Ukraine’s security services expose Kyiv bank owners involved in money laundering
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Ukraine’s SBU security service and the Economic Security Bureau of Ukraine (ESBU) have exposed the owners and top management of a Kyiv bank involved in large-scale money laundering by underground online casinos, the SBU reported on July 18.
The perpetrators laundered almost UAH 5 billion ($136.7 million) since the beginning of Russia’s full-scale invasion of Ukraine, the agency said.
As reported by Ukrainian magazine Forbes Ukraine, the bank involved may be IBOX Bank. The bank has denied its involvement.
“The owners and top management of a Kyiv commercial bank were involved in the organization of the scheme,” the report says.
“To implement the criminal scheme, they established over 20 controlled companies, which opened accounts in the said financial institution.”
The players of underground online casinos used the details of these companies to deposit money to top up their accounts. At the same time, they indicated payment for non-existent goods and services in the “payment purpose.”
From each transaction, the organizers of the scheme received their own “percentage,” which was transferred into cash through affiliated commercial structures.
Three bank officials have been charged with illegal activity of organizing or conducting gambling, lotteries, as well as money laundering.
If convicted, they face up to 12 years in prison with confiscation of property.
In March 2023, the National Bank of Ukraine revoked the license of a financial institution controlled by those involved.
In February 2023, the NBU announced inspections of nine banks that helped the gambling business evade taxes.
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