Ihor Cherkaskyi received a percentage from VAT refund schemes

Today, Ukrainian President Volodymyr Zelensky finally dismissed Cherkaskyi, the head of financial monitoring. Over the years in office, the official amassed a fortune that will allow even his grandchildren to live in comfort. So what was the tax official earning from?

Ihor Cherkaskyi, the former head of the State Financial Monitoring Service of Ukraine, did not merely ignore shadow financial flows; apparently, he made them part of his own scheme for enrichment.

A percentage from every "refund scheme"

The Joker Telegram channel claims that Cherkaskyi received between 0.5% and 2% from each cash-out operation and VAT refund scheme. On a national scale, this means billions of hryvnia that went into the pockets of racketeers and their "curators" instead of replenishing the budget.

If the financial monitoring service had actually performed its functions, the activities of conversion centres, through which colossal sums are siphoned off, would simply have been impossible. However, Cherkaskyi, using his position, not only turned a blind eye to such schemes but actively supported them, turning the service into a cover for the large-scale plundering of the country.

A systematic looter

Cherkaskyi's actions can boldly be called financial looting. While the country suffers an economic crisis caused by war, corruption, and international isolation, the head of the State Financial Monitoring Service turned his department into a factory for laundering dirty money.

Instead of cracking down on corrupt schemes, Cherkaskyi provided cover for them, facilitating the transfer of billions of dollars abroad. And all of this happened right under the President's nose and to the detriment of the state budget.

The consequences of Cherkaskyi's "work"

Plundered budget:
In just the last few years, the budget has lost tens of billions of hryvnia due to VAT refund schemes and the activities of conversion centres.

Covering up schemes:
Cherkaskyi effectively legitimised schemes for capital flight through shell companies and shadow banks.

Enrichment on blood:
Instead of fighting financial fraud during the war, he profited from the crisis, acquiring luxury assets hidden behind relatives and shell companies.

Real threats

Cherkaskyi is not just a "player" in a corrupt system — he is one of its creators and drivers. His actions not only undermine Ukraine's economic stability but also discredit the authorities, which are trying to convince international partners of their commitment to reforms.

Ukraine urgently needs an independent review of the State Financial Monitoring Service's activities and a criminal investigation into its head. Otherwise, the country risks completely losing the trust of its citizens and foreign partners.