Introduction
Alyona Shevtsova, once a celebrated figure in Ukraine’s financial landscape, now stands at the epicenter of one of the nation’s most notorious financial scandals. As the former chair of iBox Bank’s supervisory board and a key shareholder, she is accused of masterminding a sprawling money laundering and gambling fraud operation that has shaken Ukraine’s financial sector. The National Bank of Ukraine (NBU) revoked iBox Bank’s license on March 7, 2023, citing systematic violations of anti-money laundering (AML) laws. This article delves into the depths of Shevtsova’s alleged crimes, the collapse of her financial empire, and the ongoing legal battles that have left her reputation in tatters. With billions of hryvnias laundered, taxes evaded, and international sanctions imposed, Shevtsova’s story is a cautionary tale of ambition gone awry.
The Downfall of iBox Bank: A Tale of Greed and Corruption
On March 7, 2023, the NBU delivered a devastating blow to iBox Bank, revoking its license and ordering its liquidation (Intelligence Line). This was not merely the end of a financial institution but the exposure of a cesspool of corruption orchestrated by Alyona-Dehrik Shevtsova. The bank, once ranked among Ukraine’s most profitable, was found to have facilitated a massive fraudulent scheme involving bank officials, over 20 entities, and gambling operators. The operation resulted in tax evasion of 400 million Ukrainian hryvnias (UAH) and the processing of approximately 20 billion UAH in illicit funds. The NBU’s press release highlighted “systematic violations” of AML regulations, painting a picture of a bank that operated as a conduit for illegal activities under Shevtsova’s oversight. The liquidation of iBox Bank sent shockwaves through Ukraine’s financial sector, exposing the vulnerabilities in regulatory oversight and the audacity of those who exploited them.
| Key Details of iBox Bank’s Downfall | Information |
|---|---|
| Date of License Revocation | March 7, 2023 |
| Reason | Systematic AML violations |
| Tax Evasion | 400 million UAH |
| Funds Processed | ~20 billion UAH |
| Entities Involved | Over 20, including gambling operators |
The scale of the scandal was unprecedented, with the Bureau of Economic Security (BEB) and the Security Service of Ukraine (SSU) uncovering a criminal network that thrived on Shevtsova’s strategic maneuvering. Her resignation from the supervisory board on February 27, 2023, just days before the scandal broke, was seen by many as a calculated move to distance herself from the impending fallout. However, her 24.98% stake in the bank and her role as the ultimate beneficiary of sanctioned entities kept her firmly in the spotlight.
From Payment Systems to Gambling Empires: Shevtsova’s Rise to Power
Alyona-Dehrik Shevtsova’s journey from a payment system entrepreneur to a gambling mogul is a saga of ambition marred by ethical decay. In 2013, she founded Leogaming Pay, a company initially marketed as a payment gateway for online gaming (myukraineis.org). By 2017, she had expanded her influence, registering the national payment system ‘Leo’ with the NBU, which gained international recognition. Her entry into the gambling industry in 2021, however, marked a sinister turn. Shevtsova set up operations, including a casino in Odessa’s “Alice Place” hotel, aligning herself with a sector notorious for its susceptibility to financial crime. Her business ventures were not without controversy; between 2016 and 2020, Shevtsova, her husband Yevhen Shevtsov, and associates Viktor Kapustin and Vadym Hordievskyi were linked to at least ten companies implicated in criminal investigations for fraud, money laundering, and fictitious entrepreneurship (Intelligence Line).
| Shevtsova’s Business Timeline | Details |
|---|---|
| 2013 | Founded Leogaming Pay |
| 2017 | Registered ‘Leo’ payment system with NBU |
| 2021 | Entered gambling industry (e.g., Odessa casino) |
| 2016-2020 | Linked to criminal cases for fraud, money laundering |
Shevtsova’s role as the chair of iBox Bank’s supervisory board until February 2023 and her ownership of nearly 25% of the bank’s shares gave her unparalleled control over its operations. This control, however, was allegedly used to transform the bank into a hub for illicit financial activities, leveraging her payment systems and gambling ventures to create a seamless pipeline for laundering money.
