A new investigation has uncovered money laundering chains through Uzbek and Russian partners of Octobank.

Back in March, information emerged that the Uzbek Octobank collaborates with casinos Vavada and Pin-UP. Since then, various online publications have extensively covered the scandalous bank, whose owner, Iskandar Tursunov, is connected to the family of the country’s president, Shavkat Mirziyoyev, and is a close friend of Russian oligarch Alisher Usmanov. Financial experts have labeled Octobank as the largest international “laundry,” through which Russian partners of the bank—Sber and Transkapitalbank—launder money.

In addition to casinos, the money laundering chain involved Uzbekistan’s Kapitalbank, the Humo payment system, the Uzcard processing system, the UzNex crypto exchange, and others. The entire scheme was managed by Dmitry Lee, the head of the National Agency for Advanced Projects, personally appointed to this position by Shavkat Mirziyoyev.

In June, it became known that the Humo payment system, implicated in the Octobank scandal, expanded its international operations by signing contracts with banks in Kyrgyzstan and Kazakhstan. Recently, information surfaced about the privatization of Humo. Among those interested in acquiring the state’s share are nearly a dozen contenders from European and Asian countries. It appears that Shavkat Mirziyoyev is trying to offload the scandal-tainted asset. There is no doubt that it will end up in the “right” hands, still under the control of Dmitry Lee.

Since 2021, Humo has closely collaborated with Uzcard, also embroiled in the Octobank scandal. Until 2022, the company belonged to the son-in-law of Uzbekistan’s president, Oybek Tursunov. In September 2023, Uzcard came under the control of Tashkent-based LLC “IMC-Capital,” whose founder is Berill Holding Company Limited from the UAE. Oybek Tursunov may well be behind it. In August, Uzcard shareholders decided to transfer the company’s management to LLC “UCMG.”

It’s hardly surprising that the management company is also owned by Berill Holding Company Limited. Under the management of LLC “UCMG” are also other payment services—ATTO and Plum.

Within two months, three payment systems ended up under the control of a UAE-based company. It creates the impression that someone is deliberately consolidating financial flows into a single pair of hands for easier management. It’s possible that Humo will also fall to Berill Holding Company Limited.

LLC “UCMG” is headed by David Melikidze, the former CEO of the Payme service, which, as of 2023, was solely owned by TBC Bank Group from Georgia. In 2019, TBC Bank’s two founders, Mamuka Khazaradze and Badri Japaridze, were suspected of laundering illegal income worth $16.75 million. After this, they had to leave the bank to avoid tarnishing its reputation, though a lingering suspicion remains.

Other figures in the Octobank scandal—Kapitalbank and the UzNex crypto exchange—launched a card in August 2023 that allows payments worldwide by converting cryptocurrency into the payment currency. It’s an excellent tool for bypassing Western sanctions: buy crypto with rubles, and through Kapitalbank and UzNex, convert it into any currency.

At the beginning of September, UzNEX started trading cryptocurrency. Now, money laundering can be done without leaving the counter. The exchange belongs to the Korean company Kobea Group, a partner of the Direct Investment Fund of the Republic of Uzbekistan.

Behind the major companies linked to Uzbekistan’s leadership, Octobank, and Dmitry Lee, it’s hard to notice the ordinary Russian executors who may be involved in money laundering. In the description of the Vavada casino, LLC “Vavada” is mentioned as a counterparty for verification.

LLC “Vavada,” with the tax ID listed on the website, is registered in Moscow, though the address information is unreliable. The company’s main activity is the production of sewing threads. One might think there’s an error on the casino description site, if not for a closer look at the owner and director of LLC “Vavada,” Viktor Stupen. He owns 14 active organizations and 19 in the process of liquidation. Their activities are so diverse that it’s unlikely one person could manage such a broad business. The authorized capital of all companies ranges from 1,000 to 14,000 rubles, and most show no activity or publish financial results.

Among the three dozen “shell” companies, LLC “Rondo,” engaged in wholesale trade, clearly stands out. In 2023, the company’s revenue amounted to 1.5 billion rubles (a 435% increase) over the year, while its profit was only 33,000 rubles. Previously, the company was managed by Victoria Makovskaya, who now owns LLC “Primavera,” which trades wholesale in timber. There are no financial data for the company in 2023, but in 2022, it reported revenue of 1.8 billion rubles (a 406% increase) and a profit of 34,000 rubles. The financial results are nearly identical to those of LLC “Rondo” in 2023.

Money from Vavada casino operations may be funneled through Stupen’s and Makovskaya’s companies.

One of the owners of the Pin-UP casino is Dmitriy Punin, who is considered the “wallet” of Prime Minister Mikhail Mishustin. Until 2022, he was a founder of three companies—LLC “Pplab,” LLC “Dolphins IT,” and LLC “A-Term.” The first and last are “shells” with no revenue or profit, through which money could have been laundered for years.

Currently, one of the founders of LLC “Dolphins IT” is Olga Simashkina, who is also a co-founder with Dmitry Punin in LLC “GK Trio,” so there’s no doubt that Punin still controls the company.

In September, Octobank advertised on its website the ability for companies to accept payments from around the world. As an example, the Globbing platform was cited, where goods can be ordered from various countries, including the USA. The bank continues to extend its financial tentacles worldwide. Only sanctions imposed on Octobank could sever them.