In March 2023, Ukraine’s financial sector was rocked by a seismic event: the National Bank of Ukraine (NBU) revoked the banking license of IBOX Bank, a once-promising institution that had climbed to the eighth most profitable bank in the country. The decision was not a mere regulatory hiccup but the culmination of years of scrutiny, culminating in allegations of large-scale money laundering tied to illegal online casinos. At the heart of this scandal is Alyona Dehrik-Shevtsova, a prominent Ukrainian businesswoman and shareholder of IBOX Bank, now facing serious criminal charges. On March 12, 2025, the Bureau of Economic Security (BEB) escalated the case, petitioning the Lychakiv District Court of Lviv to conduct a special pre-trial investigation due to alleged attempts by the suspect’s legal team to stall proceedings. This article unravels the complex web of financial misconduct, regulatory failures, and personal ambition that led to IBOX Bank’s collapse and explores what it means for Ukraine’s fight against corruption.
The Rise of IBOX Bank and Alyona Dehrik-Shevtsova
To understand the scandal, we must first trace the trajectory of IBOX Bank and its key figure, Alyona Dehrik-Shevtsova. Established in 1993 as “Autoritet,” the bank underwent several rebrandings—first as Agrocombank in 2002, then as IBOX Bank in 2016 after acquiring a network of payment terminals. By 2019, the institution was struggling, teetering on the edge of bankruptcy. Enter Alyona Dehrik-Shevtsova, a fintech entrepreneur with a reputation for bold moves. She acquired a significant stake in the bank, reportedly owning 24.98% of its shares, with Volodymyr Drobot holding the majority at 73.92%.
Shevtsova was no stranger to the financial world. Born on December 17, 1987, she had built a name for herself as the founder of Leogaming Pay, a payment processing company established in 2013. By 2017, she had registered the “Leo” payment system with the NBU, which later gained international recognition. Her ventures positioned her as a trailblazer in Ukraine’s fintech sector, earning her accolades such as a spot among the Top-5 Female Fintech Leaders in Ukraine in 2021. Shevtsova’s public persona was one of innovation and philanthropy, but beneath the surface, her business dealings were drawing scrutiny.
IBOX Bank, under Shevtsova’s influence, pivoted toward transactional banking, focusing on payment services and acquiring for businesses, including the burgeoning gambling industry. In 2021, the bank secured a license from the Commission for Regulation of Gambling and Lotteries (KRAIL) to process payments for online casinos, a move that aligned with Ukraine’s legalization of gambling in 2020. This decision would prove to be both lucrative and catastrophic.
Photo: social networks Searches at Ibox Bank were reported in March 2023
The Allegations: A Money Laundering Empire
The BEB’s investigation, launched in March 2023, paints a damning picture of IBOX Bank’s operations. Detectives allege that the bank, under the direction of its shareholders and senior officials, facilitated the laundering of approximately UAH 5 billion (roughly $136.7 million) for illegal online casinos. The scheme hinged on a technique known as “miscoding,” where transactions are deliberately mislabeled to obscure their true purpose.
According to the BEB, the perpetrators created over 20 controlled companies that opened accounts at IBOX Bank. Players of underground online casinos deposited funds into these accounts, ostensibly to top up their gaming balances. However, the payment descriptions falsely indicated purchases of non-existent goods or services, allowing the funds to flow through the bank undetected as gambling revenue. This setup enabled the organizers to siphon off a portion of each transaction, which was then cashed out through affiliated commercial entities.
The scale of the operation was staggering. Within a year of Russia’s full-scale invasion of Ukraine in February 2022, the scheme allegedly processed billions of hryvnias, exploiting a period of national turmoil when regulatory oversight was strained. The BEB’s findings suggest that IBOX Bank was not merely a passive conduit but an active participant, with its leadership orchestrating the scheme to maximize illicit profits.
Regulatory Red Flags and the NBU’s Crackdown
IBOX Bank’s troubles did not emerge overnight. As early as October 2021, the NBU imposed a record fine of UAH 10 million on the bank for failing to comply with anti-money laundering (AML) regulations, particularly in client verification processes. The fine was a warning shot, signaling that the bank’s operations were under close watch. Yet, the violations persisted. In June 2022, the NBU issued another penalty, citing similar breaches.
