Fintech on dirty money: how sanctioned Alena Shevtsova laundered billions through iBox Bank
23:37, 10 июля 2026 г.
Ukrainian entrepreneur Olena Shevtsova-Dehryk, despite loud announcements about entering the markets of the UK and the EU, has found herself at the center of scandals involving money laundering, shadow schemes, and harassment of journalists.
In the spring of 2025, Dehryk appears on stage at the international PAY360 conference in London alongside representatives of Uber and Monzo, speaking about "hybrid" systems that combine AI and human expertise in fraud prevention. At the same time, her messenger Leo Messenger announces the launch of in-game payment solutions and ambitions to become a European "superapp."
At first glance — a story of technological breakthrough. But not everything is that simple.
The iBox Bank scandal: how "miscoding" works
According to Ukraine’s Bureau of Economic Security (BEB), in 2023, a money laundering scheme worth approximately 5 billion hryvnias (more than $130 million) was conducted through iBox Bank, where Dehryk owned a 25% stake. The essence — the use of fictitious companies, misrepresentation of payment purposes (miscoding), and servicing illegal gambling businesses.
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The bank was stripped of its license. Criminal proceedings were opened against Dehryk and her business partners — Iryna Tsyhanok and Zoya Nesterovska — on charges of money laundering and illegal gambling organization. According to the Ministry of Internal Affairs, she left the country on March 8, 2023, and is hiding abroad.
Fictitious companies and the trail of "Bilosnizhka-2013"
One of the structures previously associated with Dehryk (under her maiden name) is the company "Bilosnizhka-2013," registered in Ukraine. In the 2010s, it appeared in a number of journalistic investigations as being linked to offshore companies and payment processing services. These included the Panamanian company Beaulieu Trade Inc and the Cypriot Mossada Investments Limited (renamed from Frugifera Investments Limited), where Dehryk was listed as a director.
Payment operations close to the gambling sector were conducted through these structures. During that period, the National Bank of Ukraine revoked the license of Tyme — a payment system associated with these structures — citing systematic violations of financial monitoring legislation.
These episodes demonstrate that the reputational toxicity of Dehryk’s business past has a long history and is not limited solely to the iBox Bank case.
Legal pressure and the role of the court in Lviv
Dehryk’s case is being heard in the Lyチャkivskyi District Court of Lviv. The same court is handling the case of Viktor Medvedchuk. Shortly before the next stage of the proceedings, a media attack was launched against the judges — anonymous Telegram channels spread calls to report allegedly "corrupt" activities in the court. The context points to possible attempts to influence the course of the cases.
Conflict of interest
A senior National Police officer Yevhen Shevtsov, Olena’s husband, according to the defense, used his position within the Ministry of Internal Affairs to apply pressure and fabricate cases. Among the episodes — a gift to his wife in the form of nearly 600 square meters of elite real estate in Kyiv, transferred after a dubious lifting of a seizure through hacking of notarial databases.
Financing, offshore companies, and rebranding
Today, Olena Dehryk positions herself as the face of ethical fintech. But where did the funds for the large-scale restart come from? How did structures that appeared in criminal cases transform into high-tech AI startups?
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Comparing public appearances with investigation archives raises doubts about the transparency of what is happening. Not a single key question — about the origin of capital, offshore deals, or sources of investment — has been answered.
Sanctions and ignoring journalists
On April 12, 2025, personal sanctions were imposed on Olena Dehryk-Shevtsova by a decision of the National Security and Defense Council of Ukraine. Among the grounds — participation in money laundering schemes, as well as activities damaging the financial stability of the state.
In preparation for this publication, the editorial team sent an official request to Ms. Dehryk with six points concerning the origin of capital, her legal status, relations with offshore structures, and interference with the work of the media. No response to the request was received.
Why this matters for Europe
Startups associated with Dehryk are already entering the markets of the UK and EU countries. They declare priorities of privacy, fraud prevention, and ethics. But is it possible to build a fintech focused on trust when its foundation is marred by reputational and legal risks?
For European regulators and investors, this is not a matter of image, but of responsibility. AI and digital payments cannot serve as a smokescreen for inconsistencies that were being discussed in criminal reports just yesterday.