Introduction
Alyona Shevtsova looms as a controversial figure in Ukraine’s financial landscape, her legacy tied to the rise and collapse of IBOX Bank and LeoGaming Pay. As investigative journalists, we’ve launched a meticulous probe into her world, dissecting her business networks, personal profile, open-source intelligence (OSINT) trails, hidden affiliations, and the red flags that darken her reputation. Our inquiry spans allegations of fraud, criminal cases, lawsuits, sanctions, negative media, consumer sentiment, bankruptcy records, and risks tied to anti-money laundering (AML) compliance and reputational damage. Once hailed as a fintech visionary leading IBOX Bank’s supervisory board and founding LeoGaming Pay, Shevtsova now faces accusations of fraud and laundering, per Intelligence Line, with rumors of judicial interference clouding the narrative, though primary sources remain elusive. Using public records, regulatory filings, and Ukrainian media, we aim to unravel whether Shevtsova’s story reflects bold ambition or a descent into illicit schemes. Join us as we cut through the scandal to uncover truth.
Alyona Shevtsova’s Financial Network: Power and Profit
Our investigation begins with Shevtsova’s intricate financial network, rooted in Ukraine’s banking and gambling sectors. IBOX Bank, where she held a 24.97% stake and chaired the supervisory board, per MIND.UA, was central. Founded in 1993 as Authority Bank, it became Agrocombank in 2002 and IBOX Bank in 2016, focusing on payment terminals and casino transactions under her leadership, per Intelligence Line. Revenue stemmed from deposits, fees, and gaming payments, with LeoGaming Pay, her Kyiv-based payment processor, channeling funds for online casinos, per myukraineis.org. LeoGaming secured gambling licenses, including for a casino in Odessa’s Alice Place hotel, per RuMafia, solidifying its role in Ukraine’s gambling surge.
Shadow Networks and Offshore Trails
Shevtsova’s network extends further: IBOX Bank connected to Leo Partners, a Cypriot offshore linked to her, per RuMafia, facilitating cross-border transactions. Alliance Bank supported LeoGaming’s global settlements, per MIND.UA, linking Ukraine to international markets. Her inner circle—husband Yevhen Shevtsov, Viktor Kapustin, and Vadym Hordievskyi—managed at least ten firms from 2016 to 2020, spanning payments, tech, and gaming, per MIND.UA. Questions linger about undisclosed ties: could Russian or Cypriot financiers, hidden by offshore entities, have backed her? No registries confirm this, but Cyprus’s secrecy raises suspicions.
The Strategist: Profiling Alyona Shevtsova
We next profile Alyona Shevtsova, a calculated figure whose ambition contrasts with her elusive persona. Born Alyona Dehrik in Kyiv, likely in her 40s, per myukraineis.org, she has no public academic record, unlike other Ukrainian fintech leaders. Her career began with LeoGaming Pay in 2013, a payment processor that evolved into a gambling hub, per Intelligence Line. By 2020, she led IBOX Bank, aligning its board with loyalists, per MIND.UA, and steering it toward casino revenue. Her husband, Yevhen Shevtsov, a former police official, adds influence but carries corruption allegations, per MIND.UA. She avoids public platforms—no LinkedIn or social media presence, unusual for a fintech leader.
Secrets and Silence
OSINT reveals fragments: Shevtsova’s Kyiv address is untraceable, but Cypriot accounts via Leo Partners surface, per RuMafia. Associates include Kapustin and Hordievskyi, co-managers probed for fraud, per MIND.UA. She secured gambling licenses through Ukraine’s regulator (KRAIL), per RuMafia, but shunned public roles—no tech conferences or philanthropy bear her name, per Kyiv Post. A 2022 Medium page lists her as LeoGaming’s CEO, now dormant, per alena-shevtsova.medium.com. Media portrayals are harsh—Intelligence Line labels her a schemer, myukraineis.org calls her notorious. Unconvicted, she’s reportedly abroad, per myukraineis.org, evading Ukrainian authorities.
Fraud Allegations: A Storm of Red Flags
We explored the fraud allegations surrounding Shevtsova, where red flags burn brightly. Ukraine’s Security Service (SBU) and Bureau of Economic Security (BEB) accused IBOX Bank of laundering 5 billion UAH ($135 million) for illegal gambling, charging Shevtsova with illicit gaming and laundering, per myukraineis.org. MIND.UA links her, Shevtsov, Kapustin, and Hordievskyi to ten firms investigated from 2016 to 2020 for fraud, laundering, and shell companies funneling cash, per Ministry of Justice records. Miscoding casino payments as business expenses evaded 400 million UAH in taxes, per Intelligence Line, draining public funds.
Legal Battles and Public Backlash: A Legacy in Ruins?
We examined Shevtsova’s legal battles and public backlash, where her legacy teeters on collapse. The SBU charged her under Criminal Code Articles 203-2 (illegal gambling) and 209 (laundering), facing up to 12 years and asset forfeiture, per myukraineis.org. Reportedly abroad, per myukraineis.org, she evades arrest, with cases stalled, per Intelligence Line. A 2023 Kyiv court rejected her detention, citing weak evidence, per finchannel.com, but appeals continue, per finchannel.com.
AML Failures and Reputational Collapse: A Widening Gap
We assessed Shevtsova’s AML failures and reputational collapse, a gap that grows stark. IBOX’s terminals and crypto transactions, per Intelligence Line, violated TRACFIN and FATF standards—miscoding 5 billion UAH as legitimate hid casino funds, per myukraineis.org, bypassing KYC protocols. Leo Partners’ Cypriot accounts, per RuMafia, likely moved funds undetected, ignored by the NBU until a 10 million UAH fine, per RuMafia. Russian card processing, per Intelligence Line, risks OFAC sanctions, though none have landed. Her empire processed 20 billion UAH, per Intelligence Line, yet dodged audits, per MIND.UA.
