The law enforcement authorities in Ukraine have raided an underground, illegal online casino that was reportedly generating more than $50 million in revenue per year.
Namely, the illegal online casino had its base of operations in the city of Dnipro, was dealing in cryptocurrencies, and the business was allegedly owned by the son of an unnamed businessman who is a fugitive under international sanctions.
The Prosecutor General’s Office has stated that cybercrime investigators found sophisticated money laundering methods via black markets and that the online casino employed more than 120 people in various positions.
After an extensive search of the offices, the Ukrainian police seized several crucial pieces of evidence, including electronic storage devices, gambling equipment, and extensive documentation detailing the illegal operation.
As per the estimates of Ukrainian law enforcement, the illegal online casino worked without interruption for a long period of time, and the ringleaders of the operation were earning more than $5 million per month, thus showcasing the magnitude of the illegal operation.
Ukrainian law enforcement is currently working on seizing assets and identifying more culprits connected to the operation. Those in charge of the operation could potentially face charges of large-scale fraud and be accused of organized crime, a crime that carries one of the biggest penalties in Ukrainian law.
The raid of this $50 million+ illegal casino comes just after Ukraine reformed its regulatory framework at the start of January, introducing new amendments that were specifically designed to improve user protection and monitoring of gambling activities.
According to government officials in Ukraine, this move was only natural after several high-profile scandals that involved the state gambling regulator and its head who was found to allegedly have ties with illegal gambling platforms in Russia.
