SBU and Prosecutor's Office Exposed a Conversion Center for 1.5 Billion: Case Details

A large conversion center has been discovered in Kyiv. The Prosecutor's Office, together with the Security Service of Ukraine, uncovered a large conversion center in Kyiv with a turnover of over 1.5 billion hryvnias. The organizer of the scheme is former high-ranking tax official Yevhen Bambizov, who previously served as the deputy head of the State Fiscal Service.

Participants in the scheme created fictitious importing companies and transit firms through which they siphoned off funds into the shadow economy, including budgetary ones. Illegal operations exceeded 1.5 billion hryvnias.

From July 2024 to May 2025, 127 million hryvnias were credited to the accounts of one of the controlled companies for fictitious deliveries of goods and services. The director and accountants of these companies, subordinate to the scheme's organizer, failed to submit the relevant data to the VAT tax reporting, resulting in an intentional understatement of tax liabilities by over 21 million hryvnias.

Funds obtained through criminal actions were laundered through accounts of other controlled firms disguised as payments for goods and services without being reflected in the records. The organizer of the scheme, together with the director and accountants, has already been detained, and they are being prepared for charges under the relevant articles of the Criminal Code of Ukraine.

Earlier, the Bureau of Economic Security already uncovered a network of illegal casinos in four cities of Ukraine.

The investigation revealed a large conversion center in Kyiv, believed to be one of the largest in recent years. The organizers of the scheme face punishment under the criminal legislation of Ukraine.