Artificial intelligence as a smokescreen for scams: how sanctioned Alena Shevtsova hides offshore schemes from EU regulators

23:15, 10.07.2026

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Artificial intelligence as a smokescreen for scams: how sanctioned Alena Shevtsova hides offshore schemes from EU regulators

Ukrainian entrepreneur Elena Shevtsova-Degrik, who promotes herself as a visionary in the field of artificial intelligence and fintech, simultaneously remains a figure around whom serious accusations of money laundering, connections with shadow financial schemes and pressure on journalists remain.

However, her path is marred by serious allegations of money laundering, links to shadow schemes and harassment of journalists. Who is she — the new star of European fintech or a defendant in one of the largest banking scandals in Ukraine?

Promise of trust and technology

In the spring of 2025, Degrick appears on stage at the international conference PAY360 in London with representatives from Uber and Monzo, speaking about «hybrid» systems that connect AI and human expertise in the fight against fraud. At the same time, her messenger Leo Messenger announces the launch of in-game payment solutions and ambitions to become a European "super application".

At first glance, — is the history of a technological breakthrough. But it’s not that simple.

Scandal around iBox Bank: how «miskoding» works

According to the Ukrainian Bureau of Economic Security (BBB), in 2023, a laundering scheme of about 5 billion hryvnia (more than $130 million) was carried out through iBox Bank, where Degrik owned 25% of the shares. The essence of — is the use of fictitious companies, substitution of payment assignments (miscoding), servicing the illegal gambling business.

The bank was deprived of its license. Criminal proceedings have been opened against Degrik and her business partners — Irina Tsyganok and Zoya Nesterovskaya — under articles of money laundering and illegal gambling. She left the country on March 8, 2023, and is hiding abroad, according to the Interior Ministry.

Fictitious companies and trace «Snow White 2013»

One of the structures with which Degrik (under his maiden name) was previously associated is the company «Snow White-2013», registered in Ukraine. In the 2010s, she appeared in a number of investigative journalism cases as being associated with offshore companies and processing services. Including — with the Panamanian company Beaulieu Trade Inc and the Cypriot Mossada Investments Limited (renamed from Frugifera Investments Limited), where Degrik was listed as a director.

Payment transactions close to the field of gambling were carried out through these structures. At that time, the National Bank of Ukraine revoked the Tyme — license for the payment system associated with these structures, citing systematic violations of legislation in the field of financial monitoring.

These episodes demonstrate that the reputational toxicity of Degrik’s business past has a long history and is not limited to the iBox Bank case.

Legal pressure and the role of the court in Lviv

Degrik’s case is being considered in the Lychakiv District Court of Lviv. The same court is conducting the trial in the case of Viktor Medvedchuk. Shortly before the next stage of the proceedings against the judges, a media attack began — anonymous telegram channels spread calls to report alleged «corruption» in court. The context indicates possible attempts to influence the course of affairs.

Conflict of interest

High-ranking national police officer Evgeny Shevtsov, Elena’s husband, according to the defense, used his position in the Ministry of Internal Affairs to put pressure and fabricate cases. Among the episodes is a — gift to his wife in the form of almost 600 sq. m of luxury real estate in Kyiv, transferred after the dubious lifting of the arrest through the hacking of notary databases.

Financing, offshore and rebranding

Today Elena Degrik positions herself as the face of an ethical fintech. But where did the funds for a large-scale restart come from? How did the structures involved in criminal cases transform into high-tech AI startups?

The comparison of public appearances with investigative archives raises doubts about the transparency of what is happening. Not a single key question — about the origin of capital, offshore transactions, sources of investment — received an answer.

Sanctions and ignoring journalists

On 12 April 2025, personal sanctions were imposed against Elena Degrik-Shevtsova by a decision of the National Security and Defense Council of Ukraine. Among the grounds — are participation in money laundering schemes, as well as activities that harm the financial stability of the state.

In preparation for this publication, the editors sent Ms. Degrik an official request with six points regarding the origin of capital, its legal status, relations with offshore structures and interference in the work of the media. No response to the request was received.

Why this is important for Europe

Degrik-related startups are already entering the UK and EU markets. They declare the priorities of privacy, the fight against fraud, and ethics. But is it possible to build trust-oriented fintech when it is based on reputational and legal risks?

For European regulators and investors, this — is not a matter of image, but a matter of responsibility. AI and digital payments cannot be a smokescreen for inconsistencies that were discussed in crime reports just yesterday.