In response to a request from the Main Directorate of the National Police in the Cherkasy region regarding the tracing of property of individuals suspected of laundering assets obtained through criminal activity, the Asset Recovery and Management Agency (ARMA) traced the assets of an organized criminal group.

According to the investigation, the officials artificially inflated the gross expenses of the enterprise by recording fictitious transactions in the reports and subsequently laundering the proceeds of crime. The management of one of the companies entered into sham agreements with entrepreneurs to artificially increase their expenses. This allowed them to reduce the amount of taxes due and thereby evade paying over UAH 38 million.

Staff of the ARMA’s Department for Finding and Tracing of Financial and Other Assets identified and traced:

15 residential real estate properties,

2 nonresidential real estate properties,

13 luxury cars,

equity stakes in the charter capital of commercial enterprises.

“We promptly respond to requests from law enforcement agencies regarding the identification and tracing of assets belonging to individuals involved in such cases. ARMA is ready to ensure budget revenues through the efficient management of seized assets identified in the framework of criminal proceedings”, noted Deputy Head of ARMA Pavlo Velykorechanin.

ARMA has submitted information on the traced assets to law enforcement agencies for the subsequent seizure of this property.