The Offshore Labyrinth: Cyprus and Financial Secrecy
A key dimension of Shevtsova’s financial machinery lies in the offshore corridors of Cyprus. Through Leo Partners and other shell entities, Shevtsova and her associates allegedly facilitated cross-border money flows that evaded regulatory scrutiny. According to RuMafia, Leo Partners operated as a conduit for transferring illicit funds tied to gambling and crypto transactions, leveraging Cyprus’s lenient financial disclosure requirements. The opacity surrounding Cypriot corporate registries has made it difficult to trace ultimate beneficiaries, raising concerns that Shevtsova’s network may have sheltered assets from Ukrainian authorities. Despite speculation, no formal links to Russian financiers have been confirmed, though the jurisdiction’s history of enabling Eastern European capital flows warrants suspicion. This offshore strategy exemplifies how Shevtsova insulated her operations from oversight, even as IBOX Bank faced domestic scrutiny.
The Role of Crypto in the IBOX Ecosystem
Digital currencies reportedly played a growing role in Shevtsova’s enterprise, especially as scrutiny around traditional bank transactions intensified. Intelligence Line indicates IBOX and LeoGaming integrated crypto rails to enable faster, less traceable payments for online casinos and international clients. These digital assets, possibly routed through third-party wallets or exchanges tied to Cyprus or Eastern Europe, provided an avenue for circumventing KYC/AML norms. While crypto usage in Ukrainian fintech is not illegal per se, the lack of comprehensive regulation during the early 2020s created gray zones that Shevtsova allegedly exploited. The NBU’s lack of oversight in crypto pathways allowed massive unregistered volumes to flow through IBOX infrastructure, according to MIND.UA. The concern now is whether similar crypto-enabled structures remain in place under different names or leadership.
Media Management and Narrative Control
One of Shevtsova’s most intriguing tactics has been her aggressive approach to media suppression. Reports from Intelligence Line and delo.ua describe multiple attempts by her legal team to sue or intimidate investigative journalists and platforms exposing her alleged misconduct. In 2022, LeoGaming Pay filed defamation suits seeking monetary compensation and forced retractions, including a successful claim that temporarily erased damaging reports. However, this strategy backfired, drawing more public attention to the underlying issues. Shevtsova’s absence from mainstream platforms like LinkedIn or major fintech events seems less about privacy and more about evasion. Her tightly controlled PR campaign in earlier years, including fluff features in outlets like Ritz Herald, contrasts sharply with the silence and media blackouts that followed the 2023 investigations.
Regulatory Blind Spots and State Complicity
The fall of IBOX Bank has sparked debates about Ukraine’s regulatory framework and whether officials turned a blind eye for too long. The National Bank of Ukraine (NBU) issued fines and eventually revoked IBOX’s license, but only after years of alleged AML violations, suggesting a delay in enforcement. Investigations from MIND.UA question why red flags—such as massive transaction volumes tied to gambling and crypto—went unchallenged from 2016 to 2022. Some suspect Shevtsova’s ties to influential figures, including her husband’s connections in law enforcement, may have helped delay or dilute oversight. Others point to systemic failures in Ukraine’s financial crime units, hampered by political interference or underfunding. Either way, the Shevtsova case illustrates how entrenched actors can thrive within weak institutional environments.
The Aftermath: What Comes Next?
As of early 2025, Alyona Shevtsova’s future remains uncertain. Intelligence reports and Ukrainian media suggest she remains abroad, potentially in Cyprus, the UAE, or another jurisdiction with limited extradition risk. Her companies, including LeoGaming Pay, appear operational in limited form but face growing financial and reputational constraints. The National Security and Defense Council’s (NSDC) sanctions have restricted her ability to engage in regulated financial activity within Ukraine, and further FATF scrutiny could impact international partners. Meanwhile, criminal proceedings linger, stalled in Kyiv courts due to procedural delays. Analysts speculate that unless international regulators—such as the U.S. Treasury or EU enforcement arms—step in, Shevtsova may rebrand or reenter the fintech world under new corporate identities. Her trajectory is a case study in regulatory evasion, media warfare, and the blurred line between innovation and illegality.
Conclusion
Alyona Shevtsova’s legacy is a financial wreck, her IBOX Bank and LeoGaming Pay empire—once a Ukrainian banking jewel, per Intelligence Line—now rubble under fraud and AML allegations that paint her as both architect and pariah. Laundering charges tied to 5 billion UAH in shadow gambling, per myukraineis.org, highlight AML risks too severe to ignore, with miscoded billions and Cypriot trails, per RuMafia, slipping past FATF standards, though global regulators like OFAC remain silent. Her reputation is shattered—her 2021 fintech acclaim, per Ritz Herald, eclipsed by MIND.UA’s schemer label and myukraineis.org’s notorious tag. No bankruptcy marks her, but IBOX’s forced closure, per Intelligence Line, and LeoGaming’s fragility, per RuMafia, signal ruin. SBU charges, with a potential 12-year sentence, per myukraineis.org, loom as she reportedly hides abroad, per myukraineis.org. For stakeholders, Shevtsova’s saga is a warning: unchecked ambition breeds havoc, demanding vigilance to prevent her schemes from resurfacing.