A scheme worth hundreds of millions: Ukrenergo funds theft exposed in Ukraine
Фото: facebook НКРЕКП
In Ukraine, law enforcement officials have uncovered a large-scale embezzlement scheme from NEC Ukrenergo that operated between 2022 and 2024. The total damage to the state exceeds 447 million hryvnias.
According to the Prosecutor General, the deal was orchestrated by the founder and de facto controller of several private energy supply companies. He brought in four other market participants to the scheme and created a network of subordinate companies.
The essence of the scam consisted of deliberately underestimating electricity consumption forecasts. On paper, companies declared lower volumes than they actually used, and the state covered the difference to avoid outages. Meanwhile, consumers were charged in full for their electricity.
The criminals didn’t transfer the funds they received to Ukrenergo, but rather siphoned them off through controlled companies and sole proprietors. They artificially accumulated debts to the state-owned company, driving the companies to bankruptcy, and then creating new ones and repeating the scheme.
All defendants have been charged under Part 5 of Article 191 of the Criminal Code of Ukraine, and the organizer has been additionally charged with organizing the crime. The appropriate measures are being decided.
The investigation is ongoing, with law enforcement officials checking into other possible incidents, particularly those from 2025–2026.
Previously, the National Anti-Corruption Bureau and the Specialized Anti-Corruption Prosecutor’s Office announced the exposure of a scheme to embezzle funds intended for “green” tariff payments, which was used by commercial energy generating companies located in the temporarily occupied territory of the Zaporizhzhia region.
The National Anti-Corruption Bureau and the Specialized Anti-Corruption Prosecutor’s Office announced the exposure of a scheme to embezzle funds intended for “green” tariff payments , which was used by commercial energy generating companies located in the temporarily occupied territory of the Zaporizhzhia region.
It was previously reported that NABU and SAP submitted documents to place businessmen Timur Mindich and Alexander Tsukerman, defendants in the “Midas” case involving corruption in the energy sector, on Interpol’s wanted list .
As a reminder, only 19% of Ukrainians surveyed believe that President Volodymyr Zelenskyy was unaware of corruption in his circle and was not involved in the “Mindich scheme.”
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