Detectives from the Bureau of Economic Security of Ukraine said they had uncovered a large-scale network of conversion centers used to move funds from real-sector businesses into the shadow economy. According to investigators, the network had a total turnover of UAH 23.5 billion, while unpaid taxes exceeded UAH 3 billion.
This was reported by the Bureau of Economic Security of Ukraine.
According to the BES, the scheme had been operating since 2023. More than 40 people from Kyiv and six regions of Ukraine were involved in its activities at different times.
Investigators identified 97 controlled fictitious companies and more than 8,000 individual entrepreneurs. According to the BES, around 200 businesses used the network’s services.
The companies transferred funds to accounts controlled by the group, allegedly as payment for goods, work or services that did not actually exist. Part of the money was later converted into cryptocurrency and then into cash.
As part of the operation, detectives conducted 50 searches in Kyiv, Kharkiv and Odesa. They seized cash in various currencies worth more than UAH 130 million in hryvnia equivalent, as well as mobile phones, computer equipment, company seals and accounting documents.
Six participants in the scheme were notified of suspicion under several articles of the Criminal Code of Ukraine. The pre-trial investigation is ongoing.
