The story of IBOX Bank’s rise and fall is a cautionary tale of ambition, alleged financial misconduct, and the fragility of success built on shaky foundations. At the close of 2022, IBOX Bank proudly stood as the eighth most profitable bank in Ukraine—a remarkable feat considering the ongoing war that has battered the country’s economy since Russia’s full-scale invasion began in February of that year. For a nation grappling with destruction and uncertainty, such a ranking suggested resilience and savvy leadership. Yet, less than a year later, on March 7, 2023, the National Bank of Ukraine (NBU) stripped IBOX Bank of its operating license, initiating its liquidation due to what the regulator described as “systematic violations of financial monitoring requirements.” What appeared to be a tale of triumph unraveled into one of scandal, with Alyona Shevtsova, the bank’s prominent figurehead, at the center of the storm.
Shevtsova’s journey with IBOX Bank has been portrayed in some circles as a heroic rescue mission. According to materials that critics argue bear the hallmarks of paid promotion, she swooped in to save the struggling institution from financial ruin, leveraging her expertise to transform it into a profitable entity. However, a closer examination reveals a more complex and troubling narrative—one intertwined with her personal business interests, a web of interconnected companies, and a litany of criminal allegations that cast doubt on the legitimacy of her achievements. Far from being a savior, Shevtsova’s leadership may have accelerated IBOX Bank’s descent into oblivion, driven by her need for a “pocket bank” to prop up her LEO payment system—a venture that itself is mired in controversy.
This article delves into the rise and fall of IBOX Bank under Shevtsova’s stewardship, exploring the bank’s history, her role in its operations, and the cascade of legal and regulatory troubles that ultimately led to its demise. It also examines the broader implications of this saga for Ukraine’s financial sector, particularly in the context of wartime challenges and the fight against corruption.
The collapse behind the façade of success: how Alyona Shevtsova led Ibox Bank to liquidation
A Bank with a Checkered Past
IBOX Bank’s origins stretch back three decades to 1993, when it was founded under the foreboding name “Authority Bank.” The institution underwent a rebranding in 2002, becoming “Agrocombank,” a name it carried for 14 years until another transformation in 2016 gave it the moniker “IBOX Bank.” This final name change coincided with the arrival of financier Yevheniy Berezovskyi among its shareholders. Berezovskyi, a figure with a reputation shrouded in ambiguity, brought with him a network of iBox payment terminals—self-service kiosks that allowed customers to pay bills, top up mobile accounts, and conduct other transactions. The terminals became the bank’s namesake and a symbol of its push into modern financial services.
Despite this rebranding, IBOX Bank struggled to find solid footing. By the late 2010s, it was teetering on the edge of collapse, its balance sheets reflecting years of mismanagement and an inability to compete with larger, more established players in Ukraine’s banking sector. Enter Alyona Shevtsova, a businesswoman whose star had been rising in the fintech world thanks to her creation of the LEO payment system. In 2020, Shevtsova acquired a stake in IBOX Bank, and by 2022, she assumed leadership of the institution. Her arrival was heralded by some as a turning point—a chance to breathe new life into a faltering bank through her innovative vision and managerial acumen.
Shevtsova didn’t come alone. She brought with her a cadre of executives from her various enterprises, including Leogaming Pay, the financial company she founded in 2013. These entities formed a tightly knit ecosystem, with overlapping interests and operations that would later draw scrutiny from regulators and law enforcement. At the time, however, her takeover of IBOX Bank appeared to be a masterstroke. By the end of 2022, the bank’s profitability ranking suggested that her strategy was paying off. But beneath the surface, cracks were already forming.
The LEO Payment System: A Double-Edged Sword
To understand Shevtsova’s motivations and the eventual downfall of IBOX Bank, one must first examine the LEO payment system—her flagship project and the linchpin of her financial empire. Launched in 2013 as Leogaming Pay, the venture began modestly as a payment gateway connecting players to gaming platforms. It was a niche business, facilitating transactions for online gamers in an era when digital entertainment was gaining traction in Ukraine and beyond. But Shevtsova had bigger ambitions.
