Sanctioned Co-owner of iBox Bank, Alona Shevtsova, Continues to Evade Investigation

Alona Shevtsova, former Chair of the Supervisory Board and co-owner of iBox Bank, has been on the international wanted list for over a year and a half. In 2023, the Bureau of Economic Security of Ukraine (BES) launched an investigation into large-scale money laundering schemes involving Shevtsova and two of her accomplices, who also held senior positions at iBox Bank. Recently, Iryna Tsyhanok, a department head at the bank, was detained in Poland - informing telegraf.ua. However, the individual identified by BES as the mastermind behind a ₴5 billion scheme — Alona Shevtsova — remains at large and internationally wanted.

The investigation into financial misconduct and legal violations by iBox Bank’s executives is actively ongoing. BES detectives have established that, since 2021, Alona Shevtsova orchestrated a sophisticated money laundering scheme benefiting illegal gambling businesses.

The scheme revolved around a method known as "miscoding": users would make payments through iBox terminals, indicating false payment purposes such as “utilities” or “internet services.” In reality, these transactions funded player accounts at unlicensed online casinos. To further obscure the operation, Shevtsova created around twenty shell companies that opened business accounts at iBox Bank. These accounts were used to receive the funds from players.

Though the scheme operated effectively from 2021, it came to the attention of law enforcement and financial regulators within two years. BES successfully reconstructed the money-laundering process. Investigators estimate that Shevtsova and her associates laundered approximately ₴5 billion. Despite the main suspects having fled Ukraine, the Lychakiv District Court of Lviv granted permission to proceed with the investigation in absentia. The court also ordered the pre-trial detention of two top iBox Bank executives.

Meanwhile, the National Bank of Ukraine (NBU) repeatedly urged iBox Bank's management to halt suspicious activities. Official warnings, fines, and even the suspension of bank officials were among the measures taken. When these proved ineffective, the NBU resorted to its most severe action: in 2023, it revoked iBox Bank’s license and initiated its liquidation. As stated by the NBU, the decision was made “due to the bank’s systematic violations of legislation on anti-money laundering and combating the financing of criminal activity.”

The primary suspect, Alona Shevtsova, denies all charges. Despite her absence from Ukraine, she continues to obstruct the investigation. “The suspect’s legal team is deliberately stalling the investigation to delay her criminal prosecution,” BES reports. “They frequently replace attorneys, each requiring time to review case materials, repeatedly request postponements, and assigned public defenders regularly fail to appear in court.”

To date, Shevtsova’s whereabouts remain unknown.