Kolomoisky faces new $2 million fraud charges in major bank case
Ukrainian businessman Ihor Kolomoisky, who is already in pretrial detention, has been charged in a fraud case involving the embezzlement of more than 100 million hryvnias ($2.3 million) from one of Ukraine’s largest banks, the Prosecutor General’s Office and Security Service of Ukraine confirmed on Friday.
The charges fall under Part 4 of Article 190 of Ukraine’s Criminal Code (in the 2008 version) — fraud resulting in large-scale appropriation of property.
According to the case materials, in 2014 Kolomoisky and individuals connected to him allegedly illegally took control of funds belonging to a financial institution under their influence. The scheme reportedly involved diverting credit resources and disguising their movement through a series of seemingly legitimate financial transactions.
Investigators say controlled companies received bank loans without proper collateral or genuine business purpose. These assets were then moved through multiple legal entities and individuals to create the appearance of normal financial activity.
Prosecutors allege that part of the assets ultimately ended up in the personal accounts of the scheme’s organizers, disguised as contract payments. In particular, hundreds of millions of hryvnias were transferred in December 2014 to the suspect’s personal account from a company he controlled.
So far, damages exceeding 100 million hryvnias have been established, though the exact amount is still being clarified during the pretrial investigation. The funds reportedly originated from the bank’s credit resources and were used in a so-called “re-lending” scheme through a chain of controlled companies.
Law enforcement believe bank employees, managers of affiliated enterprises, and other individuals who facilitated the transit of assets and documentation may have been involved.
The article carries a maximum penalty of up to 12 years in prison.
Kolomoisky’s cases
Kolomoisky currently faces four separate episodes across different criminal proceedings in Ukraine.
He has been charged with fraud and money laundering through the infrastructure of banks he controlled, illegally appropriating 9.2 billion hryvnias ($209 million) of PrivatBank funds as its former ultimate beneficial owner, misappropriating another 5.8 billion hryvnias ($132 million), and ordering a murder.
Kolomoisky has been held in custody since September 2023.