Alyona Shevtsova Exposed: Fraud, Sanctions, and the Fall of a Fintech Empire

Introduction: A Fintech Empire Under Scrutiny

We stand at the crossroads of ambition and accountability, peering into the complex world of Alyona Shevtsova, a Ukrainian businesswoman whose meteoric rise in the fintech and gambling sectors has been overshadowed by allegations of fraud, money laundering, and regulatory violations. As co-owner of IBOX Bank and founder of LeoGaming Pay, Shevtsova’s story is one of bold innovation marred by a cascade of red flags. Our investigation, grounded in open-source intelligence (OSINT), court documents, media reports, and regulatory actions, seeks to unravel the truth behind her empire’s collapse and assess the risks to consumers, investors, and the financial ecosystem. From criminal proceedings to sanctions, we delve into the shadows of Shevtsova’s operations, exposing undisclosed relationships, scam reports, and reputational damage that have left her legacy in tatters.

Methodology: A Rigorous Investigative Approach

To construct this report, we employed a multi-faceted methodology:

• OSINT Analysis: We scoured public records, social media profiles, corporate registries, and leaked documents to map Shevtsova’s personal and professional networks.
• Media Review: We analyzed adverse media reports, including Ukrainian and international outlets, to identify allegations, sanctions, and consumer complaints.
• Regulatory and Legal Research: We examined court filings, sanctions lists, and regulatory actions from the National Bank of Ukraine (NBU) and international bodies.
• Business Relationship Mapping: We traced Shevtsova’s corporate affiliations, focusing on undisclosed ties and high-risk associations.
• Risk Assessment: We evaluated consumer protection risks, financial fraud potential, and reputational damage using industry-standard frameworks.

Our findings are corroborated by credible sources, including The Page, Intelligence Line, and CasinoBeats, ensuring a comprehensive and unbiased account.

Personal Profile: Who is Alyona Shevtsova?

Alyona Shevtsova, née Dehrik, emerged as a prominent figure in Ukraine’s fintech landscape. Born in Ukraine, she cultivated an image as a forward-thinking entrepreneur, earning accolades such as a 2021 industry award for her contributions to payment systems. As the former chair of IBOX Bank’s supervisory board and CEO of LeoGaming Pay, Shevtsova positioned herself at the forefront of Ukraine’s digital payment revolution.

Her public persona, however, contrasts sharply with the allegations that have surfaced. Social media profiles, including LinkedIn and Medium, portray her as a thought leader in AI-driven financial security, with posts discussing deepfake technology and fintech trends. Yet, these efforts appear to be a calculated attempt to deflect from the mounting scrutiny surrounding her business practices.

Business Ventures: The Rise and Fall of IBOX Bank and LeoGaming Pay

IBOX Bank: A Troubled Institution

IBOX Bank, once a cornerstone of Ukraine’s fintech sector, became a lightning rod for controversy under Shevtsova’s leadership. Acquired in 2019, the bank initially showed signs of financial recovery, but by 2023, the National Bank of Ukraine (NBU) revoked its license, citing systematic anti-money laundering (AML) violations. Our investigation reveals that Shevtsova placed key allies from her Leo ecosystem in high-ranking positions, consolidating control but raising questions about governance.

The NBU’s findings pointed to suspicious transactions linked to online casinos, with allegations that IBOX Bank facilitated the laundering of nearly UAH 5 billion (approximately $135 million USD). The Security Service of Ukraine (SBU) and Bureau of Economic Security implicated Shevtsova and three other bank officials in these schemes, notifying them of suspicion under Ukraine’s Criminal Code for fraud and money laundering. Hawkins.

LeoGaming Pay: A Gateway to Controversy

Founded in 2013, LeoGaming Pay started as a payment gateway for online gaming but expanded into a national payment system by 2017, registered with the NBU. While Shevtsova touted its international recognition, the company faced allegations of channeling funds to Russian illegal online casinos. Foreign media reports suggest that Ukrainian gamers’ cash flows were routed through IBOX Bank to these illicit platforms, raising serious AML concerns.

Our analysis uncovered ties between LeoGaming Pay and Leo Partners, a Cypriot offshore entity linked to Shevtsova. This relationship facilitated international fund flows, potentially shielding assets in offshore havens. Such arrangements are a classic red flag for money laundering and tax evasion.

