A “deal” worth nearly half a billion: a scheme to embezzle funds was uncovered at Ukrenergo
23 April 13:43
Law enforcement officials have uncovered a large-scale embezzlement scheme involving funds from the state-owned power grid operator “Ukrenergo,” which operated between 2022 and 2024. The losses to the state amount to over 447 million hryvnias. This was reported by "Komersant Ukrainian", citing Prosecutor General Ruslan Kravchenko on Facebook.
According to him, the organizer is the founder and de facto controller of private energy supply companies through which the electricity was sold.
How the scheme worked
According to the Prosecutor General, the man recruited four market participants into the scheme and created a network of controlled companies. Through them, they supplied electricity to end consumers and systematically manipulated consumption forecasts.
“They deliberately underestimated electricity demand, knowing that actual consumption would be significantly higher. In other words, on paper they showed that little electricity was needed, but in reality they sold significantly more,” the Prosecutor General said.
As a result, a deficit arose—the difference between what was declared and what was actually used. The state automatically covered this deficit so that consumers would not be left without power.
As Kravchenko explained, the scheme’s participants also received full payment from consumers for the electricity supplied.
“However, instead of settling accounts with the state, these funds were diverted through controlled companies and individual entrepreneurs, effectively embezzling them. The participants in the scheme did not pay off their debt to Ukrenergo; instead, they artificially accumulated it, drove the companies into irrecoverable debt, and initiated bankruptcy proceedings.”
They then repeated this process with new companies.
As a result, the state suffered losses of over 447 million hryvnias.
Notification of Suspicion
Currently, all participants have been notified of suspicion under Part 5 of Article 191 of the Criminal Code of Ukraine. The organizer is additionally charged under Part 3 of Article 27 of the Criminal Code of Ukraine.
The issue of imposing preventive measures on them is being decided. Additional episodes and possible similar losses for 2025–2026 are also being investigated.
“The investigation is ongoing. We are identifying all individuals involved and examining other possible instances of criminal activity for the years 2025–2026,” the statement reads.
As clarified by the SBU, six individuals involved in the scheme acted as part of an organized group. Among them are executives of Kyiv and Kharkiv-based companies that supply electricity to industrial consumers.
During 26 searches of the suspects’ residences and business premises, smartphones, computer equipment, seals, working documents, and rough notes containing evidence of the crimes were seized.
Six participants in the schemes have been notified of the charges against them. The suspects face up to 12 years in prison with confiscation of property.