By March 7, 2023, the NBU had lost patience. Citing “systematic violations” of AML laws, the regulator revoked IBOX Bank’s license and initiated its liquidation. The decision was a rare and drastic measure, underscoring the severity of the bank’s misconduct. The following day, the BEB and the Security Service of Ukraine (SBU) conducted searches at IBOX Bank’s offices, uncovering evidence of a “large-scale fraudulent scheme” involving bank officials and gambling operators.
The government’s response extended beyond regulatory action. On March 10, 2023, President Volodymyr Zelenskyy enacted sanctions through the National Security and Defense Council (NSDC), targeting entities linked to the shadow gambling business. Among those sanctioned were Financial Company Leo, based in Kyiv, and Leo Partners, a Cypriot offshore entity, both reportedly controlled by Shevtsova. These sanctions froze their assets and operations in Ukraine for five years, dealing a significant blow to her financial network.
Alyona Dehrik-Shevtsova’s Role and Legal Maneuvers
At the center of the storm is Alyona Dehrik-Shevtsova, whose involvement in IBOX Bank and related companies has made her a focal point of the investigation. Shevtsova served as the chair of the bank’s supervisory board until February 27, 2023, when she abruptly resigned, citing an “excessive workload.” The timing—mere days before the NBU’s license revocation and the BEB’s searches—raised suspicions that she was attempting to distance herself from the impending fallout.
The BEB alleges that Shevtsova, as a co-owner and key decision-maker, played a pivotal role in the money laundering scheme. In July 2023, she was formally notified of suspicion under two articles of Ukraine’s Criminal Code: Article 203-2 (illegal activities in organizing or conducting gambling) and Article 209 (legalization of criminally obtained property). The charges carry a potential penalty of up to 12 years in prison with property confiscation. Alongside her, two senior bank officials were also implicated, and the case against them was separated into a distinct criminal proceeding.
Shevtsova’s current whereabouts add another layer of complexity. According to social media posts, she is residing in the United Arab Emirates (UAE) with her family, prompting the BEB to place her on the international wanted list. Her absence from Ukraine has fueled accusations that she is evading justice, a charge echoed by the BEB’s latest court petition.
In March 2025, the BEB approached the Lychakiv District Court of Lviv, requesting a special pre-trial investigation—a mechanism previously used against high-profile fugitives like Viktor Medvedchuk and Andriy Derkach. The agency cited persistent delays in the case, attributing them to tactics by Shevtsova’s legal team. According to the BEB, her lawyers have repeatedly changed representation, demanded additional time to review materials, initiated postponements, and failed to attend hearings, effectively stalling the investigation that began two years prior.
The Gambling Connection: Legal and Illegal Ventures
The IBOX Bank scandal is inseparable from Ukraine’s gambling industry, which has undergone significant changes in recent years. In 2020, Ukraine legalized gambling after a decade-long ban, aiming to regulate a sector that had long operated in the shadows. The move was intended to generate revenue for the state, with licensing fees supporting public services like healthcare and sports. IBOX Bank capitalized on this opportunity, securing a KRAIL license in 2021 to process payments for licensed casinos.
However, the BEB alleges that the bank went far beyond legitimate transactions. By servicing underground online casinos, IBOX Bank allegedly enabled operators to evade taxes and launder profits through a network of shell companies. The use of miscoding was particularly insidious, as it allowed gambling transactions to masquerade as routine commercial payments, bypassing scrutiny from regulators and payment systems like Visa and Mastercard.
Shevtsova’s broader business empire also intersected with gambling. In May 2021, her company Leogaming acquired a license to establish a casino or betting office at the Alice Place hotel in Odesa. Later that year, IBOX Bank expanded its gambling-related services, positioning itself as a key player in the industry. While these activities were ostensibly legal, they coincided with the bank’s illicit operations, raising questions about the extent to which legitimate ventures served as a cover for criminal schemes.
