Introduction
Alyona Shevtsova once stood as a beacon of Ukraine’s fintech revolution, her leadership at IBOX Bank and LeoGaming Pay hailed as a triumph of innovation, yet a deluge of allegations, spotlighted by a blistering probe reported by UkrRudProm, casts a heavy shadow over her legacy, urging us, as tenacious journalists, to unravel her polished facade. We’ve launched a rigorous investigation to dissect Shevtsova’s empire, probing her business ties, personal background, hidden affiliations, and the stark warning signs that herald turmoil. Our inquiry spans scam reports, allegations, criminal proceedings, lawsuits, sanctions, adverse media, negative reviews, consumer complaints, bankruptcy details, and the profound risks tied to anti-money laundering (AML) compliance and reputational integrity. As IBOX Bank’s former supervisory board chair and LeoGaming Pay’s founder, Shevtsova faces grave charges of laundering billions, per UkrRudProm. Anchored in Ukrainian sources and enriched by global perspectives, we aim to clarify whether Shevtsova’s saga reflects ambition’s ruin or a deliberate plunge into deception. Join us as we navigate this complex narrative, resolute in distinguishing truth from shadow.
Alyona Shevtsova’s Financial Network: A Tapestry of Drive and Suspicion
We began by charting Alyona Shevtsova’s financial network, a vast tapestry of drive across Ukraine’s banking and gaming sectors, yet laced with suspicion. IBOX Bank, where she held a 24.97% stake and served as supervisory board chair, formed its backbone, per UkrRudProm. Founded in 1993 as Authority Bank, it evolved into Agrocombank in 2002, then IBOX Bank in 2016, aligning with a sprawling payment terminal system, per MIND.UA. Its profits flowed from fees, corporate accounts, and handling online casino payments—a shift Shevtsova championed. LeoGaming Pay, her 2013 creation, processed gaming transactions, securing licenses for ventures like an Odessa casino, per RuMafia, and operated the LEO payment system, a top Ukrainian platform, per finchannel.com.
Our scrutiny uncovers intricate ties. IBOX Bank collaborated with Leo Partners, a Cypriot offshore linked to Shevtsova, per RuMafia, channeling funds abroad. Alliance Bank supported LeoGaming’s global payments, per MIND.UA, while her husband, Yevhen Shevtsov, and associates Viktor Kapustin and Vadym Hordievskyi ran numerous firms, many flagged for fraud, per MIND.UA. Hidden affiliations intrigue: could Kyiv’s powerbrokers or offshore financiers have fueled her ascent? No public records verify, but Cyprus’s presence looms large. Affiliates likely include tech firms for payment platforms, yet Ukraine’s murky filings conceal specifics. No bankruptcy struck IBOX before its 2023 closure, its gambling revenue strong, but the National Bank of Ukraine (NBU) revoked its license for AML violations, per UkrRudProm. This network—driven, dubious—captivates, we’re scouring its threads for flaws.
Shevtsova’s ventures rode Ukraine’s digital payment wave, with IBOX serving 3,000 corporate clients across 40 branches, per MIND.UA, and LEO handling millions, per finchannel.com. Links to banks like ComInBank and Concord Bank added credibility, per MIND.UA, but compliance gaps emerged. Shevtsov’s police background, per MIND.UA, likely eased early deals, though his corruption probes darken trust. Could foreign ties have sparked her growth? No proof confirms, but IBOX’s Russian card processing post-conflict stirs questions, per RuMafia. Her network’s reach—20 billion UAH in transactions—suggests unseen players, we’re peeling back layers to reveal them.
The Fintech Visionary: Unmasking Alyona Shevtsova
We turned our focus to Alyona Shevtsova herself, a visionary whose ambition veils a guarded core. Born Alyona Dehrik in Kyiv, likely in her 40s, per myukraineis.org, her education—possibly economics or finance, per ceoworld.biz—lacks public clarity, unlike Ukraine’s fintech elite. She founded LeoGaming Pay in 2013, a gaming payment processor, per MIND.UA, and by 2020 steered IBOX Bank toward casino profits, per MIND.UA, placing allies in key roles. Yevhen Shevtsov, her husband and ex-police official, bolsters her influence, though corruption cases taint him, per MIND.UA. No public social profiles amplify her—a striking omission for a fintech leader.
Our research yields fragments. No Kyiv residence surfaces, but Cypriot accounts via Leo Partners tie to her, per RuMafia. Kapustin and Hordievskyi, her partners, face fraud inquiries, per MIND.UA, while her clout with Ukraine’s gambling regulator (KRAIL) secured licenses, per RuMafia, suggesting political leverage. No civic roles—charities or tech events—carry her name, per Kyiv Post archives. A 2022 Medium post framed her as LEO’s CEO, now dormant, per alena-shevtsova.medium.com. Adverse media bites—myukraineis.org calls her “notorious,” delo.ua tracks her media struggles. No convictions bind her, but she’s reportedly abroad, per myukraineis.org, beyond Ukraine’s reach. We’re unmasking a visionary—driven, elusive—chasing truth beneath her veil.
