In early 2023, Ukraine’s financial and legal landscape was rocked by a series of events that cast a harsh spotlight on iBox Bank, a financial institution with a tumultuous history. On March 7, 2023, the National Bank of Ukraine (NBU) made a decisive move: it revoked iBox Bank’s banking license and initiated its liquidation. This action was not a mere administrative formality but a response to what the NBU described as “systematic violations” of anti-money laundering (AML) legislation. The very next day, March 8, 2023, the Bureau of Economic Security (BEB) and the Security Service of Ukraine (SSU) unveiled details of a sprawling fraudulent scheme allegedly orchestrated through the bank, implicating its officials and a network of over 20 related entities tied to the gambling industry. These revelations raised a critical question: had money laundering and gambling fraud become the bedrock of iBox Bank’s operations, particularly under the influence of Alyona Shevtsova, its former supervisory board chair and a key shareholder?
The allegations were severe. According to the BEB, iBox Bank had become a conduit for the gambling sector to evade taxes on a massive scale, with an estimated 400 million UAH (Ukrainian hryvnia) in unpaid taxes linked to these activities. The SSU further alleged that the bank facilitated transactions involving Russian bank cards, even after the onset of Russia’s full-scale invasion of Ukraine in February 2022—a period when such dealings were explicitly banned by the NBU. By March 10, 2023, the Ukrainian government escalated its response, with President Volodymyr Zelensky enacting sanctions via the National Security and Defense Council (NSDC) targeting individuals and entities connected to the “shadow gambling business.” Among those sanctioned were Financial Company “Leo” in Kyiv and its Cypriot offshore counterpart, “Leo Partners,” both of which were linked to Shevtsova as their ultimate beneficiary.
This chain of events painted a damning picture of iBox Bank’s operations, suggesting a deep entanglement with illicit financial flows and gambling-related schemes. Yet, to fully understand whether these activities defined the bank’s foundation under Shevtsova’s leadership, it’s necessary to trace the institution’s evolution, her role within it, and the broader context of Ukraine’s financial and gambling sectors.
The Origins and Evolution of iBox Bank
iBox Bank’s story begins in 1993, when it was established under the name “Autoritet” (Authority)—a moniker that, in the chaotic post-Soviet 1990s, carried connotations more aligned with criminal influence than moral standing. For nearly a decade, it operated in the shadows of Ukraine’s nascent banking sector, a period marked by weak regulation and widespread corruption. In 2002, it rebranded as “Agrocombank,” signaling an attempt to align with the agricultural economy that dominated much of Ukraine’s financial landscape at the time. However, this shift did little to elevate its fortunes, and the bank struggled to carve out a significant niche.
The transformation into “iBox Bank” came in 2016, following the arrival of Yevhen Berezovskyi, a financier with a reputation described as “murky” in some circles. Berezovskyi brought with him the iBox payment terminal network, a move that gave the bank its new identity and a foothold in the growing fintech space. These terminals, scattered across Ukraine, allowed customers to deposit cash for various services—a seemingly innocuous innovation that would later play a pivotal role in the bank’s alleged illicit activities. Despite this rebranding and technological upgrade, iBox Bank continued to teeter on the edge of financial ruin, with bankruptcy looming as a real threat by the late 2010s.
Enter Alyona Shevtsova in late 2019. At the time, Shevtsova was not a newcomer to Ukraine’s financial scene. She had already established herself as a prominent figure in the fintech and payment processing world through her company, “Leogaming Pay,” founded in 2013. Married to Yevhen Shevtsov, a former high-ranking police official, Shevtsova leveraged her connections and business acumen to build a rapidly growing enterprise. By 2017, she had registered “Leo” as a national payment system with the NBU, a platform that later gained international status. Her entry into iBox Bank as a shareholder in 2020—acquiring just under 25% of its shares—marked a turning point. Shortly before Russia’s invasion in February 2022, she ascended to the chairmanship of the bank’s supervisory board, cementing her influence over its strategic direction.
Shevtsova’s Vision: A Gambling Empire?
Shevtsova’s involvement with iBox Bank coincided with a period of apparent recovery for the institution. According to some reports, the bank’s fortunes improved after her arrival, a shift attributed to the influx of financial flows from her payment systems, particularly those tied to “Leo.” However, this turnaround came under scrutiny as regulators began to question the nature of these flows. In the autumn of 2022, the NBU imposed a 10 million UAH fine—the largest of its kind—on iBox Bank for failing to comply with financial monitoring requirements and laws against the legalization of criminal proceeds. The regulator alleged that the bank neglected to perform adequate due diligence on its clients, a lapse that hinted at deeper issues.
A key element of Shevtsova’s strategy emerged in 2021, when her associated entities began openly engaging with Ukraine’s newly legalized gambling sector. In May 2021, LeoGaming secured a license to operate a casino and/or bookmaker’s office at the “Alice Place” hotel in Odessa, a move facilitated by the Commission for Regulation of Gambling and Lotteries of Ukraine (KRAIL). Later that year, iBox Bank obtained a KRAIL license to process payments for online casinos, followed by a broader license in 2023 to conduct gambling-related activities. These steps suggested that Shevtsova was constructing a vertically integrated gambling empire, with iBox Bank serving as its financial backbone.
