How Pin-Up transferred funds from Ukraine to the aggressor

Ukraine's State Bureau of Investigation (SBI) has uncovered a large-scale scheme linked to the activities of Ukr Game Technology LLC, which operates a popular network of online casinos and bookmakers under the Pin-Up brand. The case has attracted significant attention as the company has ties to Russia and transfers millions of hryvnia abroad, posing a threat to Ukraine's national security.

Legal business under cover: How did it all begin?

Ukr Game Technology LLC received a licence from the Commission for the Regulation of Gambling and Lotteries (CRGL) in April 2021 and began operating under the Pin-Up brand. The network includes the Pin-Up.Casino online casino, Pin-Up.Bet sports betting, and the Pin-Up.Partners affiliate programme. The company operates actively not only in Ukraine but also in Kazakhstan, Azerbaijan, Turkey, India, and Brazil.

However, behind the facade of a successful business lies the Cypriot company GURUFLOW TEAM LTD, which, according to the investigation, is controlled by Russian citizens — lawyer Dmitry Punin and his wife Marina Ilyina. These individuals manage the Pin-Up network and conduct financial operations through Cypriot companies linked to the aggressor.

Siphoning off millions: How does the scheme work?

According to the investigation, between January 2022 and February 2024, Ukr Game Technology LLC transferred more than 260 million hryvnia (€6.25 million) to GURUFLOW accounts as payment for software. These transactions continued even after the start of Russia's full-scale invasion, under martial law, when the transfer of foreign currency out of Ukraine was strictly restricted.

The software used by Pin-Up supports Russian payment systems such as Mir, QIWI, and Yandex Money, which are subject to sanctions by Ukraine's National Security and Defence Council. This confirms that the company not only conducts illegal financial operations but also supports the aggressor at a technological level.

Russian roots: How is the company's past linked to the aggressor?

Until April 2022, GURUFLOW owned the Russian company Pin-Ap.RU LLC, which, after a rebrand, became Fonkor LLC and paid 579 million rubles into the Russian budget in 2022. The investigation claims that these funds were used to finance Russia's security services, directly contributing to the aggression against Ukraine.

In March 2023, the NSDC imposed sanctions on Fonkor, but the scheme continued to operate, and the company carried on its activities through various platforms and legal manoeuvres.

Nominal owners and illegal operations

Since March 2023, the nominal owner of the Russian casino's representative office in Ukraine has been Ihor Zotyko, who, according to intelligence services, was unable to explain the origin of 30 million hryvnia contributed to the company's charter capital, as well as having received 605 million hryvnia in dividends. These operations are part of a scheme to launder proceeds of crime. In January 2025, Zotyko was charged with aiding the aggressor state — he faces up to 15 years in prison.

Threat to national security

An expert examination by the Kyiv Scientific Research Institute of Forensic Expertise (KNISE) showed that the use of casinos negatively affects the combat readiness of Ukrainian military personnel. The software used in Pin-Up collects players' personal data, including banking information, and may transmit this data to Russia. Ukraine's Security Service had warned of such risks as early as 2021, but the network continued to function.

"Mirrors" and platform manipulation

To evade sanctions, Pin-Up uses "mirrors" of its websites, such as pin-up.world, and redirects users between various platforms. In March 2022, the brand was renamed Ivanbet in Russia, and associated sites continue to operate, including in occupied territories of Ukraine, without paying taxes into the Ukrainian budget.

According to information from the ABSOLUTION detective agency