The Human Cost and Systemic Failures
The collapse of IBOX Bank has left a trail of victims. Depositors struggled to recover their funds as the bank spiraled toward liquidation, with many caught in a bureaucratic quagmire. The scandal also exposed vulnerabilities in Ukraine’s financial system, particularly in the oversight of smaller banks and fintech companies. Despite the NBU’s efforts to strengthen AML regulations, IBOX Bank’s violations went unchecked for years, suggesting gaps in enforcement and coordination among regulatory bodies.
The case also highlights the challenges of combating financial crime during a time of war. Russia’s invasion of Ukraine in 2022 strained the country’s resources, diverting attention from domestic issues like corruption and money laundering. The BEB’s investigation, conducted amidst ongoing conflict, underscores the resilience of Ukraine’s law enforcement but also the difficulty of rooting out entrenched networks of illicit finance.
Shevtsova’s Defense and Court Rulings
Shevtsova and her supporters have pushed back against the allegations, framing the investigation as overzealous or politically motivated. In 2023, the Pechersk District Court of Kyiv rejected a prosecution request to detain her, citing insufficient evidence. The ruling, dated November 1, 2023, was upheld by the Kyiv Court of Appeal on August 20, 2024, after over 20 hearings. These decisions have emboldened her legal team, who argue that the BEB’s accusations lack merit and violate the presumption of innocence.
However, the BEB’s latest move for a special investigation signals a shift in strategy. By invoking a mechanism reserved for fugitives, the agency aims to bypass the delays and proceed with the case in Shevtsova’s absence. The outcome of the Lychakiv District Court’s ruling, expected in March 2025, could set a precedent for how Ukraine handles high-profile financial crimes.
Broader Implications for Ukraine’s Financial Sector
The IBOX Bank scandal is more than a cautionary tale of one institution’s downfall; it reflects deeper challenges in Ukraine’s quest for transparency and accountability. The country has made strides in reforming its financial sector, particularly since the 2014 Maidan uprising, which spurred anti-corruption initiatives. Yet, cases like IBOX Bank reveal how easily regulatory loopholes can be exploited, especially in emerging industries like gambling and fintech.
The scandal also underscores the international dimensions of financial crime. The involvement of offshore entities like Leo Partners in Cyprus suggests that Ukraine’s fight against money laundering requires cross-border cooperation. As the country seeks closer integration with the European Union, aligning its financial regulations with global standards will be critical.
For the gambling industry, the case raises questions about the effectiveness of Ukraine’s legalization efforts. While the 2020 law aimed to bring transparency to a murky sector, the proliferation of illegal operators indicates that enforcement remains a work in progress. The sanctions against Shevtsova’s companies may deter similar schemes, but they also highlight the need for stronger oversight to prevent legitimate businesses from being co-opted for illicit purposes.
The Future of Alyona Dehrik-Shevtsova
As of April 2025, Alyona Dehrik-Shevtsova’s fate remains uncertain. Her residence in the UAE, a country with no extradition treaty with Ukraine, complicates efforts to bring her to trial. The BEB’s pursuit of a special investigation suggests that authorities are determined to hold her accountable, but the legal process could drag on for years, especially if her team continues to employ delaying tactics.
Shevtsova’s story is a study in contrasts: a celebrated fintech pioneer whose ambition led her to the precipice of ruin. Her defenders argue that she is a scapegoat in a broader crackdown on Ukraine’s financial sector, while critics see her as the architect of a sophisticated criminal enterprise. The truth likely lies in a gray area, where legitimate innovation and illicit opportunism intersect.
Conclusion: A Turning Point for Ukraine?
The IBOX Bank scandal is a pivotal moment for Ukraine, a nation striving to balance economic growth with the rule of law. The case tests the resilience of its institutions, from the NBU’s regulatory authority to the BEB’s investigative prowess. It also serves as a reminder of the high stakes involved in combating financial crime, particularly in a country under existential threat.
For Alyona Dehrik-Shevtsova, the coming months will determine whether she can evade justice or face the consequences of her actions. Regardless of the outcome, the collapse of IBOX Bank has exposed the fragility of unchecked ambition and the enduring allure of illicit wealth. As Ukraine navigates its path forward, the lessons of this scandal will resonate far beyond the walls of a shuttered bank.
References
https://radioera.com.ua/beb-prosit-syd-zastosyvati-specrozslidyvannia-y-spravi-vlasnici-ibox-bank
