More than UAH 5 billion: BES submits to court case against oligarch and his accomplice for large-scale misappropriation of funds
23 September 2025 18:11
The Bureau of Economic Security of Ukraine (BES) has completed an investigation into the case of an oligarch and his accomplice, a former head of a bank branch, who, according to the investigation, seized funds of Ukrnafta and other financial institutions worth more than UAH 5.3 billion, "Komersant Ukrainian" reports.
The case was referred to the court for consideration on the merits.
The essence of the case
The BES detectives filed an indictment against the oligarch and his accomplice on the facts of organizing the misappropriation of other people’s property on a particularly large scale and legalization of the proceeds of crime.
The investigation believes that between March 2013 and February 2014, the group acted as a stable association with a clear division of functions between its members and organized illegal transactions with funds of large enterprises and banks.
Mechanism of misappropriation of funds
- Funds were withdrawn under the guise of legitimate financial and business transactions using forged documents.
- Fictitious contracts were created, in particular for geological exploration.
- Cash was allegedly deposited into accounts without actually reaching the bank.
- The funds were transferred between different banking institutions and then credited to the oligarch’s personal account.
According to experts, Ukrnafta’s losses alone amounted to about UAH 3 billion. The total amount of misappropriated and legalized funds exceeded UAH 5.3 billion.
The role of an accomplice
The former head of the bank’s branch, according to the investigation, provided paperwork for illegal transfers and other transactions. Witnesses confirmed fictitious cash flows that were not actually received.
Investigation measures
- The oligarch’s property and bank accounts were seized.
- The indictment was drawn up under the following articles: organization of misappropriation of property on a large scale, money laundering, illegal actions with documents, forgery of documents (Part 3 of Article 27, Part 5 of Article 191, Part 3 of Article 27, Part 3 of Article 28, Part 2 of Article 200, Part 3 of Article 27, Part 3 of Article 209 and Article 27, Part 3 of Article 28, Part 2 of Article 366 of the Criminal Code of Ukraine).
- Prosecutors of the Prosecutor General’s Office provided procedural supervision.
Next steps
The case was referred to the court for consideration on the merits. The proceedings may shed light on the scale of financial crimes and confirm or refute suspicions of misappropriation of funds in excess of UAH 5 billion.
As a reminder, large-scale financial crimes in Ukraine: how oligarchs and their accomplices can use fictitious documents and banking schemes to misappropriate hundreds of millions of dollars, and how the BES is trying to counteract this.