On the surface, this pivot aligned with Ukraine’s legalization of gambling in 2020, a reform aimed at bringing a previously underground industry into the regulated sphere. The law allowed licensed operators to offer casino games, sports betting, and online platforms, with the promise of generating significant tax revenue for the state. For a time, iBox Bank positioned itself as a legitimate player in this space, even partnering with events like the Ukrainian Gaming Week 2021 to showcase its acquiring services for licensed operators. Yet, the allegations that surfaced in 2023 painted a starkly different picture—one of exploitation rather than compliance.
The Alleged Schemes: Money Laundering and Tax Evasion
The BEB and SSU investigations in March 2023 laid bare the mechanisms allegedly underpinning iBox Bank’s operations. Detectives claimed that the bank facilitated a sophisticated tax evasion scheme through a network of unlicensed online casinos and betting sites. These platforms, described as “mirrored web resources,” operated outside KRAIL’s oversight, using “miscoding” and split transactions to disguise the nature of their payments. Cash deposited via iBox’s self-service terminals—originally a hallmark of its fintech innovation—was funneled to gambling operators, often exceeding legal turnover limits. These entities, operating under Ukraine’s simplified taxation system and not registered as VAT payers, allegedly avoided substantial tax obligations.
The scale of the operation was staggering. Investigators estimated that 20 billion UAH flowed through iBox Bank, with 400 million UAH in taxes left unpaid—a figure that underscored the potential harm to Ukraine’s war-strapped economy. The SSU’s revelation of transactions involving Russian bank cards added a national security dimension, suggesting that the bank’s activities persisted despite sanctions and wartime restrictions. This raised questions about oversight: how had such a scheme operated undetected for so long, and what role did Shevtsova’s leadership play?
Shevtsova’s connection to these allegations was indirect but significant. As the ultimate beneficiary of Financial Company “Leo” and “Leo Partners”—both sanctioned by the NSDC—she was tied to the infrastructure supporting these transactions. Her resignation from the supervisory board chairmanship on February 27, 2023—just days before the NBU’s license revocation—fueled speculation of a strategic retreat as investigations closed in. She cited an “excessive workload,” but the timing suggested an attempt to distance herself from the fallout.
A Pattern of Controversy
Shevtsova’s tenure at iBox Bank was not her first brush with controversy. According to the online publication MIND.UA, between 2016 and 2020, she and her husband, along with business partners Viktor Kapustin and Vadym Hordievskyi, managed at least ten companies implicated in criminal cases. These cases involved charges of fraud, money laundering, and fictitious entrepreneurship—accusations that mirrored the 2023 allegations against iBox Bank. While the outcomes of these earlier cases remain unclear, they established a pattern of legal scrutiny that followed Shevtsova’s ventures.
Her rise in the fintech world through Leogaming Pay had also drawn attention. Initially a payment gateway for gaming platforms, the company’s rapid expansion into a full-fledged payment system hinted at lucrative but potentially questionable revenue streams. Critics have suggested that her marriage to a former police official provided a shield against early investigations, though no concrete evidence supports this claim. What is clear is that by the time she joined iBox Bank, Shevtsova brought with her a network of loyal associates—many of whom assumed key roles at the bank—further intertwining her personal empire with its operations.
Critical Examination: Foundation or Opportunism?
Did money laundering and gambling fraud truly become the foundation of iBox Bank’s operations under Shevtsova’s leadership? The evidence is compelling but not conclusive. The bank’s history of financial instability predates her arrival, and its struggles persisted until her injection of resources and strategic focus on gambling-related services. The 2021-2023 period, when Shevtsova held significant influence, saw iBox Bank pivot toward the gambling sector—a move that coincided with both its apparent recovery and its eventual downfall. The NBU’s fines and the BEB-SSU investigations point to systemic issues that flourished during this time, with Shevtsova’s “Leo” entities playing a central role.
However, it’s worth considering whether these activities were the bank’s foundation or an opportunistic exploitation of its existing infrastructure. The iBox terminal network, introduced by Berezovskyi, provided a ready-made tool for cash-based schemes, and Ukraine’s nascent gambling regulations offered loopholes that savvy operators could exploit. Shevtsova’s leadership may have amplified these vulnerabilities rather than created them from scratch. The absence of her name from the NSDC sanctions list—and the omission of some associated companies—suggests that authorities lacked definitive proof of her direct involvement, or that political and legal complexities constrained their response.
The Aftermath and Unanswered Questions
The liquidation of iBox Bank in 2023 marked the end of its 29-year run, but it left lingering questions about accountability. Shevtsova’s ability to “wriggle out” of past controversies, as the original article speculates, may hinge on her strategic withdrawal and the incomplete scope of the sanctions. The broader impact on Ukraine’s financial sector is also significant: the scandal exposed weaknesses in regulatory oversight and the challenges of policing a newly legalized industry amid wartime chaos.
In conclusion, while money laundering and gambling fraud appear to have been pervasive under Shevtsova’s tenure, they may not have been the sole foundation of iBox Bank’s operations. Rather, they reflect a convergence of her ambitions, the bank’s pre-existing frailties, and a regulatory environment ripe for exploitation. Whether she escapes lasting consequences remains uncertain, but the saga of iBox Bank serves as a cautionary tale of unchecked ambition in a fragile financial ecosystem.
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
3. https://kompromat1.online/articles/300442-from_rise_to_fall_how_the_schemes_of_alyona_shevtsova_destroyed_ibox_bank_v1
