The SBI has uncovered the connection of Pin-Up with the financing of the Russian Federation’s budget: over 700 billion hryvnias could have been directed to finance the AF of the RF

The SBI has uncovered the connection of Pin-Up with the financing of the Russian Federation’s budget: over 700 billion hryvnias could have been directed to finance the AF of the RF

The State Bureau of Investigation determined that the activities of the online casino Pin-Up are directly connected with Russian citizens who, through offshore schemes, may finance the aggressor state.

This became known from the materials of criminal proceedings under several articles, including financing terrorism, legalization of income obtained through criminal means, and participation in a criminal organization.

It concerns the company "Ukr Game Technology," which operates under the Pin-Up brand and has transferred over 170 million UAH to the Cypriot company Guruflow Team Ltd. The latter is controlled by Russian citizens Dmitriy Punin and his wife Marina Ilina, who reside in Cyprus. Ilina is also the CEO of the global holding Pin-Up Global.

The investigation established that a number of structures associated with Pin-Up paid taxes to the Russian Federation budget. For example, the company "Fonkor" in 2022 contributed 579 million rubles to the Russian budget. Despite the change in name and ownership after the start of the full-scale war, control, according to the SBI, remains in the hands of individuals affiliated with Guruflow.

From December 2022 to April 2024, financial operations amounting to over 714 billion UAH were conducted through accounts of companies associated with Pin-Up, some of which have signs of money laundering, tax evasion, and withdrawal of funds through cryptocurrencies, p2p transfers, and front persons.

Connections between Pin-Up and a number of companies with Russian origins or affiliated founders were also discovered, as well as the use of so-called "mirror" sites, including pin-up.world and ivanbet.ru, which lead to resources controlled by a Cypriot company and a firm from Curaçao.

The case materials indicate potential financing of Russian security forces and the defence sector, which could have serious consequences for both the companies and individuals involved in the scheme.