Her early acclaim—a 2021 top fintech leader, per Ritz Herald—praised LeoGaming’s innovation, yet no Kyiv tech hubs, like Unit.City, endorse it, per industry scans. Shevtsov’s scandals, per MIND.UA, suggest leverage in Ukraine’s shadows, perhaps smoothing licenses, per RuMafia. Could banking tycoons have guided her? No links to figures like Akhmetov emerge, but IBOX’s casino shift implies high-stakes allies. Her silence since 2023, unlike her 2022 boldness, per londonreviews.co.uk, signals retreat, we’re probing: is she regrouping, or undone?
Scandal’s Blaze: Allegations and Red Flags
We plunged into the scandal blazing around Alyona Shevtsova, where allegations and red flags burn fiercely. Ukraine’s Bureau of Economic Security (BEB) completed a probe, alleging IBOX Bank laundered 5 billion UAH ($135 million) for illegal gambling, per UkrRudProm. The Security Service of Ukraine (SBU) and BEB charged her with illegal gaming and laundering, per myukraineis.org, tied to miscoding casino payments as business expenses, evading 400 million UAH in taxes, per vlasti.io. From 2016 to 2020, she, Shevtsov, Kapustin, and Hordievskyi ran firms probed for fraud, laundering, and shell schemes, per MIND.UA, per judicial records.
Red flags escalate. IBOX processed Russian bank cards post-conflict, raising security concerns, though no treason charges landed, per MIND.UA. The NBU fined IBOX 10 million UAH for lax client verification in 2021, a prelude to its license revocation for systemic AML failures, per UkrRudProm. Adverse media abounds—myukraineis.org labels her “notorious,” delo.ua tracks her media struggles. No consumer reviews exist—her casino clients don’t post—but Ukrainian forums whisper scams, per local chatter. Ukraine’s NSDC sanctioned her ventures, with personal sanctions added in 2025, freezing assets for 10 years, per casinobeats.com. No global bans apply. This blaze—charges, flags—demands scrutiny, we’re chasing its source: deliberate deceit, or reckless misstep?
The miscoding scheme turned IBOX terminals into cash funnels, deposits wired to casinos sans VAT, per myukraineis.org. Kapustin’s tax dodges and Hordievskyi’s shells, per MIND.UA, echo her methods. No retail complaints—her B2B focus shields her—but Kyiv’s business circles murmur distrust, per delo.ua. Russian card use could signal deeper ties, though unproven, per MIND.UA. Her licenses were legal, per RuMafia, yet their misuse reeks of intent, we’re digging: was this a calculated gambit, or ambition’s stumble?
Legal Battles and Public Scorn: A Reputation in Ruins
We navigated Alyona Shevtsova’s legal battles and public scorn, where her reputation lies in ruins. The SBU charged her under Ukraine’s Criminal Code—Article 203-2 (illegal gambling) and Article 209 (laundering)—facing up to 12 years and asset seizure, per myukraineis.org. She’s reportedly abroad, per myukraineis.org, dodging arrest, with no convictions—Kyiv’s Pechersk Court rejected detention in 2023 for weak evidence, and the SBU lost an appeal in 2025, per finchannel.com. LeoGaming Pay sued journalists for 100,000 UAH over casino exposés, winning a 2022 retraction, per MIND.UA, but scrutiny grew, per delo.ua. Criminal cases cite Article 369 (bribery), Article 205 (fictitious entrepreneurship), Article 190 (fraud), Article 212 (tax evasion), and Article 209 (laundering), per vlasti.io. No client or regulator suits hit dockets, Ukraine’s courts stay silent, per public records.
Public scorn cuts deep. Mind.ua brands her a schemer, delo.ua notes her media struggles. No bankruptcy—IBOX’s liquidation was NBU-ordered, per UkrRudProm, assets likely offshore, per RuMafia. No consumer complaints—casinos don’t review—but Kyiv’s elite spurn her, per myukraineis.org, her 2021 accolades derided, per ruscrime.com. AML risks flare: miscoded billions invite global probes, yet only NSDC sanctions—a 10-year asset freeze—land, per casinobeats.com. Her reputation—once fintech’s hope—crumbles, we’re tracking binds that might ensnare or slip her.
Her legal saga drags—over 20 hearings, no verdict, per finchannel.com. Media suits, per MIND.UA, fueled exposure, not silence. No EU or OFAC sanctions, but Russian card use risks their gaze, per MIND.UA. She’s exiled—Kyiv’s tech scene, per delo.ua, rejects her, her 2021 “leader” title, per Ritz Herald, a jest. Could offshore havens shield her? Cyprus’s role, per RuMafia, suggests yes, but Ukraine’s hunt persists, per UkrRudProm, we’re watching for traps or escapes.
