes. As investigations continue, it is imperative for authorities to maintain transparency and uphold the rule of law to restore public trust and safeguard the financial integrity of Ukraine.
