Kyiv Police Bust $1.7M Embezzlement Scheme

Published: 17 May 2024

Electric Pole FlickrDirector of a Kyiv energy supply company allegedly embezzled the state's budget for just over $1 million. (Photo: U.S. Department of Agriculture, Flickr, License)

By Zdravko Ljubas

Police in Ukraine have accused the director of an energy supply company in Kyiv of embezzling more than 67 million hryvnias (US$1.7 million) from the state budget by selling electricity at inflated prices to a department within the State Water Resources Agency.

The suspect, whose name has not been disclosed, allegedly illegally obtained tens of millions of hryvnias, as stated by the National Police of Ukraine on Thursday.

Investigators discovered that the director signed contracts in early 2022 obliging a department within the State Water Resources Agency to pay twice the normal price for electricity.

The suspect is facing serious charges of “embezzlement of property through abuse of office,” a crime magnified under the current martial law circumstances.

If found guilty, he could be sentenced to a hefty 12-year prison term.

Furthermore, authorities are considering banning him from certain positions or activities for up to three years, along with the potential confiscation of his assets.