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Automatically translated version. May contain inaccuracies compared to the original.
Cash conveyor of 23,5 billion: the SEB halted a large network of conversion centers
More than 3 billion UAH in unpaid taxes, 23,5 billion UAH turnover, 200 client companies, 97 controlled fictitious companies and more than 8 thousand individual entrepreneurs. Detectives of the State Service for Economic Security of Ukraine uncovered a large network of conversion centers through which funds of enterprises in the real sector of the economy were funneled into the shadow economy.
“The scheme worked according to plan. The SEB acted on the scheme,” said SEB Director Oleksandr Tsyvinsky in his Telegram channel, reporting on the operation’s results.
According to the investigation, the scheme has been operating since 2023. At various times, more than 40 people from Kyiv and six regions of Ukraine were involved in its operation. The conversion centers helped businesses minimize tax liabilities by using the details of controlled companies and individual entrepreneurs.
Client companies transferred funds to the accounts of controlled companies allegedly for goods, work, or services that in fact did not exist. The corresponding financial transactions were not reflected in accounting records or tax reporting.
Subsequently the money was distributed among other controlled accounts. Part of the funds was converted into cryptocurrency, and then into cash through a network of reception and disbursement points. The received money was distributed among scheme participants and representatives of the beneficiary companies.
To stop the network’s activities, SEB detectives conducted 50 searches in Kyiv, Kharkiv and Odesa. Cash in various currencies totaling more than 130 million UAH equivalent, mobile phones, computer equipment, seals and accounting documents that may indicate criminal activity were seized.
At present six participants in the scheme have been notified of suspicion under part 1, 2 art. 255, part 4 art. 28, part 3 art. 209, part 2 art. 205-1, part 2 art. 200, part 1 art. 366 of the Criminal Code of Ukraine. The pre-trial investigation is ongoing.
Prosecutors of the Office of the Prosecutor General are providing procedural guidance. Operational support was provided by officers of the SEB Territorial Office in Kyiv, the State Border Guard Service of Ukraine and the Cyber Police Department of the National Police of Ukraine.
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