Introduction: A Fintech Star Under Scrutiny
Alyona Shevtsova, once hailed as one of Ukraine’s top fintech pioneers, now finds herself at the center of a high-stakes legal battle. On March 13, 2025, a Lviv court granted the Bureau of Economic Security (BEB) permission to conduct a special pre-trial investigation into the co-owner of IBOX Bank, widely believed to be Shevtsova, alongside her alleged accomplices. The case, which involves accusations of money laundering tied to illegal online casinos, has sent shockwaves through Ukraine’s financial sector. With IBOX Bank’s license revoked in 2023 and Shevtsova reportedly out of the country, the investigation raises questions about her legacy, Ukraine’s fintech landscape, and the broader fight against financial crime in a nation under strain.
Shevtsova’s journey—from founding LeoGaming to becoming a shareholder in IBOX Bank—has been marked by innovation and ambition. Yet, the allegations detailed in the Forbes Ukraine article paint a darker picture, suggesting a complex web of fictitious companies and illicit transactions. This article explores her rise, the controversy surrounding IBOX Bank, and the ongoing legal saga, offering a balanced look at a story that encapsulates both Ukraine’s fintech promise and its regulatory challenges.
Alyona Shevtsova’s Rise in Ukraine’s Fintech Scene
Born on December 17, 1987, Alyona Shevtsova (née Dehrik) emerged as a formidable force in Ukraine’s financial technology sector. In 2013, she founded LeoGaming Pay, a payment processing company that initially served as a gateway for online gaming platforms. Her vision was to streamline digital transactions in a country transitioning from cash-based systems to modern financial infrastructure. By 2017, Shevtsova had registered the LEO International Payment System with the National Bank of Ukraine (NBU), a milestone that elevated her company to a global player.
Her success didn’t stop there. As a shareholder and former chair of IBOX Bank’s supervisory board, Shevtsova helped transform the institution into a transactional powerhouse. In 2020, IBOX Bank was named the Best Transactional Bank by the “Bankir” international financial club, and in 2021, it won the Bank of the Year award in the “Savings Bank for Business” category from the Financial Club. Shevtsova’s leadership earned her a spot among Ukraine’s top five female fintech leaders, lauded for her role in developing non-bank payment processing and integrated solutions for businesses.
Ukraine’s fintech sector, one of the fastest-growing in Eastern Europe, provided fertile ground for Shevtsova’s ventures. Despite economic challenges and the ongoing conflict with Russia, the country saw a surge in digital payments, driven by a young, tech-savvy population. Shevtsova’s companies capitalized on this trend, offering services that made financial transactions seamless for businesses and consumers alike. Her philanthropy—supporting cultural projects and war-affected communities—further bolstered her public image as a leader committed to Ukraine’s progress.
Yet, beneath the accolades, cracks began to appear. The same innovative spirit that propelled Shevtsova’s rise also drew scrutiny, particularly as her businesses ventured into the controversial realm of online gambling.
IBOX Bank and the Gambling Connection
IBOX Bank, established in 1993, was a relatively minor player until Shevtsova and her associates took the helm. Under her influence, the bank pivoted toward transactional services, including payment processing for online platforms. By 2021, IBOX had secured a license from the Commission for Regulation of Gambling and Lotteries of Ukraine (KRAIL) to handle payments for licensed casinos, aligning with the country’s legalization of gambling in 2020.
This move was strategic. Ukraine’s gambling market, newly regulated, promised significant revenue, with licensing fees alone generating over UAH 1 billion for the state in a single year. Shevtsova, speaking at the Ukrainian Gaming Week 2021, emphasized the industry’s potential, noting that IBOX Bank’s acquiring services for casinos were designed to meet market demand while adhering to Visa and Mastercard regulations. Her company, LeoGaming, also acquired a license to operate a casino and bookmaker’s office in Odessa’s Alice Place hotel, signaling a deeper dive into the sector.
However, the gambling industry’s rapid growth came with risks. Unlicensed operators, exploiting regulatory gaps, proliferated online, raising concerns about tax evasion and money laundering. IBOX Bank’s involvement in processing payments for gambling entities placed it under the NBU’s microscope. In October 2021, the bank was fined UAH 10 million—the largest penalty of its kind—for failing to verify high-risk clients, including those linked to gambling activities. A similar fine hit LeoGaming Pay for inadequate risk management, hinting at systemic issues.
These penalties were early warnings, but they didn’t halt IBOX’s operations. The bank continued to expand its transactional services, reportedly handling billions in payments. By 2023, however, the NBU’s patience ran out, leading to a dramatic turning point.
The Fall of IBOX Bank
On March 7, 2023, the National Bank of Ukraine revoked IBOX Bank’s license, citing “systematic violations of legislation in the area of anti-money laundering requirements.” The decision was unprecedented, marking one of the NBU’s strongest actions against a financial institution. The following day, the Bureau of Economic Security (BEB) and Security Service of Ukraine (SSU) announced a large-scale investigation into IBOX, alleging that bank officials had facilitated a fraudulent scheme involving gambling operators.
According to the BEB, IBOX Bank had become a conduit for illegal online casinos to “launder” money. The scheme, as detailed in the Forbes Ukraine article, involved creating over 20 fictitious companies that opened accounts at the bank. Casino players deposited funds into these accounts, but the transactions were disguised as payments for non-existent goods or services. This “miscoding” allowed operators to obscure the true nature of the funds, evading taxes and regulatory oversight. Investigators estimated that approximately UAH 5 billion (roughly $125 million) was laundered through this mechanism, with UAH 20 billion in total funds passing through the bank.
