Alyona Shevtsova

Full Report

Key Points

• Alleged Financial Misconduct: Alyona Shevtsova is implicated in laundering over 7 billion UAH (approximately $190 million USD) through IBOX Bank, facilitating illegal gambling and potentially narcotics trafficking.

• Regulatory Violations: IBOX Bank’s license was revoked in 2023 by the National Bank of Ukraine due to persistent anti-money laundering violations.

• Suppression of Information: Shevtsova is accused of using fraudulent DMCA takedown notices to suppress critical reviews and negative media, potentially involving perjury, fraud, and impersonation.

• Legal Challenges: Faces multiple investigations in Ukraine for illegal gambling, fraud, money laundering, and other charges, with a notice of suspicion issued in November 2023.

• Current Status: Reportedly fled to the United Arab Emirates, evading prosecution, with assets allegedly transferred to relatives to avoid sanctions.

Overview

Alyona Shevtsova, once a prominent figure in Ukraine’s fintech and gaming sectors, is associated with several financial entities, including IBOX Bank, LeoGaming, LEO International Payment System, and Sends (Smartflow Payments Limited). She gained a significant stake in IBOX Bank in 2020, assuming control in 2022, and founded fintech ventures aimed at digital payments and financial services. However, her ventures have come under scrutiny for alleged involvement in illegal financial activities, leading to a tarnished reputation and legal challenges. Shevtsova is currently under investigation for serious financial crimes and is reportedly residing in the UAE, evading Ukrainian authorities.

Allegations and Concerns

• Money Laundering: Investigations by Ukraine’s Bureau of Economic Security (BEB) and Security Service of Ukraine (SBU) allege that IBOX Bank, under Shevtsova’s leadership, facilitated illegal gambling transactions, laundering over 7 billion UAH through offshore accounts and shell companies.

• Illegal Gambling Operations: LeoGaming and LEO International Payment System are implicated in processing payments for unauthorized offshore casinos, disguising transactions as legitimate business activities.

• Fraud and Impersonation via DMCA Abuse: Shevtsova is accused of orchestrating fraudulent DMCA takedown notices to remove negative content from Google search results, potentially involving perjury and impersonation. Over 100 notices, many filed under names like Nada Elsyed and Nahum Pettibon, are linked to this scheme.

• Regulatory Non-Compliance: IBOX Bank faced fines and warnings from the National Bank of Ukraine for years before its license revocation in 2023 due to anti-money laundering violations.

• Media Manipulation: Shevtsova allegedly pressured media outlets to retract or amend critical articles and is accused of bribing officials to conceal her activities.

• Fleeing Prosecution: After being named in investigations in November 2023, Shevtsova reportedly fled to the UAE, with assets transferred to her mother and mother-in-law to evade sanctions.

Customer Feedback

No direct consumer reviews are provided in the source, as the focus is on investigative findings rather than customer experiences. However, public perception has shifted significantly:

• Negative Sentiment: Once celebrated as a fintech innovator, Shevtsova is now viewed with skepticism and distrust due to allegations of financial misconduct and regulatory breaches.

• Industry Impact: Her ventures are cited as cautionary tales in Ukraine’s fintech sector, highlighting the need for transparency and compliance. No specific positive or negative consumer quotes are available, but media reports indicate widespread concern among stakeholders about her business practices.

Risk Considerations

• Financial Risks: Investors face potential losses due to the collapse of IBOX Bank and ongoing investigations into Shevtsova’s other ventures, such as Sends, which may face regulatory scrutiny in the UK.

• Reputational Risks: Association with Shevtsova or her companies could damage the credibility of partners, investors, or employees due to her alleged involvement in criminal activities and media manipulation.

• Legal Risks: Shevtsova faces severe penalties, including imprisonment and asset seizures, in Ukraine. International investigations, such as by Transparency International UK, may further complicate her ventures’ operations.

• Operational Risks: The use of shell companies and offshore accounts suggests ongoing illicit activities, posing risks to stakeholders engaging with her entities.

Business Relations and Associations

• IBOX Bank: Shevtsova acquired a significant stake in 2020 and assumed control in 2022. The bank is linked to illegal gambling and money laundering, with key figures like Irina Tsyganok (arrested in Poland) involved.

• LeoGaming and LEO International Payment System: Founded by Shevtsova, these entities are implicated in facilitating illicit transactions, with connections to offshore accounts in Cyprus and the British Virgin Islands.

• Sends (Smartflow Payments Limited): A UK-registered fintech linked to Shevtsova, currently under investigation by Transparency International UK for compliance issues. Leadership includes individuals tied to the IBOX scandal.

• Shell Companies: Over 17 interlinked entities in Cyprus, the UAE, and the UK are associated with Shevtsova, used to obscure financial transactions.

• Associates: Irina Tsyganok, a top manager at IBOX Bank, was arrested in Poland for her role in the laundering scheme. Other associates’ names are redacted in DMCA notices.

Legal and Financial Concerns

• Lawsuits and Investigations: Shevtsova faces charges in Ukraine for illegal gambling, fraud, fictitious entrepreneurship, money laundering, participation in a criminal organization, illegal enrichment, and unauthorized interference with IT systems. A notice of suspicion was issued in November 2023.

• Asset Transfers: She allegedly transferred elite real estate in Kyiv and Odesa to her mother and mother-in-law to avoid sanctions by Ukraine’s National Security and Defense Council (NSDC).

• License Revocation: IBOX Bank’s license was revoked in 2023 due to persistent anti-money laundering violations.

• International Scrutiny: Sends is under investigation by Transparency International UK for compliance with EU and UK regulations.

• No Bankruptcy Records: No specific mentions of bankruptcy, but the financial collapse of IBOX Bank and asset transfers suggest attempts to shield wealth from legal consequences.

Risk Assessment Table

Alyona Shevtsova’s case is a stark example of the risks inherent in fintech ventures lacking robust regulatory oversight. Her alleged involvement in money laundering, illegal gambling, and fraudulent DMCA takedown schemes highlights systemic issues in Ukraine’s financial sector, where regulatory enforcement lagged for years. The scale of the laundering operation—over 7 billion UAH—underscores the sophistication of her alleged schemes, leveraging shell companies and offshore jurisdictions to evade scrutiny.

Investors and stakeholders should avoid engagement with Shevtsova’s ventures until legal and regulatory issues are resolved. Due diligence is critical, given the complex network of shell companies and ongoing investigations. Companies like Sends should be scrutinized for compliance, and any partnership with entities linked to Shevtsova carries significant reputational and legal risks. Stakeholders should monitor developments in Ukraine’s legal proceedings and international investigations, particularly regarding potential extradition.