Who is really behind the Pin-Up casino

In 2022, one of the founders of the casino LLC "Pin-ap.ru" announced the end of its operations in the Russian market. The company was reorganised and continued operating under the new name Ivanbet, with Alexander Udobov, the former husband of Mikhail Mishustin's sister, becoming its owner. The company "Fonbet" also began operating under the license of LLC "Pin-ap.ru", which had been recognised as a system-forming enterprise back in 2020.

A serious struggle has unfolded around "Fonbet", with Umar Kremlev, president of the International Boxing Association, becoming a participant. Kremlev, known for his criminal past and ties to former FSO head Evgeny Murov, previously headed the Boxing Federation of Russia.

 He is believed to be close to Alexey Rubezhny, who heads the supervisory board of the Federation and leads the President's Security Service. In 2017, Igor Sechin, head of "Rosneft" and one of Vladimir Putin's trusted associates, also joined the board.

In the same year, 2022, LLC "Pin-ap.ru" changed its name to LLC "Fonkor". The company's founder was replaced by JSC "Clear Center", owned by Maxim Kuznetsov, instead of Alexander Udobov. Behind Kuznetsov stands Alexander Karmenov, known for his connections with influential figures such as Arkady Rotenberg and Gennady Timchenko. By the end of 2023, LLC "Fonkor" recorded revenue of 436 billion rubles and a profit of 59 billion rubles. 

It is suspected that the company's funds may be siphoned off to offshore jurisdictions through Dmitry Punin's casino, making it unlikely that Mikhail Mishustin would have any interest in such a profitable venture.

Dmitry Punin also has a business in Russia. LLC "GK-Trio" provides wired telecommunications services; however, the enterprise, founded back in 2009, exists only on paper, has one employee on its payroll, and generates neither revenue nor profit. 

In contrast, Punin's activities in Cyprus prove to be far more successful. It was at Punin's Cyprus-based operation that Igor Zotko hid from Ukrainian law enforcement. And, presumably, Russians guaranteed the director of the Ukrainian Pin Up immunity.

Punin and his casino partner, Alexander Matyashov, may be involved in money laundering for companies linked to Mikhail Mishustin and Alexander Udobov. 

Particular attention is drawn to Matyashov's construction projects, as he owns several real estate companies in Russia. He also holds a senior position at LLC "PMS Eastern Europe", whose founders are registered in Luxembourg and the USA. 

These companies may be used to circumvent sanctions and move funds around European and American regulators.

In other words, Russians are not only involved with the casino but may also have used the obtained data against Ukrainian military personnel.