Pin-Up as Dmitriy Punin’s international laundromat: large-scale cashing schemes of Russian money through offshores and shell companies

Pin-Up as Dmitriy Punin’s international laundromat: large-scale cashing schemes of Russian money through offshores and shell companies

In early 2025, Ukrainian authorities detained Ihor Zotko in Kyiv, the registered owner of the company running the "PIN-UP" online casino brand. The investigation revealed that the business was actually controlled by Russian citizens, including Dmitriy Punin.

On February 4, the Ukrainian publication reported that Zotko, together with Punin and his wife Marina Ilyina, co-owner of "PIN-UP", planned an assassination attempt on journalist Evgeny Plinskiy, who had been investigating their manipulations and connections with Russia for years.

On May 25, the President of Ukraine Vladimir Zelenskiy enacted the decision of the National Security and Defense Council on sanctions against Russians linked to the online casino Pin-Up.

10-year restrictions were imposed on Russian citizens Dmitriy Punin, as well as Ivan Bannikov and Alexander Matyashov. Their assets will be blocked.

Our publication managed, on conditions of anonymity, to talk to someone close to the Punin-Ilyina couple, who worked for them in Cyprus for some time. For convenience, let’s call her Kristina. The interview took place in one of the European countries where Kristina moved from Cyprus. 

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Journalist: Thank you for agreeing to talk to us. Tell us, how long did you work for Dmitriy Punin?

Kristina: More than two years. I am familiar with him and his wife Marina, with whom, of course, closer relationships developed. In Cyprus, my duties included administering the work of establishments, shall we say, leisure activities, and the specific bit was providing services to VIP clients. And they were, one could say, their regulars, and, of course, the owners.

Journalist: Did you often see Dmitriy Punin?

Kristina: Quite often. He usually appeared in the second half of the day. He came in to hang out with friends or partners, and I, of course, had the opportunity to partially observe what was happening.

Journalist: And what is your impression?

Kristina: Honestly, till now I cannot fully understand why Marina chose Dmitriy as a close person, a husband. A boor, behaves unrestrainedly, arrogantly. With a vague, but certainly "dark" past and present. His narcissism is off the charts. A rare braggart. Although, as they say, "behind every peacock’s tail, there’s an ordinary chicken rear." And too talkative for a sketchy type. Once he starts to "carry..."

By the way, all of his clothes are custom-made, even his underwear has monogrammed initials! I once noticed it by accident. This says a lot about his character. Well, to each their own, I guess.

Peacock

Journalist: Who did he usually come with?

Kristina: Judging by the manners and behavior, the crowd was quite diverse and colorful. In summary: something between confident businessmen and street thugs. Visually, and based on my experience, the company accompanying Punin was composed of people depending on what goals were being pursued. There were locals, you could say regular clients for business matters, or something close to that. Sometimes recognizable personalities came with him. Despite the fact that Limassol is a large city by Cypriot standards, our community is quite compact. Each group with shared interests has its own circle of allowed persons, its own establishments. With its own rules, specific face control, and so on. I hope you understand what I’m talking about?

Journalist: From this crowd, who would you single out? Perhaps they stood out in any way?

Kristina: Oh! The Cypriot period for me is especially rich in all sorts of unexpectedness and surprises. To be honest, I’m still recovering.

Journalist: What do you mean?

Kristina: It’s probably no secret that for more or less "advanced" establishments like those of Punin, regardless of "geographical" location, the use of cheering substances, the provocation of sexual deviations, and so on, are quite ordinary things. Believe me!

Journalist: For example? Returning to Punin, deviations?

Kristina: Well, for delicacy’s sake, I won’t delve into these topics. And one should think about their own safety, and after all, this is a personal choice of preference. 

More memorable were the episodes with substances. When Punin came with Igor, everything, as a rule, took a serious turn. You can imagine my state when, without the slightest hesitation or internal “blocks,” they would start taking white powder right in the establishment, before the public, the boldness of which amazed the staff. Once, I saw him snort such a huge line that it didn’t fit in his nose and the entire dose spilled back. Igor was also in a similar state.