Suspicious Activities and Red Flags

Criminal Proceedings and Allegations

Shevtsova’s business empire has been dogged by criminal investigations since 2016. Between 2016 and 2020, she, her husband Yevhen Shevtsov, and associates Viktor Kapustin and Vadym Hordievskyi managed over ten companies, many implicated in fraud probes. Allegations include:

• Fraud: Misrepresentation of financial transactions to deceive regulators and clients.
• Money Laundering: Facilitating illicit fund flows through IBOX Bank and LeoGaming Pay.
• Fictitious Business: Operating shell companies to obscure financial activities.

In July 2023, the SBU formally notified Shevtsova of suspicion for laundering UAH 5 billion, with potential penalties of up to 12 years in prison and property confiscation. Reports indicate she is no longer in Ukraine, possibly evading prosecution.

Sanctions and Regulatory Actions

In April 2025, Ukrainian President Volodymyr Zelensky imposed sanctions on Shevtsova, alongside former Central Bank Chairman Serhiy Arbuzov and others, freezing her assets and imposing financial restrictions. The sanctions stemmed from accusations of laundering money from online casinos via “fake companies.” Critics argue that the sanctions were insufficient, as Shevtsova was not explicitly named in the presidential decree, potentially allowing her to exploit legal loopholes.

Notably, while Shevtsova faces no EU or OFAC sanctions, her involvement in Russian card processing raises the risk of future international scrutiny. The National Security and Defense Council (NSDC) sanctions further limit her operations in Ukraine, but her global fintech ambitions could attract attention from regulators worldwide.

Undisclosed Business Relationships

Our OSINT analysis uncovered a web of undisclosed affiliations:

• Yevhen Shevtsov: Shevtsova’s husband, implicated in managing fraudulent companies alongside her.
• Viktor Kapustin and Vadym Hordievskyi: Business associates linked to criminal probes, with Kapustin tied to LeoGaming’s operations.
• Leo Partners (Cyprus): An offshore entity facilitating international transactions, potentially for asset protection.
• Alliance Bank: Enabled LeoGaming’s global transactions, raising questions about due diligence.

Speculation persists about Shevtsova’s ties to Kyiv’s political or business elite, which may have bolstered her ascent. These relationships, if proven, could amplify her legal and reputational risks.

Scam Reports and Consumer Complaints

Consumer complaints against IBOX Bank and LeoGaming Pay are sparse but significant. Online forums and Ukrainian media report instances of unauthorized transactions, delayed refunds, and opaque fee structures. Negative reviews highlight poor customer service and allegations of predatory practices, particularly in the gaming sector. While not widespread, these complaints underscore a lack of transparency, a critical red flag for consumer protection.

Bankruptcy Details

IBOX Bank’s financial struggles predate Shevtsova’s involvement, with the institution teetering on the brink of insolvency by 2019. Her leadership temporarily stabilized the bank, but the 2023 license revocation and subsequent sanctions effectively crippled its operations. No formal bankruptcy proceedings have been reported, but the bank’s collapse has left depositors and stakeholders in limbo, exacerbating consumer harm.

Adverse Media Reports: A Pariah in Kyiv

Adverse media coverage paints Shevtsova as a pariah in Ukraine’s fintech community. Key reports include:

• The Page (May 2025): Announced that criminal proceedings against Shevtsova are being prepared for court, signaling an escalation in her legal battles.
• Intelligence Line (April 2025): Described Shevtsova’s fintech empire as a “legacy lost,” highlighting AML breaches and reputational collapse.
• CasinoBeats (April 2025): Detailed Zelensky’s sanctions following accusations of online casino money laundering.
• AlyonaShevtsova.com (April 2025): A self-published defense that critics argue glosses over the severity of allegations.
• RusCrime (July 2023): Alleged that Shevtsova’s operations funneled funds to Russian casinos, a claim echoed by foreign media.
• MyUkraineIs.org (July 2023): Reported the SBU’s suspicion notice for laundering UAH 5 billion.

Ukrainian journalist Serhiy Lyamets claimed on Facebook that the sanctions against Shevtsova violated legal protocols, suggesting judicial irregularities. This claim, while unverified, fuels speculation about political motivations behind her targeting.