The investigation also pointed to tax evasion, with the BEB claiming that gambling operators, operating under a simplified taxation system and not registered as VAT payers, avoided UAH 400 million in taxes. The scale of the operation suggested a sophisticated network, with IBOX Bank at its core.
Shevtsova’s role came under intense scrutiny. As a 24.98% shareholder and former supervisory board chair, she was a key figure in the bank’s operations. However, on February 27, 2023—just days before the investigation went public—she stepped down from her chairmanship, citing an “excessive workload.” The timing raised eyebrows, with some speculating she had been tipped off about the impending crackdown.
The Legal Battle Unfolds
The March 13, 2025, ruling by a Lviv court marked a new chapter in the saga. The court’s decision to allow a special pre-trial investigation—a procedure used when suspects are abroad—underscored the case’s complexity. The BEB alleged that Shevtsova, along with two accomplices, orchestrated the money laundering scheme, accusing them of illegal gambling activities and legalization of criminal proceeds. If convicted, they could face up to 12 years in prison with property confiscation.
The court proceedings were not without drama. The BEB claimed that the decision was made despite “information attacks and personal harassment of the judges,” suggesting external pressure to derail the case. Shevtsova, reportedly outside Ukraine, became the focal point of the investigation, though her lawyer, Artem Svitka, fiercely contested the allegations.
Svitka argued that the BEB’s actions were unlawful, pointing to a November 2024 ruling by the Lychakiv Court that declared the pre-trial investigation period had expired, rendering further proceedings invalid. He accused the BEB of ignoring court orders and labeled the March 13 decision as “illegal,” claiming it was issued beyond the presiding judge’s authority. Svitka emphasized the presumption of innocence, noting that the special investigation merely indicated the BEB’s intent to continue, not proof of guilt.
The legal back-and-forth highlights a broader tension in Ukraine’s judicial system. The BEB, tasked with combating economic crimes, has faced criticism for overreach, while courts grapple with balancing accountability and due process in high-profile cases.
Shevtsova’s Defense and the Presumption of Innocence
Shevtsova’s camp has maintained that the allegations are overblown. Her lawyer’s statements, as reported by Forbes Ukraine, underscore the principle that no one is guilty until proven so. Svitka’s claim that the BEB violated court rulings suggests a strategy to challenge the investigation’s legitimacy, potentially delaying or derailing it.
Publicly, Shevtsova has kept a low profile since leaving IBOX Bank’s board. Her earlier statements, such as those at Ukrainian Gaming Week, portrayed her as a forward-thinking entrepreneur committed to transparent business practices. Supporters argue that her fintech innovations—streamlining payments for millions—should not be overshadowed by unproven accusations. They point to her philanthropy, including support for documentaries like Grown by Freedom, as evidence of her dedication to Ukraine.
Critics, however, see a pattern of questionable conduct. Reports from 2016–2020 linked Shevtsova and her husband, Yevhen Shevtsov, a former police officer, to companies investigated for fraud and fictitious entrepreneurship. While these cases didn’t result in convictions, they fueled perceptions of a “financial empire” built on shaky foundations.
Contextualizing the Controversy
The IBOX Bank case must be viewed against Ukraine’s broader challenges. Since Russia’s invasion in 2022, the country has faced immense economic strain, with financial institutions under pressure to maintain stability. The NBU’s crackdown on IBOX reflects a push to clean up a sector vulnerable to exploitation, especially in wartime.
Gambling, legalized to boost state revenue, has been a double-edged sword. While licensed operators contribute to public funds, shadow networks exploit loopholes, siphoning profits abroad or into illicit channels. IBOX Bank’s alleged role in such schemes highlights the difficulty of regulating a nascent industry in a crisis-ridden nation.
Shevtsova’s case also raises questions about gender and power in Ukraine’s business world. As one of the few women in fintech’s upper echelons, her prominence made her a symbol of progress—yet also a target. Whether the allegations stem from genuine misconduct or selective enforcement remains unclear, but the stakes are high for her reputation and Ukraine’s financial credibility.
Implications for Ukraine’s Fintech Future
The fallout from IBOX Bank’s collapse reverberates beyond Shevtsova. The NBU’s decisive action signals a zero-tolerance stance on financial misconduct, potentially deterring other institutions from skirting regulations. However, it also risks chilling innovation in a sector critical to Ukraine’s economic recovery.
For Shevtsova, the special pre-trial investigation is a pivotal moment. If she returns to Ukraine or is detained, the case will proceed under standard rules, potentially leading to a trial that could define her legacy. If the investigation stalls—as her lawyer claims it should—the accusations may linger as a shadow over her career.
The case underscores the need for stronger oversight in fintech and gambling. Ukraine’s regulators face the daunting task of fostering growth while clamping down on abuse, a balance that will shape the industry’s trajectory for years to come.
Conclusion: A Story Still Unfolding
Alyona Shevtsova’s journey—from fintech trailblazer to embattled figure—captures the complexities of ambition in a turbulent nation. The Lviv court’s ruling on March 13, 2025, is but one chapter in a saga that blends innovation, controversy, and the pursuit of justice. Whether she is a mastermind of illicit schemes or a scapegoat in a broader crackdown, the truth remains elusive, bound by legal proceedings and competing narratives.
As Ukraine navigates its path forward, Shevtsova’s story serves as a cautionary tale. It reminds us that in the fast-evolving world of fintech, success and scrutiny go hand in hand, and the line between pioneer and pariah is often razor-thin. For now, the world watches, waiting to see how this chapter closes—and what it means for the future of finance in Ukraine.