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Journalist: Igor, who is he?

Kristina: Well, he appeared from time to time. Definitely not local. He was visiting, so to speak, although there was a period he was quite frequent. But later on he disappeared somewhere. They said he represented Punin and Marina in businesses in Ukraine. If memory serves me, Igor Zotko.

Punin-1 on the right, Zotko-2 on the right

Journalist: Are you able to recognize in the photo? Did Zotko live in Cyprus? How long?

Kristina: I have no special desire to delve into such depths of filth. Yes, in Limassol. I can’t say exactly, but it seems like about a year.

Journalist: Am I correct in understanding that this duo in this ensemble stood out to you for the use of certain substances? What was it?

Kristina: You are funny! Inquire around, for example in Limassol, what the priorities are in these matters. Let me clarify, we are not talking about “campaigns” or generalizations indiscriminately. But any "by-passer," would say it’s coke for the top, "seniors," and "chemistry" for "juniors," "middles." Inspiration must come from somewhere. You know where to put Punin. Draw your conclusions.

So, this duet, as you noticed, wasn’t holding back much. It seemed like they were always high. Sometimes, knowing Marina, I even wanted to hint to her that the duo’s ‘excesses’ became too frequent. But I didn’t do this. Now I think this may have been wrong on my part. Almost all who came with Punin used substances right at the table.

In Cyprus, the entire wealthy Russian crowd is on cocaine. Even locals who hang around them—start imitating them and also get into coke.

Journalist: Who else was with him?

Kristina: All sorts! You can understand, when someone has top earnings, various personalities are always around. Hard to remember everyone. Of course, there was everyday life and fun. There was business. You can regard Punin differently, but he is a wealthy person. People were coming on restaurant-retail and hotel matters. Given his earnings, of course, money launderers frequented.

Journalist: Money launderers? Why does Punin need them?

Kristina: Considering the peculiarities of his business and Russian citizenship, he can’t do without this. As far as I know, and according to Marina, plus as it’s said - "you can’t hide an awl in a sack," gigantic sums in cryptocurrency pass through him. The main problem for Dima is cashing it out. Actually, a large part of his business, at least in Cyprus, is "sharpened" precisely for this. Accordingly, money launderers are like oxygen for him.

Journalist: Why does he need cash?

Kristina: You understand, cash opens many and any "doors," and that is very important for Dima. Well, with cash it is troublesome, but in current times it’s more reliable than in the bank. There are always those willing to snatch hard-earned money, so it’s safer this way. And in a criminal sense, he feels more confident than when the money is in banks. There were rumors that he took millions in cash to Russia through Dubai on business jets, but these are just rumors.

Journalist: You mentioned that, in a criminal sense, Punin feels confident? What does it mean?

Kristina: Even with my relatively short Cypriot period, I know Punin has "protection"—Stavros Demosthenous. He is the boss of the local mafia, with immense influence and connections at the top. Without him, Punin could not have settled on the island.

Stavros Demosthenous

Journalist: Is he an influential person in Cyprus?

Kristina: Very influential. He is the shadow power. When problems can’t be solved by legal means, people turn to him. He can "settle" an issue, in principle, of any complexity.

There was a period when Russian businessmen were “being raided” in Cyprus, and, judging by Punin’s remarks under "high," Stavros was a significant figure in this process. Several businessmen from Russia were deprived of their Cypriot companies. 

Journalist: What role does he play in Punin’s affairs?

Kristina: When Punin came to Cyprus, he needed a patron and Stavros was ideal for him. Any little-aware person, upon even a cursory acquaintance or familiarity with Punin’s businesses will understand that their basis is the legalization of money generated in Russia and somewhere else. And also, for example, the revenues of the online casino "PIN-UP." Restaurants, wine boutiques, clubs, football—this is all a facade, a cover not to attract attention, for misdirection.

