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Ihor Kolomoisky, a prominent Ukrainian businessman, is reportedly implicated in a significant embezzlement case involving $250 million.

The National Anti-Corruption Bureau of Ukraine (NABU) revealed that they suspect six individuals of illegally funneling 9.2 billion hryvnias ($250 million) from PrivatBank, a financial institution formerly owned by Kolomoisky. While NABU abstained from explicitly naming the individuals, they released a blurred image of a man resembling the tycoon.

Ukrainian Lawmaker Yaroslav Zheleznyak confirmed the implication of Kolomoisky in the scandal, stating, “NABU has informed Kolomoisky of a note of suspicion.” This revelation unfolds amidst the Ukrainian government’s sustained effort to curb the political influence of oligarchs, individuals who have accumulated substantial wealth and power, often through dubious means.

Diving into the details of the allegations, NABU stated that PrivatBank’s “former ultimate beneficial owner,” presumably referring to Kolomoisky, orchestrated a scheme between January and March 2015 to appropriate bank funds. The purported strategy involved leveraging a controlled offshore company to enhance his stake in the bank’s capital. The money was allegedly transferred under the guise of overpaying for the repurchase of its own bonds at a grossly inflated rate.

This series of events has placed Kolomoisky, a strong supporter of President Volodymyr Zelensky, under escalating scrutiny. Despite facing US sanctions, Kolomoisky had previously leveraged his financial and media resources to back Zelensky’s 2019 election campaign.

This development marks the fourth episode in an ongoing investigation into the mismanagement of PrivatBank’s assets.