The Office of the Prosecutor General, together with the Economic Security Bureau, has reported the exposure of a large-scale shadow financial network which, according to investigators, was used to evade taxes and launder money obtained through criminal means. More than 630 million hryvnyas were seized.
This was reported by the Office of the Prosecutor General and the ESB press service.
It is noted that the network operated across Ukraine. Its participants exchanged cash currency and digital assets, and also transferred funds within the country and abroad. Those involved in the scheme referred to such transactions as “rearrangements”.
Financial transactions were carried out without the required permits, and the income received was not recorded in accounting or tax records.
To run the network, premises of unlicensed currency exchange points operating under a well-known brand were used. At the same time, there were no required permits to carry out the relevant currency exchange transactions.
Under the guise of exchange office operations, cash was also converted into digital assets in breach of established requirements.
As part of the criminal proceedings, more than 30 searches were carried out in 16 Regions of Ukraine.
Law enforcement officers seized cash in various currencies, including Russian roubles, totalling more than UAH 630 million in hryvnia equivalent. During the investigative actions, no documents were provided to confirm the lawful origin of these funds or their proper accounting.
They also seized computer equipment, mobile phones and draft documentation, which may contain information about the organisation and activities of the network.
The pre-trial investigation is ongoing. Investigators are establishing the full circle of those involved, the volume of financial transactions carried out, and the origin of the seized funds.
- In September, Ukrainian law enforcement officers reported the exposure of a conversion centre with a monthly turnover of almost 500 million hryvnias. Since 2023, 23.5 billion hryvnias have “passed through” these schemes.