Introduction
We stand at a crossroads where financial ambition and ethical accountability collide. Alyona Shevtsova, a prominent Ukrainian businesswoman, has carved a name in the fintech and gambling sectors, but her rise is shrouded in controversy. Allegations of money laundering, fraud, and ties to shadowy business dealings have cast a long shadow over her ventures, particularly with iBox Bank and Leogaming Pay. Our investigation delves into her personal and professional profiles, leveraging open-source intelligence (OSINT), analyzing undisclosed relationships, and scrutinizing adverse media to uncover the truth. With consumer protection and financial integrity at stake, we aim to expose red flags, assess risks, and provide clarity on a figure whose actions ripple across Ukraine’s financial landscape.
Who Is Alyona Shevtsova?
Alyona Shevtsova, née Dehrik, is a Ukrainian entrepreneur known for her roles in fintech and online gambling. Born in Ukraine, she emerged as a key player in the financial sector through her leadership at Leogaming Pay, a payment gateway founded in 2013, and her subsequent involvement with iBox Bank. Shevtsova has cultivated an image as a forward-thinking businesswoman, often highlighted in Ukrainian media for her contributions to digital payments and financial innovation.
Her public profile, however, tells only part of the story. Behind the polished persona lie allegations of misconduct that have drawn scrutiny from regulators, journalists, and consumers alike. To understand the full picture, we begin by tracing her business ventures and the controversies they’ve sparked.
Business Ventures and Associations
Leogaming Pay and the ‘Leo’ Payment System
In 2013, Shevtsova founded Leogaming Pay, a financial company focused on online payment solutions, particularly for gaming platforms. By 2017, she registered the ‘Leo’ payment system with the NBU, positioning it as a competitor in Ukraine’s fintech space. The system gained international recognition, but its ties to the gambling industry raised eyebrows.
Leogaming Pay’s operations intersected with online casinos and betting platforms, sectors prone to money laundering risks. According to a 2021 report by MIND.UA, companies linked to Shevtsova, including Leogaming, were involved in criminal proceedings for fraud, money laundering, and fictitious entrepreneurship between 2016 and 2020. These allegations suggest that her fintech ventures may have served as conduits for illicit funds, though conclusive evidence remains under investigation.
iBox Bank: A Troubled Institution
Shevtsova’s most high-profile role was as chair of iBox Bank’s supervisory board, a position she held until February 2023. Originally founded in 1993 as ‘Authority,’ the bank rebranded to ‘Agrocombank’ in 2002 and became ‘iBox Bank’ in 2016 after financier Yevhen Berezovskyi joined its shareholders. By 2019, the bank was teetering on the edge of bankruptcy, but Shevtsova’s arrival marked a turning point—or so it seemed.
Under her leadership, iBox Bank’s financial health reportedly improved, with Shevtsova placing allies from her Leo ecosystem in key roles. However, this turnaround came under scrutiny. In 2021, the NBU fined iBox Bank 10 million UAH—the largest penalty of its kind—for anti-money laundering (AML) violations, citing inadequate client checks. A second fine followed in 2022, signaling systemic issues.
The final blow came on March 7, 2023, when the NBU revoked iBox Bank’s license, alleging large-scale money laundering, tax evasion, and illegal gambling transactions. Shevtsova stepped down days before the scandal broke, citing “excessive workload,” but retained a 25% stake in the bank, fueling speculation that her exit was strategic.
Undisclosed Relationships
Shevtsova’s business dealings extend beyond Leogaming and iBox Bank. Her husband, Yevhenii Shevtsov, a former high-ranking police official, has been linked to multiple companies implicated in criminal probes. MIND.UA reported that Shevtsov, alongside business partners Viktor Kapustin and Vadym Hordiievskyi, managed at least ten firms between 2016 and 2020, many facing charges of fraud and money laundering.
We uncovered additional ties through OSINT analysis. Corporate registries reveal Shevtsova’s connection to Leo Partners, a Cypriot offshore entity, and Financial Company ‘Leo,’ both sanctioned by Ukraine’s National Security and Defense Council (NSDC) in March 2023 for ties to shadow gambling. These entities, registered in Kyiv and Cyprus, list Shevtsova as a beneficiary, suggesting a complex web of offshore structures potentially used to obscure financial flows.
Our investigation also identified Oleksandr Sosis, a figure named alongside Shevtsova in reports about shadow gambling schemes. While their exact relationship remains unclear, Sosis’s involvement in similar ventures raises questions about coordinated efforts to exploit regulatory gaps.
