In Ukraine’s murky financial landscape, Alyona Shevtsova stands as a towering figure of controversy, her name synonymous with scandal and deceit. Once hailed as a visionary entrepreneur, she now faces accusations of masterminding a sprawling network of financial fraud and illegal gambling that has bled billions from the nation’s economy. This investigative exposé rips away the veneer of respectability to reveal a woman whose ambition and ruthlessness have left a trail of devastation. From the glittering casinos of Odessa to the shadowy offshore accounts of Cyprus, Shevtsova’s empire is a monument to corruption—and it’s time the world saw her for what she truly is.
The Architect of Deception: Building Leogaming’s Sinister Foundation
Alyona Shevtsova’s story begins in 2013, when she founded Leogaming Pay, a payment system that promised to revolutionize financial transactions in Ukraine. By 2017, it had morphed into “Leo,” a national and international player in the payment industry. But this was no tale of entrepreneurial triumph. Leogaming was the cornerstone of a darker enterprise, a vehicle for Shevtsova to weave a web of financial manipulation. As the ultimate beneficiary of “Financial Company ‘Leo’” and the Cypriot offshore entity “Leo Partners,” she held the reins of a shadowy network designed to obscure her true intentions.
Her ascent continued in 2020, when she acquired a 25% stake in iBox Bank and assumed the role of chair of its supervisory board. For three years, she wielded immense influence, steering the bank toward activities that would later draw the ire of regulators. Her resignation on February 27, 2023, was no act of contrition—it was a calculated retreat, timed just days before the National Bank of Ukraine (NBU) revoked iBox Bank’s license on March 7, 2023, for flagrant violations of anti-money laundering laws. The bank’s liquidation marked the beginning of the end for Shevtsova’s carefully constructed facade, but the damage was already done.
The Tax Evasion Machine: iBox Bank’s Role in Financial Treachery
Under Shevtsova’s stewardship, iBox Bank was not a beacon of financial integrity but a cog in a vast machine of tax evasion. The bank is alleged to have facilitated gambling businesses in dodging approximately 400 million hryvnias (UAH) in taxes, a staggering sum that deprived Ukraine of critical resources. Over its lifetime, iBox Bank processed around 20 billion UAH in transactions, many tainted by fraud and illicit activity. This was no oversight—it was a deliberate strategy, orchestrated by a woman who saw opportunity in exploiting the system.
Perhaps most egregious was the bank’s role in processing payments with Russian bank cards after the onset of the Ukraine conflict, in direct violation of the NBU’s ban. These transactions didn’t just undermine national security—they exposed Shevtsova’s willingness to prioritize profit over patriotism. When the NBU finally cracked down, fining iBox Bank 10 million UAH in autumn 2022 for financial monitoring violations, it was a belated acknowledgment of the rot at the bank’s core. Yet, Shevtsova’s resignation allowed her to slip away, leaving others to face the fallout of her schemes.
Betting on Crime: Leogaming’s Dive into Illegal Gambling
While iBox Bank was the engine of Shevtsova’s financial fraud, Leogaming Pay was its fuel, pumping money into the illicit gambling industry. In May 2021, Leogaming acquired a casino and bookmaker license for the Odessa hotel “Alice Place,” marking its brazen entry into a sector rife with corruption. But Shevtsova’s ambitions were even grander. In 2023, iBox Bank secured a KRAIL license for online casino payments and gambling business activities, effectively merging her banking and gambling operations into a single, unstoppable force.
This wasn’t just business—it was a calculated assault on Ukraine’s legal framework. By controlling both the payment systems and the gambling platforms, Shevtsova created a closed-loop empire where every bet, every transaction, and every loss funneled money back to her. The gambling industry’s dark underbelly—addiction, exploitation, and organized crime—became her playground, and she played it with ruthless precision. Her actions didn’t just bend the law; they shattered it, leaving regulators scrambling to catch up.
