A new scam has been uncovered in Ukraine’s energy sector: how 447 million hryvnias were stolen from Ukrenergo
This was reported by the Security Service of Ukraine.
Six executives of companies in Kyiv and Kharkiv involved in supplying electricity to industrial consumers are implicated in the scheme.
Results of the investigation
Between 2022 and 2025, members of the organised group carried out a scheme that allowed them to embezzle funds from Ukrenergo through manipulation of electricity procurement.
To do this, the suspects underreported the projected electricity consumption by end-users to the company, leading to a significant negative imbalance.
In reality, electricity was supplied to consumers, but payment for it was not received by Ukrenergo, whilst the scheme’s participants received full payment from customers.
The funds obtained were channelled into the shadow economy via controlled companies, converted into cash and distributed among themselves.
Once debts to Ukrenergo had accumulated, the controlled companies ceased operations and transferred their customer base to other firms.
According to the investigation, the total amount of losses amounts to 447 million hryvnias.
Investigative actions
As part of the investigation, 26 searches were carried out, during which smartphones, computer equipment, seals, documentation and draft records containing evidence of the crimes were seized. As a result, six participants in the scheme have been notified of suspicion under Parts 3 and 5 of Article 27 and Part 5 of Article 191 of the Criminal Code of Ukraine – they face up to 12 years’ imprisonment with confiscation of property.
A pre-trial investigation is currently underway to establish all the circumstances of the crime and bring those responsible to justice.
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