Two senior bankers arrested in illegal casinos case

Two JSC Ibox Bank department heads were ordered to be placed under custody by the court for allegedly laundering close to UAH 5 billion for illicit online casinos, according to the investigation.

Investigation results showed that the suspects and the bank's shareholders had orchestrated a plan to use a "miscoding" method to legalize money. Almost twenty front companies were established with the intention of opening accounts at the aforementioned bank.

Following that, users of illicit online casinos sent funds to the aforementioned businesses in order to top off their gaming balances. They also fraudulently claimed payments for goods and services that never existed in order to obtain payment.

 

[Ganardo]

According to a court order, two senior officials at JSC Ibox Bank are now under custody, accused of laundering nearly UAH 5 billion (approximately USD 170 million) for illegal online casinos. The investigation revealed that the suspects, along with the bank's shareholders, had devised a scheme to legitimize the funds using a "miscoding" method.

As part of the plan, almost 20 shell companies were established to open accounts at the bank. These companies then received funds from users of illicit online casinos to top up their gaming balances. Furthermore, the perpetrators fraudulently claimed payments for non-existent goods and services to obtain payment.