Ukrainian Entrepreneur Arrested in Monaco for Allegedly Laundering Millions From Illegal Arms Profits

Authorities in France and Monaco have frozen €57 million in assets and arrested a Ukrainian entrepreneur accused of laundering proceeds from illegal arms deals through luxury properties across Europe. The arrest was carried out on April 28 in Monaco, and the suspect is alleged to have concealed illicit funds connected to both arms sales and the sale of shares in a Ukrainian defense company.

According to investigators, the detained individual is the son of a prominent Ukrainian businessman who formerly owned the defense firm in question. Following the Russian invasion of Ukraine, the company’s revenues reportedly plummeted. Eurojust, the European Union’s criminal justice cooperation agency, stated: “The owners are suspected of having illegally sold their majority stake to representatives of a foreign state.”

To obscure the source of profits obtained from that controversial sale, the son is believed to have purchased multiple properties in countries including France and Monaco. “To hide the illegal profits gained from the sale, the owner’s son bought properties, in several countries including France and Monaco,” Eurojust said in a statement. “He is believed to have subsequently laundered hundreds of millions of euros in profits.”

While neither the businessman nor his son have been named publicly, Ukrainian authorities have already brought charges against the father for crimes against national security. These charges now also include money laundering, Eurojust confirmed.

French investigators allege that from 2010 to 2023, the son laundered over €57 million within France alone. “Soon after opening a money laundering investigation, the French authorities froze the suspects’ assets worth €57 million with the intention of returning them to Ukraine,” Eurojust added.

The arrest and asset freeze were the result of a coordinated cross-border investigation supported by a joint team organized through Eurojust. Prosecutors and law enforcement officials from Ukraine, France, and Monaco collaborated to align their judicial strategies and share evidence efficiently through the Eurojust platform.

During the arrest in Monaco, authorities seized documents believed to be relevant to the investigation. The suspect is now being questioned by officials from the three involved countries as the investigation continues.

By fLEXI tEAM