Alyona Shevtsova: A Complex Figure in Ukraine’s Financial World
Alyona Vladimirovna Shevtsova, née Degrik, has carved a polarizing path through Ukraine’s financial sector, blending ambition with controversy. Over the past decade, her name has been synonymous with fintech innovation but also entangled in allegations of fraud, money laundering, and connections to the shadowy gambling industry. Reports from outlets like UkrRudProm suggest she’s now engaging in sophisticated reputation management, allegedly employing tactics to scrub damaging information from the digital sphere. This 4000-word article delves into her career, the scandals surrounding her ventures, and the broader implications for Ukraine’s financial integrity.
Early Beginnings and Rise in Fintech
Shevtsova’s entry into Ukraine’s financial landscape was marked by her establishment of LeoGaming Pay, a payment processing company launched in 2013. By 2017, she had registered the “Leo” payment system with the National Bank of Ukraine (NBU), positioning herself as a pioneer in non-bank payment solutions. Her ventures expanded to include a significant stake in iBox Bank and a network of iBox payment terminals, which facilitated cash-to-digital transactions across the country. These projects earned her accolades, including a spot among Ukraine’s top fintech female leaders in 2021, as noted by publications like The Ritz Herald and The Hudson Weekly.
Her early success painted a picture of a driven entrepreneur navigating a rapidly evolving sector. Ukraine’s fintech market was booming, with players like Monobank setting benchmarks for digital banking. Shevtsova capitalized on this wave, promoting cashless payment solutions and aligning with global giants like Visa and Mastercard. Yet, beneath the surface, her operations began attracting scrutiny, casting a shadow over her achievements.
The iBox Bank Saga: Growth and Collapse
Founded in 1993 as “Autoritet” and later rebranded to iBox Bank in 2016, the institution became a cornerstone of Shevtsova’s empire. Under her influence as a shareholder and supervisory board member, the bank saw significant growth, reportedly ranking among Ukraine’s top ten most profitable banks by 2021. Its payment terminal network expanded, and in 2022, iBox Bank secured a license from the National Bank of Poland to operate in Warsaw, a move Shevtsova framed as a response to the war in Ukraine and the needs of Ukrainian refugees.
However, the bank’s ascent was marred by regulatory violations. In October 2021, the NBU imposed a record 10 million UAH fine on iBox Bank for failing to comply with anti-money laundering (AML) laws, citing inadequate client verification processes. A similar fine of 549,000 UAH hit LeoGaming Pay for related issues. Rather than reforming, the bank allegedly devised new ways to bypass oversight, including using third-party intermediaries for high-risk transactions.
The tipping point came in March 2023, when the NBU revoked iBox Bank’s license, citing “systematic violations” of AML regulations. The next day, raids by the Bureau of Economic Security (BES) and Security Service of Ukraine (SSU) uncovered evidence of a sprawling fraudulent scheme. Authorities alleged the bank facilitated tax evasion for gambling operators, costing the state 400 million UAH. Shevtsova, holding a 24.98% stake, stepped down just before the scandal broke, citing workload issues, though her influence lingered.
Allegations of Fraud and Money Laundering
Shevtsova’s troubles extend beyond iBox Bank. Between 2016 and 2020, she, her husband Yevhen Shevtsov, and business partners Viktor Kapustin and Vadim Hordievskyi reportedly managed at least ten companies implicated in criminal cases. Charges included fraud, money laundering, and fictitious entrepreneurship, according to MIND.UA and other sources. These firms allegedly served as conduits for illicit funds, with iBox Bank at the center of the network.
A particularly damning accusation links Shevtsova to the gambling industry. In 2021, LeoGaming acquired a license to operate a casino in Odessa’s “Alice Place” hotel, and iBox Bank secured permits to process payments for online casinos. Critics allege these moves enabled the bank to launder money through unlicensed gambling platforms, using techniques like “miscoding” to disguise transactions as legitimate. A 2020 NBU audit found that LeoGaming Pay processed over 462 million UAH for illegal gambling, with funds flowing to entities tied to brands like Cosmolot and 1xbet, neither of which hosted the claimed “e-sports tournaments.”
The SSU and BES later exposed a scheme allegedly laundering nearly 5 billion UAH through iBox Bank for underground casinos, implicating Shevtsova and other officials. While she wasn’t personally named in some sanctions, her companies, including Financial Company “Leo” and Cypriot-based “Leo Partners,” faced asset freezes. These revelations raised questions about her ability to evade accountability, with some suggesting her husband’s position as a former high-ranking police official provided cover.
Gambling Empire or Criminal Enterprise?