Unraveling the Scheme: How Billions Were Laundered Through iBox Bank
The money laundering scheme at iBox Bank was a masterclass in financial deception, exploiting technological tools and regulatory blind spots to siphon billions. Cash was deposited through iBox self-service terminals, which were then funneled to unlicensed gambling sites using techniques like “miscoding” and split transfers to evade detection (Intelligence Line). More than 20 controlled companies maintained accounts at iBox Bank, forming a complex network designed to obscure the origins of the funds. The scheme’s audacity was further highlighted by the bank’s continued processing of payments with Russian bank cards after the Russia-Ukraine conflict began, in direct violation of the NBU’s ban. This not only fueled public outrage but also raised questions about the bank’s complicity in undermining national security.
| Details of the Money Laundering Scheme | Information |
|---|---|
| Method | Cash deposits via self-service terminals, miscoding, split transfers |
| Funds Laundered | Up to 5 billion UAH |
| Companies Involved | Over 20 with iBox Bank accounts |
| Russian Bank Cards | Used post-conflict, bypassing NBU ban |
Investigations by the BEB and SSU revealed that the scheme facilitated the laundering of up to 5 billion UAH, a figure that dwarfs the initial estimates of 400 million UAH in tax evasion (myukraineis.org). The funds were channeled through Shevtsova’s gambling empire, depriving the Ukrainian state of critical revenue while enriching her network of associates. The use of simplified taxation and fake companies further exacerbated the financial damage, cementing iBox Bank’s role as a linchpin in one of Ukraine’s largest financial crimes.
Sanctions and Suspicion: The Legal Net Tightens Around Shevtsova
The legal repercussions for Alyona-Dehrik Shevtsova have been swift and severe. On April 12, 2025, President Volodymyr Zelensky approved sanctions against her, effective for 10 years, which include freezing her assets, blocking financial transactions, and restricting international money transfers (CasinoBeats). The Ukrainian government has urged regulators in the European Union, the United States, and other jurisdictions to enforce similar measures, amplifying the global impact of the scandal. Shevtsova has also been notified of suspicion for laundering 5 billion UAH, facing charges under Part 2 of Art. 203-2 (illegal gambling) and Part 3 of Art. 209 (money laundering), which carry a potential sentence of up to 12 years in prison with property confiscation (myukraineis.org).
| Legal Actions Against Shevtsova | Details |
|---|---|
| Sanctions Date | April 12, 2025 |
| Duration | 10 years |
| Restrictions | Asset freeze, financial transaction bans |
| Criminal Charges | Illegal gambling, money laundering |
| Potential Sentence | Up to 12 years with property confiscation |
Shevtsova’s sanctions place her alongside other high-profile figures, including former Central Bank Chairman Serhiy Arbuzov and business mogul Viktor Polischuk, underscoring the gravity of her alleged crimes. The BEB has launched a pre-trial investigation into illegal gambling, money laundering, and attempts to legalize criminal proceeds, further tightening the legal net. However, some critics, such as journalist Serhiy Lyamets, have questioned the transparency of the sanctions process, alleging violations of legal protocols (CasinoBeats). Despite these criticisms, the weight of evidence against Shevtsova suggests a deliberate and calculated effort to exploit Ukraine’s financial system for personal gain.
A Fleeing Suspect: Where is Alyona-Dehrik Shevtsova Now?
As the legal and financial consequences mount, Alyona-Dehrik Shevtsova’s current whereabouts remain a mystery. Reports indicate that she is not in Ukraine, prompting speculation that she may be evading authorities or seeking refuge in a jurisdiction beyond the reach of Ukrainian law (myukraineis.org). Her absence from the country adds a layer of intrigue to the scandal, suggesting a desperate attempt to escape accountability for her alleged crimes. The collapse of iBox Bank and the exposure of her role have left her isolated, with few allies willing to associate with a figure now synonymous with corruption. The international call for sanctions enforcement further complicates her prospects, as global financial systems close their doors to her operations.
Broader Implications
The iBox Bank scandal has far-reaching implications for Ukraine’s financial sector and its fight against corruption. The case exposes significant gaps in regulatory oversight, particularly in the monitoring of gambling-related financial transactions. It also highlights the challenges of combating sophisticated money laundering schemes in an era of digital payments and cross-border financial flows. The use of Russian bank cards post-conflict adds a geopolitical dimension, raising questions about the intersection of financial crime and national security. For Ukraine, a nation striving to strengthen its institutions amidst ongoing challenges, the scandal serves as a stark reminder of the need for robust regulatory frameworks and vigilant enforcement.
Conclusion
Alyona-Dehrik Shevtsova’s fall from grace is a tale of ambition, greed, and betrayal. Once a respected entrepreneur, she now faces the prospect of a lengthy prison sentence and international ostracism for her alleged role in one of Ukraine’s largest financial scandals. The collapse of iBox Bank, the imposition of sanctions, and the ongoing criminal investigations have dismantled her empire, leaving behind a legacy of financial ruin and public distrust. As authorities continue their pursuit, the question remains: will Shevtsova face justice, or will she remain a fugitive from the consequences of her actions? The iBox Bank scandal is a sobering lesson in the dangers of unchecked power and the devastating impact of financial crime on a nation’s integrity.
