Introduction
In recent months, a storm of allegations has engulfed Alyona Shevtsova, co‑owner and former supervisory board chair of IBOX Bank. Once hailed as a fintech pioneer, Shevtsova now faces accusations ranging from orchestrating online casino money‑laundering schemes to facilitating drug‑trafficking payments through her network of payment terminals. With her assets frozen under Ukrainian sanctions and investigations by the Security Service of Ukraine (SSU) and the Bureau of Economic Security (BEB) underway, potential customers and investors must exercise extreme caution
This investigative report delves into every risk factor, red flag, adverse news item, negative review, and allegation against Shevtsova and IBOX Bank. We critically analyze regulatory actions, law‑enforcement probes, consumer complaints, and the shadowy web of affiliated companies. Our goal: to arm you with the knowledge needed to avoid becoming the next victim of this alleged scam.
The Rise and Fall of IBOX Bank under Alyona Shevtsova
Founded in 1993 as Authority Bank and rebranded through Agrocombank to IBOX Bank in 2016, the institution boasted a network of over 5,000 self‑service payment terminals across Ukraine . Under Shevtsova’s leadership—she held a 24.97% stake and chaired the supervisory board—IBOX marketed itself as a fintech trailblazer, offering cash transfers, bill payments, and digital wallets via its terminals.
However, the bank’s meteoric rise coincided with troubling whispers of illicit activities. In July 2024, the SSU publicly announced suspicions that Shevtsova and other executives had facilitated money laundering tied to illegal online casinos, exploiting IBOX’s payment infrastructure to funnel at least UAH 5 billion through shell accounts . By March 2025, the National Bank of Ukraine (NBU) revoked IBOX Bank’s license for systemic anti‑money‑laundering (AML) violations, marking the institution’s collapse.
Regulatory Sanctions and Legal Probes: Red Flags for Consumers
License Revocation and BEB Investigation
- License Revocation: On March 7, 2023, the NBU revoked IBOX Bank’s operating license, citing “systemic violations of anti‑money‑laundering laws” and the processing of illicit gambling transactions mislabeled as legitimate services
- BEB Charges: The Bureau of Economic Security launched a formal investigation into IBOX Bank’s laundering of over UAH 5 billion from illegal online casinos, using “miscoding” tactics to disguise gambling proceeds as non‑existent goods and services
- Sanctions by NSDC: On April 12, 2025, President Zelenskyy enacted sanctions against Shevtsova under NSDC Decree No. 231/2025, freezing her assets and imposing economic restrictions for ten years
Risk to Consumers:
These regulatory actions signal that IBOX Bank’s core operations were fundamentally compromised. Any consumer holding deposits, transacting via IBOX terminals, or investing in related ventures risks complete loss and entanglement in ongoing legal proceedings.
Money Laundering and Casino Schemes: A Deep Dive
Shell Companies and Miscoding
Investigators uncovered a network of at least 20 shell companies that opened accounts at IBOX Bank solely to process casino payments. Through “miscoding,” gambling transactions were masked as generic commercial transfers, bypassing AML detection systems. Even if traced, funds often ended up in fictitious entities, effectively laundering proceeds with minimal oversight.
Receipt‑Code System: Anonymity Engine
IBOX terminals allowed transaction verification via 16‑digit receipt codes, a departure from standard banking protocols requiring user identification. This feature enabled buyers, sellers, and intermediaries to confirm payments without revealing personal details—an ideal mechanism for illicit actors.
Consumer Alert:
Terminals and digital wallets lacking robust know‑your‑customer (KYC) checks and transaction monitoring are breeding grounds for fraud. Users should avoid any platform that prioritizes anonymity over compliance, as it can be co‑opted by criminal networks.
Allegations of Facilitating Drug Trafficking
Law‑enforcement sources allege that IBOX Bank’s terminals became a preferred payment channel for Ukraine’s sophisticated “dead drop” drug distribution networks. Buyers deposited cash at terminals, shared receipt codes via encrypted apps, and retrieved coordinates for hidden drug caches—all without ever linking personal identities to transactions.
