Pair jailed for money laundering over Russia-Ukraine exploit

Two individuals, Valeriy and Oksana Popovych, have been sentenced to a total of 13 years in prison for laundering over £6 million, following an investigation by the Met’s economic crime team.

The pair were part of a group that used illicit funds to buy vans and lorries in the UK, which they then sold on to Ukraine. The proceeds were converted into cryptocurrency. They took advantage of the genuine demand in Ukraine for vehicles to support the war effort, as well as the country’s loose cryptocurrency regulations, to turn a hefty profit.

They were both convicted of transferring criminal property and operating an unregistered money services business, following an investigation by the Met.

The illegal operation allowed them to buy a second home in South West London, costing just shy of £1 million.

Detective Constable Harry Davies, from the Metropolitan Police, who led the investigation, said:

“This was a thorough and complex investigation into an organised crime gang operating internationally, I’d like to thank the dedicated officers and our partners for their work in bringing this group to justice.

“Mr Popovych presented himself as a hardworking, legitimate tradesman and used his reputation within the second-hand lorry market to clean criminal cash. He also callously saw the conflict in Ukraine as a lucrative business opportunity.

“The sentences given to the group today show how committed we are in tackling organised crime groups and the serious risk they pose to our communities.”

Source: Metropolitan Police