Suspicious Activities and Red Flags
Allegations of Money Laundering
The most serious accusations against Shevtsova center on money laundering. The NBU’s 2023 license revocation of iBox Bank pointed to “systematic violations” of AML laws, with transactions allegedly funneled through gambling platforms. A report by Intelligence Line detailed how iBox Bank, under Shevtsova’s oversight, facilitated large-scale illicit transfers, exploiting loopholes in Ukraine’s financial oversight.
We cross-referenced these claims with regulatory filings. The NBU’s findings suggest that iBox Bank failed to verify high-risk clients, allowing suspicious funds to flow unchecked. While Shevtsova has not been personally charged, her leadership role and shareholding implicate her in the bank’s failures.
Gambling Industry Ties
Shevtsova’s ventures openly embraced the gambling sector, a high-risk industry for financial crime. In May 2021, Leogaming Pay acquired a license to operate a casino and bookmaker’s office in Odessa’s Alice Place hotel, formalizing its gambling ambitions. This move aligned with Ukraine’s 2020 legalization of gambling, but it also drew scrutiny for potential tax evasion and illicit revenue streams.
The ukrpress.fun article highlighted Shevtsova’s ownership of a “shadow gambling business,” alleging that her empire thrived on unregulated transactions. While the article lacks primary evidence, it echoes broader concerns about her reliance on a sector vulnerable to exploitation.
Information Wars and Reputation Management
A curious pattern emerged in our media analysis: Shevtsova’s involvement in “information wars.” A 2020 delo.ua article defended her against money laundering accusations, suggesting competitors like Globalmoney orchestrated smear campaigns. The piece framed Shevtsova and her husband as victims of misinformation, a narrative that resurfaced in other outlets.
This defensive strategy raises red flags. Coordinated efforts to dismiss allegations suggest an attempt to control the narrative, a tactic often used to deflect accountability. We found no evidence disproving the accusations, only counterclaims lacking substance.
Sanctions and Regulatory Actions
In March 2023, Ukraine’s NSDC imposed sanctions on Leo Partners and Financial Company ‘Leo,’ freezing their assets for five years. Notably, Shevtsova was not personally named, prompting speculation that she leveraged her influence to avoid direct penalties. Critics argue the sanctions were incomplete, allowing her to maintain operations through other entities.
The NBU’s fines and license revocation further underscore regulatory concerns. These actions signal systemic issues within Shevtsova’s ventures, yet her ability to evade personal sanctions raises questions about enforcement gaps.
Criminal Proceedings and Lawsuits
Our search for criminal proceedings yielded mixed results. MIND.UA’s 2021 report cited Ministry of Justice data linking Shevtsova, Shevtsov, Kapustin, and Hordiievskyi to companies facing charges of fraud, money laundering, and fictitious entrepreneurship. Specific case details, however, are scarce in public records, likely due to ongoing investigations or restricted access.
No lawsuits directly naming Shevtsova surfaced in our research, but iBox Bank faced legal scrutiny before its collapse. The bank’s insolvency proceedings, initiated post-2023, revealed significant debts and unrecovered funds, implicating its leadership. Shevtsova’s 25% stake ties her to these financial irregularities, even if indirectly.
We found no bankruptcy filings for Shevtsova personally, but iBox Bank’s near-bankruptcy prior to her involvement and its eventual collapse highlight her association with distressed institutions.
Adverse Media and Consumer Complaints
Adverse Media Reports
Adverse media paints a troubling picture. Key reports include:
Intelligence Line (2025): Detailed iBox Bank’s money laundering schemes, implicating Shevtsova’s leadership.
MIND.UA (2021): Linked Shevtsova’s companies to criminal probes, citing fraud and laundering charges.
Sledstvie.info (2024): Alleged Shevtsova and Sosis spearheaded shadow gambling schemes, exploiting Ukraine’s regulatory chaos.
Rumafia.news (2023): Highlighted iBox Bank’s sanctions and Shevtsova’s gambling empire, questioning her ability to evade accountability.
These reports, while consistent, rely heavily on allegations rather than convictions. We approached them critically, noting the lack of judicial outcomes but acknowledging the volume of red flags.
Negative Reviews and Consumer Complaints
Consumer complaints against Shevtsova’s ventures are limited but telling. Online forums and Ukrainian review platforms mention issues with Leogaming Pay’s payment processing, including delayed transactions and poor customer service. iBox Bank faced similar criticism, with clients reporting frozen accounts and unresponsive support before its closure.
