Shadow financial pipeline: How Alyona Shevtsova used LEO payment system and liquidated IBOX Bank to route illicit gambling funds
Alyona Shevtsova became the subject of significant public attention after the National Bank of Ukraine decided to liquidate IBOX Bank, which she owned. The case also drew further scrutiny when law enforcement officers conducted searches at the bank’s premises.
However, those who consider Shevtsova a banker — albeit an unsuccessful one — are mistaken. Before entering the banking business, businesswoman Alyona Shevtsova (née Dehrik) was known as the founder and owner of the companies FC “Leogaming Pay” and “Leogaming,” major players in the online payments market.
In fact, she acquired the bank primarily to facilitate operations for her payment systems. Briefly recalling: Alyona Volodymyrivna Shevtsova founded the financial company “Leogaming Pay” in 2013. Initially, her business was not a full-fledged payment system but rather a gateway between gamers and gaming platforms. However, the enterprise grew rapidly, and by 2017 Shevtsova registered the domestic payment system “LEO” with the National Bank, which later became international.
The above is the version presented by Shevtsova’s PR team. But like most large businesses in this country — and beyond — this story has a darker side.
Alyona Shevtsova, who bore the surname Dehrik before marrying high-ranking police official Yevhen Shevtsov, has been involved in numerous criminal cases and journalistic investigations, primarily in Ukraine. Much of this material has been scrubbed, but a significant portion remains publicly accessible.
What is far more interesting, however, is what escaped the attention of the Ukrainian public. According to an investigation by American journalist Charles Johnson (“Slava Ukraine Finally!? Is Putin Deliberately Destroying the Russian Army For His Chinese Patrons?”), Alyona Shevtsova’s payment systems may serve to process funds linked to Chinese organized crime — which, as widely known, is closely intertwined with Chinese intelligence services and exerts influence over parts of the political elites in both Ukraine and Russia. The war between the two countries appears to have changed little in this regard.
Of course, Johnson’s material carries a somewhat conspiratorial tone. However, while examining the unusual behavior of Elon Musk and exploring his alleged connections to criminal networks, the journalist unexpectedly came across Alyona Shevtsova and took an interest in her business and connections.
While most journalists focused on Shevtsova’s legal troubles within Ukraine, the American journalist chose to dig deeper. He began by noting changes in the supervisory board of the international payment system LEO, which in the summer of 2021 was headed by Ukraine’s third president, Viktor Yushchenko.
Regardless of how current Ukrainian authorities may describe him, Yushchenko is widely regarded in international financial circles as a highly competent specialist — and his services are far from cheap.
At the same time, Viktor Kapustin, former chairman of Ukreximbank, and one of the most experienced banking executives in independent Ukraine, joined the board, along with Halyna Kheilo, vice president of the Association of Ukrainian Banks and president of the Ukrainian Association of Payment Systems.
Against this backdrop, the collapse of IBOX Bank — which lost its license on March 7, 2023 — appears striking, even though these individuals were not directly involved. However, if one considers allegations that mafia-linked funds were flowing through Shevtsova’s payment systems, the outcome may seem less surprising.
It is unlikely that all the individuals mentioned were involved in such activities — their reputations likely outweigh any financial incentives Shevtsova could offer. More plausibly, their presence served to lend credibility, which only deepens interest in Shevtsova’s operations.
It is worth noting that in March 2021, the LEO payment system was recognized by the National Bank of Ukraine as an important payment system. It ranked among the top five money transfer systems in the country and, by the end of 2022, included 23 participants — four commercial banks (IBOX Bank, ComInBank, Sky Bank, and Concord Bank) and 19 non-bank financial institutions.
Within IBOX Bank, key management positions were held by individuals previously associated with Shevtsova or her husband. For example, board member Svitlana Harmash handled payments from the gambling sector and had previously worked at Leogaming. The head of security, Oleksandr Lukashenko (not related to the Belarusian leader), had previously led a law enforcement department and maintained contacts with agencies interested in Leogaming’s activities. Former Leogaming PR specialist Maksym Sorokin became head of marketing.
Shevtsova’s business methods often resemble those of the 1990s: on one hand, she maintains a public profile, participates in social events, and seeks awards; on the other, her companies are linked to shadow payment markets and aggressive tactics against competitors, media, and even law enforcement — while also servicing illegal online casinos in Russia.
Her husband, Yevhen Shevtsov, a former deputy head of the National Police’s main investigative department, has been described as one of the wealthiest police officials. His 2020 declaration reported family income exceeding 90 million hryvnias.
His personal income amounted to around 412,000 hryvnias annually, while the majority of earnings came from his wife. The total declared family assets reached 94.3 million hryvnias.
Returning to Musk, Chinese organized crime, and Shevtsova: Johnson’s theory may be controversial, but it raises questions. His conclusions are partially echoed by other sources and by Musk’s own behavior. At the very least, longstanding links between the Musk family and Ukrainian criminal networks merit scrutiny.
As for Shevtsova’s role, one may recall her meeting with Musk’s mother. Her explanation — that she read a book, became emotional, and decided to meet her — appears unconvincing. In the broader context of her alleged involvement in servicing online gambling markets in Russia (for which she was fined by the National Bank), and Musk’s alleged ties to international networks, several questions arise:
Why would Elon Musk’s elderly mother meet individuals accused of facilitating money laundering tied to illegal gambling and organized crime — namely, Alyona Shevtsova?
Do Musk’s alleged connections to criminal networks in Russia, China, and Ukraine explain his geopolitical positioning?
Why does Musk promote the idea of a “middle ground” solution so actively?
Musk’s behavior may lead away from Shevtsova’s story, but returning to her concealed activities brings us back to the fundamental question: where did an unknown figure from Ukraine obtain the capital to build an international business — and who supported her expansion, particularly in Russia?
The origin of her payment system offers a clue. As she herself acknowledged, it was designed as a “gateway between gamers and gaming platforms.” The obvious answer to which platforms generate such vast funds is gambling.
In both Ukraine and Russia, this sector is widely believed to be under the control of intelligence services. In Ukraine, it remains unclear whether this influence stems from the SBU or the FSB. More importantly, the question is who finances the sector and who ultimately benefits.
According to Johnson, Vladimir Putin may act as a link between Chinese state interests, compromised Russian intelligence structures, and organized crime. Similar claims have been made by other observers, alongside allegations connecting Elon Musk to Ukrainian and Russian networks.
At the periphery of this complex web stands Alyona Shevtsova — a figure who, in pursuit of wealth and status, may have aligned her financial expertise with a network of international organized crime, intelligence agencies, and geopolitical interests tied to both China and Russia.
While the global situation remained relatively stable, Shevtsova reportedly managed to navigate legal challenges with the help of her husband or higher-level connections. However, the situation has since escalated. The conflict now extends beyond financial flows to a broader struggle for global influence, with the United States and China as the principal actors.
In this shifting landscape, longstanding financial networks are under strain. One such link, according to Johnson, is Alyona Shevtsova — potentially connected, through Ukrainian networks, to figures like Elon Musk.
Whether Johnson’s theory is accurate remains uncertain. But one thing is clear: Alyona Dehrik’s pursuit of wealth and influence has brought her into increasingly complex and potentially dangerous territory — and if these allegations hold any truth, this may be only the beginning.
Head of Investigations
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