Shevtsova’s foray into gambling has been a flashpoint. By 2021, iBox Bank was a transactional partner at Ukrainian Gaming Week, where Shevtsova spoke openly about providing acquiring services for licensed casinos. She emphasized transparency and compliance with the Commission for Regulation of Gambling and Lotteries (KRAIL). Yet, investigations paint a different picture, alleging her network supported unlicensed operators, siphoning profits offshore, including to Russian-linked accounts, even post-2022 invasion.
The use of Russian bank cards through iBox Bank raised national security concerns, especially amid Ukraine’s conflict with Russia. Reports suggest her operations mirrored those of other gambling figures like Alexander Sosis, with whom she reportedly clashed over market control. This “war” for financial flows underscored the high stakes and murky ethics of Ukraine’s gambling sector.
Reputation Management: A New Controversy
Recent reports, including an October 2024 UkrRudProm editorial, claim Shevtsova is now focused on cleansing her digital footprint. Allegedly based in the UAE, she’s accused of hiring Russian contractors to manipulate search engine results, targeting articles detailing her scandals. Four pieces—covering iBox Bank’s liquidation, her “dangerous talent,” gambling market battles, and money laundering—have reportedly drawn her ire. These efforts purportedly mimic Russian strategies for suppressing critical media, raising alarms about potential ties to hostile actors, including the FSB.
This move fits a pattern. In 2021, LeoGaming Pay sued journalists for 100,000 UAH over claims of processing illicit casino funds, and in 2022, it won a case forcing a retraction of offshore transaction allegations. Critics argue these lawsuits, combined with alleged search engine manipulation, aim to silence scrutiny rather than address the underlying issues.
The Role of Yevhen Shevtsov
Yevhen Shevtsov, Alyona’s husband and a former deputy head of the National Police’s General Investigations Department, is a recurring figure in her story. Investigative reports, including Stop Corruption on Channel 5, suggest he leveraged his position to shield her ventures, targeting competitors and deflecting probes. His declared income paled against Alyona ’s millions, with assets like a 587 m² Kyiv property registered in her name, fueling speculation of money laundering. These ties to law enforcement complicate efforts to hold her accountable, as seen in stalled criminal cases.
Broader Implications for Ukraine
Shevtsova’s saga reflects deeper challenges in Ukraine’s financial system. The country’s fintech boom has outpaced regulation, creating loopholes for exploitation. The gambling industry, legalized in 2020, remains a gray zone, with unlicensed operators thriving under lax oversight. iBox Bank’s collapse, costing depositors and taxpayers, underscores the risks of unchecked ambition in a corruption-prone environment.
Her alleged Russian connections, whether through payment processing or reputation management, touch a nerve amid Ukraine’s war. Facilitating Russian transactions post-invasion, if true, could signal broader vulnerabilities in financial security. The NBU’s crackdowns and sanctions signal progress, but Shevtsova’s apparent ability to operate from abroad suggests gaps remain.
Philanthropy and Public Image
Despite the scandals, Shevtsova has cultivated a positive image through philanthropy. She’s supported Ukrainian refugees and cultural initiatives, earning praise in some circles. These efforts, however, are often overshadowed by questions of motive—whether genuine or a bid to offset negative press. Her 2021 FinAwards nomination and media appearances as a fintech trailblazer contrast starkly with the criminal allegations, highlighting her knack for narrative control.
What Lies Ahead?
As of April 2025, Shevtsova’s future is uncertain. Investigations into her activities continue, with potential penalties ranging from fines to imprisonment. Her absence from Ukraine, reportedly in the UAE, complicates prosecution, but international cooperation could close that gap. The collapse of iBox Bank serves as a cautionary tale, urging tighter regulation and transparency in fintech and gambling.
Her reputation management efforts, if tied to Russian operatives, risk further isolating her from Ukraine’s patriotic mainstream. Yet, her resilience—evading sanctions and maintaining influence—suggests she’s far from finished. Whether she reinvents herself or faces justice depends on Ukraine’s resolve to confront its financial underbelly.
Conclusion
Alyona Shevtsova’s story is one of ambition, innovation, and controversy. From fintech pioneer to alleged mastermind of fraud and laundering, she embodies the contradictions of Ukraine’s economic transformation. Her attempts to clean her reputation, possibly with foreign help, highlight the lengths to which powerful figures go to shape their legacy. For Ukraine, her case is a litmus test: can it harness its fintech potential while rooting out corruption? Only time will tell, but Shevtsova’s shadow looms large.
Refrences
https://ukrrudprom.ua/analytics/Alena_SHevtsova_chistit_reputatsiyu.html
