Criminals used cryptocurrency instruments to legalize shadow finances
A criminal organization has been uncovered in Ukraine that moved 23.5 billion hryvnias into the shadow economy through cryptocurrency operations. As a result of these illegal activities, the state budget lost approximately 3 billion hryvnias in tax payments. This was reported by RBC-Ukraine (Сергій Козачук) citing the Telegram channel of Office of the Prosecutor General of Ukraine, according to the portal PromPolitInform.
As part of a large-scale investigation, the Bureau of Economic Security, under the procedural guidance of the Prosecutor General’s Office, has shut down a conversion center. According to case materials, the scheme’s participants handled approximately half a billion hryvnias through their accounts every month.
Details of the financial scheme
The group’s main method involved converting non-cash funds into cash using cryptocurrency instruments. The total volume of financial operations conducted through this network reached 23.5 billion hryvnias.
The perpetrators’ actions caused significant losses to the state budget. According to preliminary estimates by investigators, the amount of unpaid taxes is approximately 3 billion hryvnias.
Consequences of investigative actions
Detectives of the Bureau of Economic Security conducted 50 searches at locations associated with the center’s activities. During the operation, significant amounts of cash in national and foreign currencies were seized.
Suspicions have been notified to the individuals involved in the case. Law enforcement agencies are preparing additional materials to be released once the investigative actions are concluded.
Photo: RBC-Ukraine
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