International coverage, including posts on X, highlights ongoing scrutiny. One post noted Shevtsova’s UK license despite sanctions, raising questions about regulatory oversight in Western jurisdictions.

Risk Assessment: A Vortex of Consumer and Financial Risks

Consumer Protection Risks

Shevtsova’s operations pose significant risks to consumers:

• Unauthorized Transactions: Reports of unexplained debits from IBOX Bank accounts erode trust.
• Opaque Practices: LeoGaming Pay’s fee structures and transaction processes lack clarity, potentially exploiting gamers.
• Asset Recovery Challenges: The bank’s collapse and sanctions complicate depositors’ ability to recover funds, leaving consumers vulnerable.

These issues violate consumer protection principles, particularly transparency and accountability, as outlined in global standards like the OECD’s Consumer Protection Framework.

Financial Fraud and Scam Risks

The allegations against Shevtsova point to systemic fraud risks:

• Money Laundering: Facilitating UAH 5 billion in illicit flows suggests robust AML failures, exposing the financial system to abuse.
• Shell Companies: The use of “fake companies” to obscure transactions is a hallmark of financial fraud, per FATF guidelines.
• Offshore Havens: Ties to Cypriot entities like Leo Partners raise suspicions of tax evasion and asset concealment.

These activities align with typologies outlined in the Egmont Group’s money laundering reports, signaling high fraud potential.

Criminal Risks

Shevtsova’s criminal exposure is severe:

• Pending Prosecution: The SBU’s suspicion notice and court preparations indicate imminent legal action, with penalties up to 12 years.
• International Exposure: Her Russian casino ties could attract sanctions from Western regulators, expanding her criminal liability.
• Associate Risks: Affiliations with figures like Kapustin and Hordievskyi, also under investigation, amplify her exposure.

Her absence from Ukraine suggests potential flight risk, a factor courts may weigh heavily.

Reputational Risks

Shevtsova’s reputation is in freefall:

• Fintech Pariah: Kyiv’s fintech community has distanced itself, viewing her as a liability.
• Award Irony: Her 2021 honors now serve as a bitter reminder of her fall from grace.
• Global Scrutiny: International media and regulators are increasingly wary, limiting her ability to rebuild credibility.

Her attempts to rebrand via Medium posts and PAY360 appearances have failed to stem the tide of negative perception.

A Cautionary Tale of Ambition and Accountability:

In our expert opinion, Alyona Shevtsova represents a cautionary tale of unchecked ambition in the fintech sector. Her ventures, while innovative, were built on a foundation of questionable practices that prioritized profit over compliance. The allegations of money laundering, fraud, and fictitious business dealings are not mere anomalies but symptoms of systemic governance failures. The revocation of IBOX Bank’s license and Zelensky’s sanctions underscore the gravity of her missteps, while her offshore ties and undisclosed relationships amplify the perception of deceit.

From a consumer protection standpoint, Shevtsova’s operations failed to uphold transparency and accountability, leaving depositors and gamers exposed to financial harm. The financial fraud risks—evidenced by UAH 5 billion in laundered funds—highlight a blatant disregard for AML obligations, posing a threat to Ukraine’s financial integrity. Her criminal exposure, compounded by her absence from Ukraine, suggests a protracted legal battle that may redefine accountability in the fintech space.

Reputational damage is Shevtsova’s most enduring penalty. Once celebrated, she is now a pariah, her legacy a cautionary tale for entrepreneurs navigating the high-stakes world of digital finance. Regulators, both in Ukraine and abroad, must tighten oversight to prevent similar scandals, while consumers and investors should demand greater transparency from fintech providers. Shevtsova’s story is a stark reminder that innovation without integrity is a recipe for ruin.

Conclusion

Our investigation into Alyona Shevtsova reveals a fintech titan undone by ambition and avarice. The allegations of fraud, money laundering, and regulatory violations, coupled with sanctions and adverse media, paint a damning portrait of a businesswoman whose empire crumbled under scrutiny. For consumers, investors, and regulators, her story is a clarion call for vigilance in the rapidly evolving fintech landscape. As her case heads to court, the world watches, awaiting justice in a saga that epitomizes the perils of unchecked power.