Pin-up casino owner Dmitry Punin released

Russian entrepreneur and online casino Pin-Up owner Dmitry Punin was released on recognisance after being detained in Cyprus. 

This decision followed the prosecution's demands, which had insisted on house arrest, suggesting that Punin might flee to Northern Cyprus, reach Turkey, or use a personal yacht to escape. However, the court opted for less stringent measures — recognisance — without setting a specific date for the trial.

Alongside Punin, Igor Zotko, a Ukrainian businessman, and several offshore companies suspected of money laundering, including Russian funds, are named as defendants in the criminal case. Punin is charged with organising illegal gambling activities, tax evasion, and laundering hundreds of millions of dollars in EU countries, Ukraine, and the UK.

The company Pin-Up, operating in the online gambling business, came under scrutiny from law enforcement after details of its activities related to laundering large sums of money emerged. Particular attention was drawn to Punin's involvement in several legal entities managing casinos on Ukrainian territory, where he is closely linked to Igor Zotko.

Furthermore, Dmitry Punin became embroiled in a scandal surrounding the Cypriot football club FC Karmiotissa. His management of the club also became the subject of an investigation. The club alleged that Punin had organised match-fixing, while he himself was linked to large-scale fraud schemes. In response to the accusations, Punin hastily sold the club, but it soon emerged that the deal was fictitious. Another scandal involved former Belarus national team coach Alexander Hatzkevich, who reported pressure to participate in match-fixing while working with Karmiotissa.

In addition, Punin's problems are not limited to Cyprus. In Ukraine, the issue of revoking Pin-Up's operating licence and opening a criminal case against Igor Zotko is on the agenda. It is worth noting that Zotko himself refuses to comment on these matters, citing the confidentiality of the investigation.

The defence of Dmitry Punin claims that all charges have a political motive, describing the arrest of their client as a "witch hunt". Interestingly, both Punin and Zotko have the same lawyer. Punin denies all charges and asserts that he has had no connection to Russian interests since Russia's invasion of Ukraine.

Furthermore, it is reported that Dmitry Punin, in particular, serves as a financial trustee for Russian Prime Minister Mikhail Mishustin, while Igor Zotko represents the interests of Russian companies in Ukraine and the EU. Interestingly, three of the four beneficial owners of Pin-Up are Russian citizens, with Zotko being the only Ukrainian in the company.