40 searches and 90 shell companies: Large-scale money laundering center with over UAH 18 billion turnover exposed in Ukraine

Law enforcement officers have uncovered a large-scale tax evasion and illegal cashing scheme that has been operating since 2020 in several regions of Ukraine. According to preliminary data, more than 18 billion UAH could have been converted through the network. This was reported by the Office of the Prosecutor General, according to UNN.

Details

According to the investigation, the participants created a so-called "conversion center" that helped enterprises artificially reduce tax liabilities and obtain cash. According to preliminary information, more than 200 enterprises used the services of the scheme.

The investigation believes that more than 90 shell companies were created for the network's operation. Through them, documents were drawn up for the alleged purchase of goods or services that did not actually exist. Most often, these were operations involving fuel.

The prosecutor's office noted that the losses to the state budget amount to almost 57 million UAH.

Organizers operated in seven regions

According to the investigation, the scheme was organized by a native of the Luhansk region together with his mother. Three other accomplices and four accountants were also involved in the activities.

The network operated in the Poltava, Odesa, Lviv, Dnipropetrovsk, Chernihiv, and Kyiv regions, as well as in Kyiv. In addition, interaction with certain enterprises abroad has been established.

Currency and equipment seized during searches

Law enforcement officers conducted nearly 40 searches. During the investigative actions, more than 5 million UAH, about 300,000 US dollars, over 22,000 euros, cars, phones, bank cards, computer equipment, and financial documentation were seized.

Suspicions and preventive measures

The organizers and participants were notified of suspicion of creating a criminal organization, fictitious registration of enterprises, tax evasion, and forgery of documents.

According to the investigation, the organizer is in hiding. His mother was given a preventive measure in the form of detention with the possibility of bail exceeding 50 million UAH. Two other suspects are in custody with an alternative of bail exceeding 3 million UAH each, and another was placed under nightly house arrest.

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