In such matters, very specific opportunities are required. Agree, this is a "gray zone" of business, thus it turns out, Punin buys up everything he can reach. In most cases, it’s necessary to hide assets from curious eyes, envious individuals, and simply gawkers. So he registers them on Stavros and his people.

If interested, you can investigate the situation with the football scandal.

Journalist: What’s that story?

Kristina: In 2022, Dmitriy Punin bought the Limassol football club "Karmiotissa." At the end of 2023, after scandals with fixed matches, he formally sold it to Demosthenous. According to Punin, during one of his drinking sprees, he blurted out the deal was fictitious. He just stepped aside for a while and handed control of the club to Stavros.

The “movement” was that Demosthenous controls a network of betting shops in Cyprus. Punin’s club was arranging fixed matches to earn on bets through these shops. This was revealed, I don’t remember the details, apparently after an interview with a player or coach. Then Dima was beside himself, you could say he outdid himself. It was a mix of fright of a delinquent teenager, yet confident in guardianship, and unbridled bravado of a hoodlum near a grocery store.

Officials from UEFA came for a check, but, of course, found nothing. I heard Punin boasted that for a small sum, he bought them off.

Journalist: Tell us more about Stavros Demosthenous. Who is he?

Kristina: Limassolians, and also Russian residents in Cyprus, are probably more informed about him. If not fantasizing, but talking more specifically, his peculiarity is a special flair for earnings. He is a subtle psychologist and manipulator.

Journalist: Can you give specific examples?

Kristina: Back in the day, when Cyprus was massively settled by wealthy Russians, many bought cars in Stavros’ showrooms. He infallibly recognized the potential of the customer and didn’t just sell them cars but offered help in resolving issues on the island and became their friend. Every expat, even a wealthy one, encounters various difficulties in a new country: someone needs to expedite obtaining a residence permit, opening a bank account; someone needs a license to open a business, etc. Stavros helped everyone and masterly made many of them dependent on him. I’ll say more, as Punin mentioned, in many Russian businesses in Limassol there is Stavros’ share, "just dig a little."

Journalist: So he is a talented businessman?

Kristina: Stavros is a bandit, a mafioso. His main talent lies in his proximity to power. 

Journalist: How did he become close to power?

Kristina: According to Dima, through lawyer Fanos Philippou, a partner of Nikos Anastasiadis, the former president of Cyprus. Fanos and Stavros are longtime friends. Stavros “solved” his problems, and later—began performing delicate tasks for Anastasiadis. When something couldn’t be done legally, Stavros’ gang took over. Stavros and his gangsters were Anastasiadis’ combat detachment until he became president. 

And when Anastasiadis became president, golden times began for Stavros. 

Journalist: Does Stavros still wield such influence?

Kristina: He resolves everything: who will get citizenship, who will get a visa, who will be released from detention, who will lose their business. He can call a minister, judge, prosecutor, and no one dares refuse him. The police fear him. Stavros is a force. 

Journalist: How specifically does he help Punin?

Kristina: Again, according to Punin, Stavros is his power backup. For example, his people burned several cars of Punin’s competitors. Stavros threatened journalists and made them delete articles about Punin. Now Cypriot newspapers only publish laudatory articles about him, though marking them as sponsored content. He can instantly get Punin any license, any permit. Stavros introduced Punin to local ministers, MPs, businessmen. He integrated him into the local high society, so to speak. Many of these people are now doing business with Punin. 

Punin-2 left, Ilyina-2 right, Stavros Demosthenous-1 right 

Journalist: What else does Punin do?

Kristina: Colleagues say he got interested in esotericism and shamanism. He is building a spa center near Limassol, brought healers from India and Tibet. 

Clarifying the judgments, remarks of Kristina, we found confirmations of many of them. They concern, among other things, the Punin-Demosthenous tandem. Their alliance is not just a business, it is an infrastructure for legalization and concealment. 

Source: www.rucriminal.info