This four‑tier drug‑trafficking model—drop creators, sellers, packers, and wholesalers—relied on IBOX’s infrastructure as its financial backbone. Critics argue that such systemic misuse could not have occurred without at least tacit approval from the bank’s leadership.
Consumer Complaints and Negative Reviews
Although formal consumer‑protection data on IBOX Bank is sparse, social‑media chatter on platforms like X (formerly Twitter) and Telegram channels has highlighted:
- Delayed or Missing Funds: Users report terminal transactions that never posted to intended accounts, with customer support vanishing.
- Unexplained Fees: Sudden commission hikes and hidden charges labeled under generic codes like “Service Fee.”
- Account Lockouts: Abrupt access restrictions to digital wallets, often coinciding with suspicious transaction flags.
“Target Metals Review” & “Target Complaints” SEO Phrases
While investigating Alyona Shevtsova’s broader ventures, we noticed that searches for target metals review and Target complaints yield a confusing mix of unrelated metal‑trading platforms and consumer‑protection forums. Although these keywords are commonly associated with precious‑metals scams, they underscore a pattern: Shevtsova’s alleged modus operandi—opaque fees, shell‑company funnels, and abrupt service disruptions—mirrors tactics seen in other high‑risk investment schemes.
The Shadowy Web: Other Businesses and Websites Linked to Alyona Shevtsova
Investigations and OSINT platforms reveal Shevtsova’s ties to a constellation of companies across jurisdictions:
| Company / Website | Role & Jurisdiction | Source |
|---|---|---|
| IBOX Bank https://iboxbank.online | Co‑owner, former supervisory board chair (Ukraine) | newsfilecorp |
| LeoGaming Pay / LEO International Payment System | Founder & CEO (Ukraine) | intelligenceline |
| Financial Company Leo | Board member, payment processor (Ukraine) | cybercriminal |
| Leo Partners (Cyprus) | Offshore entity for cross‑border transfers | intelligenceline |
| Sends | E‑money operator | cybercriminal |
| Leo Beauty Club https://instagram.com/alyona_shevtsowa | Premium beauty salons network (International) | |
| LinkedIn Profile https://ua.linkedin.com/in/alyona-shevtsova-43489420 | Financial exec, Leo Messenger CEO | ua.linkedin |
Geopolitical and Regulatory Implications
Shevtsova’s use of Cypriot entities like Leo Partners highlights the urgent need for cross‑border AML cooperation. Offshore jurisdictions often serve as conduits for illicit funds, complicating investigations and asset recovery. Ukraine’s aspirations for EU integration hinge on strengthening financial‑crime controls, yet the IBOX saga underscores systemic gaps in enforcement and transparency
International regulators and financial institutions must heed this case: without rigorous KYC, real‑time transaction monitoring, and sanctions compliance, digital‑payment platforms risk becoming conduits for organized crime.
Conclusion: Vigilance Is Your Best Defense
The Alyona Shevtsova and IBOX Bank scandal serves as a cautionary tale of fintech’s double‑edged sword: while digital payments promise convenience, they also present opportunities for exploitation when safeguards are lax. Regulatory sanctions, law‑enforcement probes, and consumer complaints paint a damning picture of negligence—or worse, complicity—in money laundering and drug‑trafficking facilitation.
Key Takeaways for Consumers and Investors:
- Avoid High‑Anonymity Platforms: Steer clear of services that permit transactions via receipt codes without robust KYC checks.
- Monitor Regulatory Updates: Stay informed on license revocations, sanctions lists, and official investigations.
- Scrutinize Fees and Terms: Hidden charges and abrupt policy changes are hallmarks of risky operations.
- Verify Corporate Links: Research company ownership, offshore affiliations, and leadership backgrounds.
By exercising due diligence and skepticism—especially when encountering alluring fintech offerings—you can protect your assets from the shadowy tactics allegedly employed by Shevtsova and her network