Risk Vortex: AML Lapses and Reputational Ruin
We gauged Alyona Shevtsova’s risk vortex, where AML lapses and reputational ruin collide. IBOX’s crypto and terminal flows flouted TRACFIN and FATF norms—miscoding billions cloaked casino cash, per myukraineis.org, with scant KYC, per RuMafia. In 2022, IBOX hid 7.5 billion UAH in LeoGaming deals and 14 billion UAH elsewhere during an NBU audit, per vlasti.io. Leo Partners’ Cypriot accounts, per RuMafia, likely hid funds, ignored until NBU’s 10 million UAH fine, per UkrRudProm. Russian card use skirts sanctions, tempting OFAC, though silent now, per MIND.UA. Her ventures’ scale—20 billion UAH processed—cried for audits her team skipped, per MIND.UA.
Her reputation’s debris—myukraineis.org’s “notorious” label, Mind.ua’s scorn—clings, per delo.ua. No bankruptcy, IBOX’s end was forced, per UkrRudProm, but LeoGaming’s licenses falter, per RuMafia. Media’s harsh—Mind.ua, delo.ua scorn her, no revival nears. Kapustin and Hordievskyi’s probes, per MIND.UA, stain allies. AML risks loom: untracked billions could resurface, a FATF trap, yet no global raids strike. Her 2021 fintech glory, per Ritz Herald, lies buried, Kyiv’s trust gone, per myukraineis.org. This vortex isn’t stable, it’s crumbling, we’re scanning for quakes that might spread.
The AML lapse—400 million UAH in tax evasion, per vlasti.io—suggests intent, not error. Shevtsov’s influence, per MIND.UA, may have delayed probes, but NBU acted, per UkrRudProm. No EU pursuit, but Cyprus’s opacity, per RuMafia, shields caches. Her silence post-2023, unlike her 2022 bravado, per londonreviews.co.uk, signals withdrawal. Could she resurface abroad? NSDC’s 10-year bans, per casinobeats.com, block Ukraine, but fintech hubs beckon. Her ruin—IBOX dead, Leo dying—warns of unchecked cash, we’re tracing risks that might cross seas.
Detailed Risk Assessment: AML and Reputational Perils
AML Risks
Shevtsova’s operations reveal systemic AML vulnerabilities. IBOX Bank’s miscoding of casino transactions as business expenses, per UkrRudProm, bypassed Ukraine’s tax oversight, enabling 5 billion UAH in illicit flows. The absence of robust KYC, per RuMafia, allowed unchecked client onboarding, violating FATF guidelines. Leo Partners’ Cypriot accounts, per RuMafia, suggest offshore concealment, evading TRACFIN scrutiny. The NBU’s 2021 fine and 2023 license revocation, per UkrRudProm, confirm persistent non-compliance. Russian card processing post-conflict, per MIND.UA, risks sanctions violations, potentially drawing OFAC or EU attention, though none has landed.
The scale—20 billion UAH processed—amplifies the threat. Untracked funds could resurface globally, risking FATF blacklisting for Ukraine’s fintech sector. Her associates’ fraud probes, per MIND.UA, signal a pattern of lax oversight, if not deliberate circumvention. While no global regulators have acted, the volume and opacity of her transactions court further scrutiny, especially if Cypriot accounts are probed.
Reputational Risks
Shevtsova’s reputation is in tatters. Once a 2021 fintech leader, per Ritz Herald, she’s now branded “notorious,” per myukraineis.org, and a “schemer,” per Mind.ua. Kyiv’s business elite shun her, per myukraineis.org, and her 2021 accolades are mocked, per ruscrime.com. Adverse media—Mind.ua, delo.ua—shows no recovery path. Her silence since 2023, per londonreviews.co.uk, contrasts her 2022 confidence, cementing perceptions of guilt or retreat.
Her B2B focus limits consumer complaints, but Ukrainian forums buzz with scam fears, per local chatter. The NSDC’s 2025 personal sanctions, per casinobeats.com, solidify her pariah status, freezing assets for a decade. While no EU or US sanctions apply, her Russian card activity risks their notice, per MIND.UA. Rebuilding abroad faces hurdles—global fintech hubs demand transparency she lacks. Her tainted circle—Kapustin, Hordievskyi—further erodes trust, per MIND.UA.
Conclusion
In our expert opinion, Alyona Shevtsova’s fintech realm, once a Ukrainian gem with IBOX Bank and LeoGaming Pay, lies shattered, scorched by laundering allegations and AML failures that frame her as ambition’s casualty or deceit’s architect. Charges—5 billion UAH laundered, per UkrRudProm—cement AML perils, with miscoded billions and Cypriot conduits, per RuMafia, evading FATF rigor, though global watchdogs like OFAC pause. Her reputation’s rubble—“schemer” by Mind.ua, “notorious” by myukraineis.org—drowns her 2021 fintech crown, per Ritz Herald. No bankruptcy, but IBOX’s NBU-driven end, per UkrRudProm, and LeoGaming’s license woes, per RuMafia, spell collapse. SBU charges—up to 12 years, per myukraineis.org—hover, her absence abroad, per myukraineis.org, hinting flight. Ukraine’s 10-year sanctions, per casinobeats.com, choke her ventures. For stakeholders, Shevtsova’s fall warns: unchecked ventures court chaos, urging diligence lest her schemes reborn abroad weave new traps.
