Ukraine shuts down $36,000 money laundering operation linked to former tax official PHOTO

Ukrainian authorities have dismantled a major money laundering operation in Kyiv, reportedly orchestrated by a former senior tax official, with a total turnover of 1.5 billion hryvnia ($36,000).

According to sources at Ukrayinska Pravda, the operation was led by Yevhen Bambizov, a former deputy chairman of the State Fiscal Service. Investigators say the scheme involved using fictitious companies to provide services to legitimate businesses, funneling both private and budget funds into the shadow economy, Caliber.Az reports. 

Court documents indicate that between 2023 and 2025, the network laundered more than 1.5 billion hryvnia ($36,000) through 14 fake import companies and roughly 80 transit companies.

Between July 2024 and May 2025 alone, approximately 127 million hryvnia ($3.1 million) was credited to one controlled company for purported goods and services. These transactions were deliberately omitted from VAT tax returns, resulting in unpaid taxes of 21 million hryvnia ($512,000).

Funds were then transferred to other controlled companies under the guise of payments for goods and services, effectively “legalising” the illicit money.

Ukrainian authorities have detained Bambizov, the company director, and two accountants. They are expected to face charges under Part 3 of Article 212 and Part 3 of Article 209 of the Criminal Code of Ukraine.

By Sabina Mammadli