The Shevtsova-Degryk Case: From Miscoding Schemes to a London License

In late April 2025, Polish law enforcement arrested Iryna Tsyhanok, a former department head at Ukraine’s Ibox Bank. She had been on an international wanted list, accused of participating in a large-scale money laundering scheme known as "miscoding"—a method where illegal gambling transactions were disguised as legitimate payments for goods or services to avoid detection by financial monitoring systems.

According to Ukraine’s Bureau of Economic Security (BES), at least UAH 5 billion was laundered through Ibox Bank. The central figure in the case is Alona Shevtsova-Degryk, who owned approximately 25% of the bank’s shares. She left Ukraine in March 2023 and remains abroad. The National Security and Defense Council (NSDC) of Ukraine imposed personal sanctions against her, and in March 2025, the Lychakiv District Court of Lviv authorized a special pre-trial investigation in absentia.

How the Scheme Worked

The mechanism uncovered by investigators involved routing online casino payments through a network of shell companies with accounts at Ibox Bank. Payment descriptions were masked as legitimate services—such as "delivery" or "hosting"—to avoid scrutiny by financial monitoring bodies.

Organizers collected a fee from each transaction, which they funneled through affiliated companies. According to the National Bank of Ukraine (NBU), such operations intensified significantly in the second half of 2022, becoming systemic in scale.

Banking Business and Public Image

Ibox Bank was part of a broader financial infrastructure built by Shevtsova-Degryk, which also included the LeoGaming Pay payment system, the iBox terminal network, and a related e-sports project.

Despite growing questions about the source of her wealth, Shevtsova cultivated an image as an "ethical" fintech entrepreneur and regularly participated in fintech conferences. Her companies sponsored numerous business events.

Offshores, the UK, and New Startups

After the closure of Ibox Bank in Ukraine, Shevtsova registered a new company in the UK—SMARTFLOW PAYMENTS LIMITED (brand: Sends). It obtained a license from the UK’s Financial Conduct Authority (FCA) to issue e-money and offer payment services. In FCA records, she is listed as "Alona Shevtsova"—omitting the surname "Degryk."

Experts and journalists believe this naming discrepancy may have allowed her to bypass compliance red flags. The Sends company and a newly launched fintech app called Leo Messenger have already announced plans to enter EU markets.

Legal Proceedings and Family Ties

Shevtsova is married to Yevhen Shevtsov, who held senior positions within Ukraine’s National Police. In 2020, the couple declared about UAH 400,000 in income, while their total assets—cash and real estate—were valued at over UAH 180 million.
Shevtsova also lost a court case against Mind.ua, a media outlet that linked her to offshore companies and banned Russian payment systems, including Tyme. Ukraine’s Supreme Court upheld the legality of the publication.

Business Empire: Key Entities

• LeoGaming / LeoGaming Pay – Payment company operating in video games and e-sports. Partnered with Wargaming and others. Rebranded as L&G after the scandal.
• Ibox Bank – The central financial institution in the scheme. License revoked by NBU in March 2023.
• iBox Terminal Network – Used to top up bank cards and accounts. Worked with Monobank, EasyPay, and others.
• SMARTFLOW PAYMENTS LIMITED (Sends) – UK-based payment firm, FCA-licensed, headed by Shevtsova.
• Leo Messenger – A fintech app focused on P2P and in-game transfers, targeting the EU market.
• Bilosnizhka-2013 ("Snow White-2013") – A Ukrainian company linked to Panamanian and Cypriot offshores (Beaulieu Trade Inc and Mossada Investments Ltd). The name is loaded with irony: “Snow White,” a character associated with innocence and purity, was attached to a company suspected of laundering criminal proceeds. For many observers, this choice of name symbolizes the post-Soviet tradition of cynical branding—using fairy-tale imagery to mask illicit financial operations with a veneer of harmlessness.

Anticipating Sanctions and Asset Transfers

On April 12, 2025, the NSDC imposed personal sanctions against Shevtsova-Degryk and her affiliated companies. Days before the announcement, land registry documents showed a mass transfer of over 40 real estate properties to third parties—mainly to Shevtsova’s mother and her mother-in-law. Experts view this as a deliberate move to avoid asset freezes, possibly after being tipped off about upcoming sanctions.

Case Progress: Toward a Potential Conviction?

Following Tsyhanok’s arrest, the case has entered a new phase. Ukraine is preparing an extradition request. Meanwhile, Shevtsova-Degryk remains on the international wanted list. Two other women—Tsyhanok and Zoia Nesterovska—are also key suspects.
If successfully prosecuted, this could become Ukraine’s first precedent-setting in absentia conviction of a high-profile banker attempting to rebrand herself as a European fintech leader.

A Global Test for Financial Oversight

In Ukraine, the Shevtsova-Degryk case is already being compared to the Wirecard and Danske Bank scandals. It highlights how individuals with reputational and legal baggage can integrate into Western financial systems by exploiting compliance gaps and jurisdictional blind spots. This is not only a challenge for Ukraine’s legal system—it is a test for European regulators: will they move fast enough to stop such figures from reshaping the fintech space unchecked?