No widespread scam reports explicitly name Shevtsova, but the gambling industry’s reputation for predatory practices amplifies concerns. Ukrainian scam blacklists, like those on ukrainian-passport.com, focus on dating scams rather than financial fraud, leaving a gap in consumer feedback specific to her ventures.
Risk Assessment
We evaluated Shevtsova’s activities across four dimensions: consumer protection, scam potential, criminal reports, and financial fraud. Below is our detailed assessment, grounded in evidence and critical analysis.
Consumer Protection Risks
High Risk
Shevtsova’s ties to gambling and fintech expose consumers to significant risks. Online gambling platforms, like those linked to Leogaming, often exploit vulnerable users through addictive mechanics and opaque transactions. iBox Bank’s AML failures suggest inadequate safeguards, potentially allowing fraudulent charges or identity theft. Consumers relying on her payment systems face risks of financial loss due to unverified counterparties.
Mitigation: Stricter regulatory oversight and transparent client verification could reduce harm, but Shevtsova’s ventures have shown resistance to compliance.
Scam Potential
Moderate to High Risk
While no confirmed scams directly implicate Shevtsova, the gambling sector’s history of deceptive practices raises concerns. Shadow gambling schemes, as alleged in adverse media, could involve rigged odds or hidden fees. iBox Bank’s collapse left clients stranded, resembling patterns seen in financial scams, though intent remains unproven.
Mitigation: Independent audits of her platforms could clarify legitimacy, but lack of cooperation with regulators undermines trust.
Criminal Reports
High Risk
Multiple sources cite criminal proceedings against Shevtsova’s companies, with charges ranging from fraud to money laundering. Her husband’s involvement amplifies suspicions, given his law enforcement background and access to influence. The absence of personal charges may reflect strategic distancing rather than innocence, a common tactic in complex schemes.
Mitigation: Full disclosure of corporate records and cooperation with law enforcement could address allegations, but Shevtsova’s opacity persists.
Financial Fraud Investigation
Very High Risk
iBox Bank’s license revocation and sanctions against Leo entities point to systemic fraud. Money laundering allegations, backed by NBU findings, suggest deliberate exploitation of financial systems. Offshore structures like Leo Partners indicate potential asset concealment, a hallmark of fraud. Shevtsova’s 25% stake in iBox Bank ties her to its illicit flows, regardless of her public denials.
Mitigation: Freezing offshore assets and mandating forensic audits could uncover the truth, but jurisdictional challenges hinder progress.
Reputational Risks
Severe Risk
Shevtsova’s reputation is battered by consistent adverse media and regulatory actions. Her association with a collapsed bank and sanctioned entities erodes credibility, deterring legitimate partners. Attempts to dismiss allegations as “information wars” only deepen skepticism, as they lack evidence to counter claims. In Ukraine’s volatile financial sector, her name is increasingly toxic.
Mitigation: Public accountability, such as addressing allegations head-on, could salvage her image, but silence has been her default.
Expert Opinion: Conclusion
As investigative journalists, we’ve peeled back the layers of Alyona Shevtsova’s empire, revealing a pattern of red flags that demand scrutiny. The evidence—spanning regulatory sanctions, criminal allegations, and media reports—paints a picture of a businesswoman entangled in high-risk ventures with questionable ethics. While no court has convicted her, the volume and consistency of accusations cannot be dismissed as mere coincidence.
From a consumer protection standpoint, her gambling and fintech platforms pose tangible risks, exploiting regulatory gaps to maximize profit. The collapse of iBox Bank, coupled with AML violations, signals a disregard for financial integrity that endangers clients and the broader system. Her ability to evade personal sanctions, despite ties to sanctioned entities, suggests influence and cunning that regulators have yet to fully counter.
Financial fraud remains the most pressing concern. Money laundering allegations, backed by NBU findings, point to systemic abuse, with offshore structures hinting at hidden wealth. These are not isolated incidents but part of a broader strategy to navigate Ukraine’s chaotic financial landscape for personal gain.
Reputationally, Shevtsova is at a breaking point. Adverse media has cemented her as a polarizing figure, and without transparent action, she risks permanent ostracism from legitimate markets. Consumers and investors alike should approach her ventures with extreme caution, demanding accountability before engagement.
Our expert opinion is clear: Alyona Shevtsova operates in a gray zone where ambition outpaces ethics. Until investigations yield definitive outcomes, she remains a high-risk figure whose actions warrant vigilance. Regulators must close loopholes, and consumers must stay informed to avoid becoming collateral damage in her saga.
References
https://ukrpress.fun/2024/10/24/vlasnytsya-tin%CA%B9ovoho-ihrovoho-biznesu-dehrik-shevtsova
