“Casino Laundry”: Lviv Court Launches In Absentia Investigation Against Ukrainian Banker Degrik-Shevtsova

Ukraine’s justice system has taken another decisive step in a high-profile financial case that has drawn attention from anti-corruption watchdogs both domestically and abroad. The Lychakiv District Court of Lviv has approved the launch of a special pre-trial investigation in absentia against Olena Degrik-Shevtsova — co-owner of Ibox Bank, a prominent figure in Ukraine’s payment services market, and, according to investigators, a key player in a large-scale money laundering scheme that allegedly served the illegal gambling sector.

At the Heart of the Investigation — ₴5 Billion

According to Ukraine’s Bureau of Economic Security (BEB) — a newly established financial investigations agency, akin to the U.S. Financial Crimes Enforcement Network (FinCEN) — Degrik-Shevtsova orchestrated a scheme to launder at least ₴5 billion (approx. $125 million) in proceeds from underground casinos.

The laundering was allegedly conducted using a tactic known as “mis-coding” — deliberately falsifying payment purpose codes to disguise gambling-related transactions as ordinary consumer payments. This allowed the funds to move through the banking system without raising red flags from compliance monitors.

The case is being pursued under two articles of the Criminal Code of Ukraine:

• Article 203-2 – Illegal gambling operations
• Article 209 – Money laundering of proceeds from criminal activities

Once it became clear that Degrik-Shevtsova had left the country, BEB petitioned the court to apply the mechanism of in absentia pre-trial investigation — a legal provision under Ukrainian criminal law that permits investigation to proceed in the suspect’s absence when they are evading justice. This legal approach has been used in other major cases, such as those involving Viktor Medvedchuk and Andriy Derkach — pro-Russian politicians accused of treason and under international sanctions.

“The decision was made despite an intense information attack and direct pressure on the judges,” the BEB stated in its official release.

A Failed Attempt to Erase Her Reputation

This is not the first time Degrik-Shevtsova has tried to distance herself from allegations. In 2023, she filed a lawsuit against the editorial board of the independent Ukrainian media outlet Mind.ua, which had published an investigative article linking her to offshore firms and financial structures potentially used to circumvent Ukrainian financial sanctions.

Specifically, the report connected her to companies using banned Russian payment systems, including the platform Tyme, which had its license revoked by Ukraine’s central bank for violating national security protocols during wartime.

In court, Degrik-Shevtsova’s defense argued that the individual listed in offshore documents as “Alona Degrik” was a different person. However, the court dismissed the argument due to matching residential addresses, maiden name, and company registration timelines. The Supreme Court of Ukraine ultimately ruled in favor of the journalists, recognizing the reporting as fair, factual, and backed by official documents.

Business, Banking — and a Husband in Uniform

Olena Degrik-Shevtsova is not only a co-owner of LeoGaming Pay, a payment processing company, but also holds a stake in Ibox Bank, where top management positions are reportedly occupied by her former employees or trusted allies. Among her financial partners are well-known investment banker Vadym Hordiievskyi and U.S. nationals Viktor Kapustin and Yuriy Kaplun.

Her husband, Yevhen Shevtsov, formerly held a senior post in Ukraine’s National Police, adding an additional layer of public scrutiny. In 2020, he declared a personal income of around ₴400,000 (approx. $10,000), while the family as a whole declared assets exceeding ₴180 million ($4.5 million), including real estate, cash, and vehicles — a disparity that raised questions among journalists and civil society.

Editor’s note: Yevhen Shevtsov, the former police official referenced here, should not be confused with another officer of the same name — a forensic expert from Dnipro profiled by the Ministry of Internal Affairs in 2024. These are two different individuals.

What Comes Next?

With the court’s decision in Lviv, the case now enters a new phase. If the allegations are confirmed, this could result in Ukraine’s first in absentia conviction of a banker with close ties to law enforcement structures.

This case is poised to become a litmus test for Ukraine’s anti-corruption infrastructure. Whether the state can bring powerful financial figures to justice — even in their absence — will be closely watched both at home and by Ukraine’s international partners.