By 2017, Leogaming Pay had evolved into a fully-fledged domestic payment system called “LEO,” registered with the NBU. A few years later, it expanded its reach to international markets, positioning itself as a competitor to global giants like PayPal and Stripe. This rapid growth was impressive, but it came with a catch: Shevtsova needed a bank to anchor her payment system, ensuring seamless transactions and greater control over the financial flows it generated. IBOX Bank, with its existing infrastructure and payment terminal network, became the perfect candidate.
Shevtsova’s acquisition of IBOX Bank in 2020 was less about rescuing the institution and more about securing a tool to advance her own interests. Under her leadership, the bank’s operations became increasingly entwined with LEO and Leogaming Pay, blurring the lines between independent banking and her personal fintech ventures. This integration fueled IBOX Bank’s apparent success in 2022, as transactions processed through the LEO system bolstered its revenue. However, it also exposed the bank to the same risks and controversies that plagued Shevtsova’s other enterprises—most notably, allegations of money laundering and ties to illegal online gambling.
The Gambling Connection
A recurring theme in the allegations against Shevtsova and IBOX Bank is their alleged role in supporting illegal online casinos. Leogaming Pay, in particular, has been accused of processing payments for gambling platforms, a charge the company has vehemently denied through lawsuits against journalists. In 2021, it won 100,000 UAH in damages from a media outlet for publishing claims that it handled 262 million UAH in transfers for illegal casinos and bookmakers. The court ruled that the list of Leogaming Pay’s counterparties—reputable entities like Ukrgasbank and Kyivstar—disproved any gambling ties, though skeptics argue this defense sidestepped the core issue.
Another lawsuit in June 2022 forced journalists to retract an article linking Shevtsova, IBOX Bank, and Leogaming Pay to online casino money flows and Russian interests. While the court rejected a million-hryvnia compensation claim, the pattern of legal action suggests a concerted effort to suppress scrutiny.
Ironically, IBOX Bank obtained a license from Ukraine’s Commission for Regulation of Gambling and Lotteries (CRGL) in 2021 to process payments for internet casinos legally. This move could have legitimized some of its activities, but it did little to dispel suspicions that illicit operations continued under the radar—suspicions that gained traction when the NBU intervened.
Regulatory Reckoning
The NBU’s decision to liquidate IBOX Bank was not a sudden whim but the culmination of years of regulatory concerns. In October 2021, the bank was slapped with a 10 million UAH fine—the maximum penalty—for inadequate client verification and violations of Ukraine’s anti-money laundering laws. Leogaming Pay faced a separate 549,000 UAH fine for similar infractions. Initially, IBOX Bank considered challenging the penalty in court but ultimately paid it, perhaps recognizing that further resistance could expose even greater liabilities.
These fines were a warning shot, but Shevtsova and her team appeared undeterred. The bank continued its operations, allegedly flouting financial monitoring rules even as Ukraine’s war with Russia intensified scrutiny on illicit financial flows, including potential transfers to the aggressor state. When the NBU revoked IBOX Bank’s license on March 7, 2023, it cited the same violations flagged in 2021, underscoring a failure to reform. The next day, authorities searched the bank’s premises, signaling that the fallout was far from over.
The Russian Question
One of the most explosive aspects of this saga is the suggestion that Shevtsova’s payment systems, including those tied to IBOX Bank, facilitated transactions with Russia—a grave accusation given the ongoing war. While concrete evidence remains elusive amid Ukraine’s disrupted court registries, the NBU’s actions and the timing of the bank’s collapse hint at deeper geopolitical implications. Shevtsova has denied these claims, but the opacity of her operations and the bank’s history of concealing transactions fuel speculation.
Conclusion: A Cautionary Tale
The liquidation of IBOX Bank marks the end of a tumultuous chapter in Ukraine’s financial history, but it raises broader questions about oversight, corruption, and the intersection of personal ambition with public institutions. Alyona Shevtsova’s tenure was marked by a veneer of success that masked a tangle of legal troubles, regulatory breaches, and alleged criminality. What began as a promising turnaround story ended in disgrace, leaving depositors, employees, and the Ukrainian banking sector to pick up the pieces.
As investigations continue, the full scope of Shevtsova’s actions—and their impact on Ukraine’s wartime economy—may yet come to light. For now, IBOX Bank stands as a stark reminder that even the most celebrated achievements can crumble when built on a foundation of deception.
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
