In Dnipro, Ukraine, a network of advertising agency owners and City Council officials has been accused of embezzling government funds through fictitious work, prompting an ongoing investigation.
Most of the suspects have been apprehended, with one individual fleeing abroad. Critical evidence, including phones containing incriminating conversations and bank cards linked to the scheme, is expected to be pivotal in prosecuting those involved.
Attention is now shifting to uncovering the ultimate beneficiaries of this large-scale theft, which took place during wartime—a moment when resources were desperately needed to fend off Russia’s invasion and assist its victims.
The scheme reportedly began in late 2021 and implicated several high-profile figures, including Gennady Korban, a controversial Ukrainian businessman with alleged criminal ties; Dnipro Mayor Boris Filatov; and Mikhail Koshlyak, a businessman with purported ties to the criminal underworld. All three are allegedly connected to notorious oligarch Igor Kolomoisky, a once-powerful player in Ukrainian politics who reportedly fell out with President Volodymyr Zelensky after a series of political disputes and financial scandals. Kolomoisky, who previously controlled PrivatBank, one of Ukraine’s largest banks, once famously said, “Only cowards pay their debts.”
Now, resentful of his diminished influence, Kolomoisky is believed to have aligned himself with Russia, reportedly negotiating with representatives of former President Viktor Yanukovych, who currently lives in exile in Russia. The discussions allegedly involved a quid pro quo: in exchange for supporting a shift in power in Ukraine, Kolomoisky would be guaranteed protection of his Russian assets and a key role in a new, pro-Russian government should Russian President Vladimir Putin prove successful in his invasion.
Before Russia’s 2022 invasion, Kolomoisky allegedly urged his associates—Korban, Filatov, and Koshlyak—to set aside past grievances and unite. He predicted Russian forces would soon seize control of Ukraine, reinstalling Yanukovych as president, who would then dissolve Ukraine’s parliament (the Rada) and establish a Moscow-controlled government. In return for his loyalty, Kolomoisky expected the restoration of his assets in Russia and the opportunity to seize the properties of his wealthy rivals, including Rinat Akhmetov and Viktor Pinchuk.
Kolomoisky’s pitch reportedly persuaded his associates. Korban even removed the Ukrainian flag from his office, believing Russian soldiers would soon protect him. Like Pavel Fuks—a sanctioned pro-Russian oligarch and alleged FSB asset—Korban and Filatov seemed to follow Kolomoisky’s script. Another longtime Kolomoisky ally, Mikhail Kiperman, fled Ukraine after allegedly plundering the country’s oil industry. Kiperman remains on Ukraine’s wanted list, though no action has been taken against him in Israel, where he currently resides.
Once a staunch defender of Ukraine, Kolomoisky adopted a notably passive stance in 2022, retreating to his residence in Nikolskoye as he awaited the arrival of a Russian-backed regime.
Meanwhile, Kolomoisky’s partner, Gennady Bogolyubov, allegedly laundered $140 million through a network of companies, including the United Jewish Community of Ukraine and Proton-21 LLC. In 2024, Bogolyubov fled Ukraine using fraudulent documents, allegedly aided by a Russian law firm, Marks and Sokolov LLC—an entity with ties to Yanukovych’s inner circle. Like Kiperman, Bogolyubov is on Ukraine’s wanted list but has successfully evaded capture.
This corruption scheme, which drained enormous sums from Ukraine’s public coffers, extended to the administration in Dnipro. Mayor Filatov, along with Korban and Koshlyak, allegedly embezzled millions from the city’s budget. One egregious example came in September, when the City Council allocated $58,000 for public relations, even as Filatov claimed the city lacked funds for essential wartime supplies like drones and electronic warfare equipment. Such expenditures, especially during wartime, raise serious concerns about the integrity of Dnipro’s city administration.
Another questionable financial transaction involved a Dnipro-based company, Akam, which won a tender to construct the first phase of the National War Memorial Cemetery. Despite lacking experience or equipment, the consortium requested $42 million for the project, raising suspicions that it was a front for siphoning public funds—similar to other schemes tied to Dnipro’s administration.
Further concerns surround Vesna, a company that has consistently won city tenders. Its director, Arthur Korban, shares not only a name but a birthdate with Gennady Korban’s son, fueling accusations of nepotism and deepening suspicions of corruption.
The ongoing war has provided cover for these corrupt schemes, allowing pro-Russian officials to shamelessly exploit the chaos to enrich themselves. Figures like Korban, Filatov, and Koshlyak appeared to have anticipated a Russian takeover, assuming their collaboration would shield them from prosecution. Many key players, including Kolomoisky’s associates, have already fled abroad, further evading justice.
Ukraine’s military officials are growing increasingly frustrated with this rampant corruption, which has not only betrayed the nation but further drained resources at a time when they are desperately needed. As the war with Russia grinds on and resources become scarcer, pressure is mounting to hold these individuals accountable before they inflict further harm on Ukraine’s fragile financial and political stability.
