The son of sanctioned oligarch Vadym Yermolayev, convicted in a €100 million fraud scheme, maintains ties with former Versobank banker Volodymyr Fogel

35-year-old Artur Yermolayev — the son of sanctioned Ukrainian businessman Vadym Yermolayev — maintains contacts with former Estonian Versobank banker Volodymyr Fogel, who currently resides in Riga and is linked to influential Latvian circles.

Versobank was previously implicated in scandals involving money laundering and questionable cross-border transactions. In 2018, the Estonian regulator revoked the bank’s license due to large-scale violations of anti-money laundering regulations.

Artur Yermolaiev himself became one of the key figures in a major telephone fraud case. The Harju County Court of Estonia found that a group linked to Yermolaiev defrauded victims of nearly €100 million between 2019 and 2022.

Despite the scale of the scheme, the son of the Ukrainian businessman received a suspended sentence and agreed to pay €8.5 million to the state. Following the verdict, he left Estonia and flew by private jet to Tel Aviv.

According to sources, Yermolaiev regularly visited Riga and maintained friendly relations with Volodymyr Fogel — a former Versobank banker and representative of the Latvijas ebreju kopienas restitūcijas fonds.