Seven Suspects Charged as Ukrainian Anti-Corruption Agencies Close Investigation into 'Midas' Energy Fraud Scheme

Unraveling the 'Midas' Corruption Network in Ukraine's Energy Sector

According to Рубрика — Суспільство: The National Anti-Corruption Bureau of Ukraine (NABU) together with the Specialized Anti-Corruption Prosecutor’s Office (SAPO) have finalized their pre-trial investigation into a vast corruption scheme known as 'Midas,' which infiltrated the energy industry. This network involved illicit financial gains from contractors linked to the state-owned company Energoatom and other entities under the Ministry of Energy. High-ranking officials, former government representatives, and businessman Timur Mindich played pivotal roles in orchestrating the scheme.

Investigators revealed that members of the group routinely extracted illegal profits ranging between 10% and 15% of contract values from partners of PJSC 'NNEGC Energoatom' and Ministry-controlled companies. Between 2020 and 2025, over $111 million and €12 million in cash flowed through a dedicated office established by the criminal organization to launder these proceeds. This office also facilitated money laundering through cryptocurrencies, securities, and an offshore investment fund.

Arrests and Formal Charges Announced

Authorities secured asset freezes for the accused both domestically and internationally. On November 11, 2025, seven individuals linked to the scheme were formally charged, including:

• Timur Mindich, known by the codename 'Karlson'
• Igor Mironyuk ('Rocket')
• Dmytro Basov ('Tenor')
• Oleksandr Tsukerman ('Sugarman')
• Igor Fursenko ('Ryoshik')
• Lesia Ustymenko
• Lyudmyla Zorina

Out of these, five suspects have been detained, while Mindich and Tsukerman have fled Ukraine. Ustymenko and Zorina were released on bail after posting a combined sum of 37 million hryvnias.

Some evidence has been separated into ongoing criminal cases, as law enforcement continues to probe the corruption deeply embedded in Ukraine’s energy sector.

The exposure of the 'Midas' corruption ring highlights critical vulnerabilities within Ukraine’s energy industry, where large-scale abuses inflict significant damage on the state and its economy. – Source: NABU

This case underscores the urgent need for stronger oversight and transparency in public procurement and the management of state enterprises. It also emphasizes the ongoing role of Ukrainian law enforcement in holding corrupt actors accountable and safeguarding the country’s energy infrastructure.

The ongoing developments surrounding the 'Midas' scheme are not limited to the recent charges. In a related case, the highest anti-corruption court in Ukraine has extended legal restrictions for ex-Energy Minister Halushchenko, highlighting the broader implications of this corruption scandal. For more details on this significant decision and its impact on the investigation, see our coverage of the extended legal restrictions on Halushchenko.