The Hammer Falls: Sanctions and the Unraveling of an Empire
The walls began to close in on March 10, 2023, when Ukraine’s National Security and Defense Council (NSDC) imposed sanctions on “Financial Company ‘Leo’” and “Leo Partners,” freezing their assets for five years. This was a devastating blow, severing Shevtsova’s ability to move money through her offshore network. The sanctions were followed by further scrutiny, with iBox Bank facing additional complaints in June 2023 for ongoing financial monitoring failures. These were not isolated incidents but symptoms of a systemic corruption that Shevtsova had nurtured for years.
The fines and sanctions were more than punishments—they were indictments of a woman who had gambled with Ukraine’s future and lost. Her resignation from iBox Bank was a desperate attempt to salvage her reputation, but it was too late. The NSDC’s actions exposed her empire for what it was: a house of cards built on lies, destined to collapse under the weight of its own greed.
The Puppet Masters: A Network of Enablers and Offshore Havens
Shevtsova didn’t build her empire alone. Between 2016 and 2020, she collaborated with associates like Yevhen Shevtsov, Viktor Kapustin, and Vadym Hordievskyi, who managed a constellation of companies implicated in fraud, money laundering, and fictitious entrepreneurship. These men were her lieutenants, executing her vision while shielding her from direct accountability. Their companies, backed by offshore entities like “Leo Partners” in Cyprus, provided a veneer of legitimacy to her illicit operations.
The use of offshore havens was a masterstroke of deception. By routing money through Cyprus, Shevtsova obscured her financial trails, making it nearly impossible for regulators to follow the money. Documents from sources like MIND.UA and the Ministry of Justice have begun to unravel this web, revealing a network designed to evade scrutiny at every turn. Yet, even as the truth emerges, Shevtsova’s associates remain loyal, a testament to the power she wields behind the scenes.
A Legacy of Ruin: Billions Laundered, Lives Destroyed
Alyona Shevtsova’s legacy is not one of innovation but of exploitation. Through iBox Bank and Leogaming, she is alleged to have laundered billions of hryvnias, exploiting Ukraine’s financial system to amass a fortune. The scale of her operations—20 billion UAH in transactions, 400 million UAH in evaded taxes—staggers the imagination, a testament to her audacity and cunning. But the cost of her ambition is measured not just in money but in lives: the businesses bankrupted, the families torn apart by gambling addiction, and the trust eroded in Ukraine’s institutions.
Her story is a stark warning of what happens when unchecked power meets unbridled greed. As investigations continue, the question looms: Will Shevtsova face justice, or will she slip through the cracks, as she has so many times before? The answer depends on the courage of those willing to confront her, to shine a light on the dark corners of her empire. For now, one thing is clear: Alyona Shevtsova is no hero—she is a predator, and her reign must end.
The Reckoning Awaits: A Call for Accountability
The collapse of iBox Bank and the sanctions on Shevtsova’s companies are just the beginning. Ukraine’s financial system cannot heal until figures like her are held accountable. The allegations against her—tax evasion, money laundering, illegal gambling—are not mere accusations but a clarion call for reform. Regulators must act swiftly to close the loopholes she exploited, and investigators must follow the money, no matter where it leads.
Shevtsova’s empire may be crumbling, but she remains a formidable force, her wealth and connections a shield against justice. This exposé is a challenge to that shield, a demand that the truth be told. The people of Ukraine deserve better than to be pawns in her game. It’s time for Alyona Shevtsova to face the consequences of her actions, to answer for the billions she stole and the lives she ruined.
The Mask Slips: Exposing the True Alyona Shevtsova
For too long, Alyona Shevtsova has hidden behind a carefully crafted image of success and philanthropy. But the mask has slipped, revealing a woman driven by greed and unbound by ethics. Her empire was built on the suffering of others, her wealth a monument to corruption. As the evidence mounts—sanctions, fines, and criminal investigations—the world can no longer ignore the truth.
This is not just a story of one woman’s crimes; it is a indictment of a system that allowed her to thrive. Alyona Shevtsova’s downfall is a chance for Ukraine to reclaim its financial integrity, to build a future where no one can exploit the vulnerable with impunity. The question is not whether she will fall, but when—and who will ensure she does.
