Dozens of millions were embezzled. A scheme involving the funds of "Zemelny Capital" investors has been uncovered.

The owner of "Land Capital" bank embezzled over 90 million hryvnias from depositors. Law enforcement officials uncovered a scheme involving several individuals.

This was reported by RBK-Ukraine citing the National Police of Ukraine.

According to RBK-Ukraine's sources, the case involves the "Land Capital" bank and its director, Viktor Topolov.

"The suspect specifically acquired the financial institution to implement his criminal intent. He involved the chairman and board members of the bank, the chairman of the supervisory board, private entrepreneurs, appraisers, and state registrars in the deal," the report states.

How did the scheme work?

Under the organizer's leadership, they registered large real estate properties in the state register, allegedly located in central areas of Kyiv and Kharkiv.

"These non-existent properties became the subject of collateral for loans totaling over 90 million UAH. With the illegally obtained funds from the bank's depositors, the suspects financed their own business projects, including the construction of factories and thermal power plants, operational activities of a coal mine, and the purchase of luxury cars and real estate," the National Police reported.

Additionally, the bank security department's employees annually prepared reports on the existence and liquidity of the fictitious collateral assets.

What is known about the participants in the scheme

All of this led to the bank being declared insolvent in 2021 due to its failure to make payments to its clients and settle payment orders.

Police investigators and operatives from the Department of Strategic Investigations identified 27 individuals who were part of the criminal organization at different times. Seven of them have already been informed of suspicions related to embezzlement, misappropriation of property, or acquisition through abuse of office and official forgery as part of an organized group.

In January 2025, investigators gathered sufficient evidence to announce suspicions against the bank's management for creating, leading, and participating in a criminal organization, embezzlement, misappropriation of property or acquisition through abuse of office, official forgery, and laundering proceeds obtained through criminal means. Among the suspects is the owner of the bankrupt bank.

Massive arrests

To preserve physical evidence and recover damages, police have seized 12 apartments belonging to the suspects in the capital, 5 private houses in central Kyiv with a total area of over 2000 square meters, land plots, 12 luxury cars, 12 parking spaces, and corporate rights in the charter capital of companies affiliated with the suspects.

The suspects could face up to 12 years in prison with asset confiscation for their actions.

As reported, back in August 2021, the National Bank decided to classify "Land Capital" bank as insolvent.

Additionally, in September of the same year, the National Bank made the decision to revoke the banking license and liquidate "Land Capital" bank. The bank was owned by former Minister of Coal Industry Viktor Topolov.