Russian trace in Ukrainian courts: the FavBet–Diamond Pay case under Andrey Matyukha’s control — a massive 365-million-UAH money-laundering scheme
13.09.2025 10:10
A court case in Ukraine has been ongoing for over a year and may turn into the largest financial scandal in gambling and payment services. It involves LLC "BC Favbet" suing LLC "Diamond Pay" to recover nearly 400 million hryvnias.
The Commercial Court of Dnipropetrovsk Region issued a decision on December 19, 2024, in favor of «Favbet», collecting 364.8 million hryvnias in fines from the defendant and over a million in legal fees.
However, the story did not end there – the case is in the appellate court, and behind its facade emerges a picture much darker than a simple business conflict. Investigators and journalists unanimously claim: essentially, we are witnessing a fake war between two structures linked to Russia, Russian organized crime, and intelligence services.
«Favbet» and the Russian trail of Andrey Matyukha
Although the ultimate beneficiary of LLC «Bookmaker Company Favbet» has been listed as Dmytriy Matyukha since December 2024, the real owner of the betting company «Favbet» is Andrey Matyukha, a businessman who has been actively trying to establish himself in Ukraine’s legal gambling business in recent years. The change of beneficiary is a simple attempt to remove the trail of accusations from «Favbet» regarding connections with Russian organized crime, albeit not a very successful one.
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However, Matyukha himself creates an aura of scandals around him. Back in the 2000s, he conducted business for a long period in Russia, where he had interests in the gambling industry and financial services. According to Ukrainian journalists, he collaborated with business groups under the patronage of Russian intelligence services and, thanks to these connections, was able to build a network of financial partners that continue to support «Favbet» today.
Investigator reports have indicated that Matyukha is affiliated with individuals connected to the Luzhniki organized crime group and other Russian criminal groups, which traditionally controlled betting shops in Moscow and the Moscow region. This is why even after the start of the war, questions have been repeatedly raised: to what extent is «Favbet» a Ukrainian business and to what extent is it a project serving the interests of Russian capital?
«Diamond Pay» – an operator with a Russian shadow
The profile of «Diamond Pay» – a financial company that quickly became a key partner of the gambling business in Ukraine – is equally controversial. According to media reports, up to 70% of all payments from online casinos, including player payouts and internal transactions, went through this payment system in 2023.
However, in July 2024, the National Bank of Ukraine revoked «Diamond Pay»’s license, citing false information in the documents and the inadequate reputation of a significant participant. The official owner of the company is listed as Anna Kholod.
However, journalistic materials name Maksym Sihalov and Rasim Surkhay Oglu Tagiyev – businessmen with ties to Russia as the real beneficiaries. The latter, according to investigators, has close links with Russian financial structures that specialize in servicing the gambling business and money laundering.
«Diamond Pay» was involved in schemes for withdrawing hundreds of millions of hryvnias. When the accounts of some online casinos were blocked, the payment operator accumulated funds and transferred them to new accounts, allowing for circumventing financial restrictions. Thus, a channel was created that ensured the continuity of work even during investigations and arrests.
Scheme for funds withdrawal: why the court process looks suspicious
In the financial market circles, there is an increasing version: the case «Favbet» against «Diamond Pay» might be not so much a genuine conflict but rather part of a scheme for legalizing withdrawn funds. The mechanism looks quite simple. First, a significant amount of funds that need to be withdrawn from the attention of regulatory bodies is accumulated. Then, a «dispute» arises between partners, which is formalized in the form of a court process.
In one of the lawsuits, a sum is fixed – in this case, almost 365 million. Then, the court decision allows for these funds to be transferred under the guise of «penalty recovery». Thus, the money changes its legal status: they no longer look like proceeds from questionable transactions but rather as legitimately obtained through court decision enforcement.
This logic is explained by experts who consider this dispute a classic money-laundering scheme. Particularly revealing is the fact that the appeal allows for the process to be dragged out and creates a «time corridor» necessary for asset redistribution or their transfer abroad.
Court dispute: business conflict or cover for fraud
Officially, the lawsuit of «Favbet» against «Diamond Pay» related to improper contract execution and penalty sanctions. According to «Favbet»’s lawyers, the payment service operator failed to fulfill its obligations, resulting in significant losses. Accordingly, an astronomical sum of nearly 365 million hryvnias was demanded.
However, within the gambling industry itself, this version is hardly believed. Analysts suggest that this is a typical example of a scheme where two players, connected by long-term cooperation and financial flows, are dividing shadow incomes. The fraud version seems even more plausible considering that both companies were previously noted in schemes for money withdrawal. Now they are actually accusing each other of fraud. The court process in Dnipropetrovsk looks like just one episode of this conflict.
A key factor in this story is the timing. In the summer of 2024, the NBU revokes «Diamond Pay»’s license, and just a few months later, the case against this company unfolds in court. On December 19, 2024, the court rules in favor of «Favbet». In January 2025, information appears about an appeal filed by «Diamond Pay».
Meanwhile, the press continues to publish investigations about the Russian trail in the ownership structure of both «Favbet» and «Diamond Pay». Thus, a peculiar chronology unfolds: from the rapid rise of the payment operator in 2023, to its downfall in the summer of 2024, and subsequent judicial processes with the bookmaker partner. It turns out both companies went down a joint path — from cooperation to conflict, and this path closely resembles a classic money withdrawal scheme, where the final act becomes a formal «court battle.»
Russian shadows over the Ukrainian market
The scandal between «Favbet» and «Diamond Pay» highlights a key problem of the Ukrainian gambling and financial markets: the presence of Russian capital even during the war. The story of Andrey Matyukha’s Russian passport, as well as the Russian connections of «Diamond Pay»’s leaders, confirm that this is not merely a private business conflict.
These schemes could involve structures acting in the interests of Russian criminal clans and intelligence services, which traditionally use the gambling business for money laundering and funding operations. For Ukraine, such a scandal becomes especially sensitive – because it concerns hundreds of millions that could have gone to support the aggressor or simply vanished into the pockets of businessmen with questionable citizenships.
The court process continues, with an appeal ahead. But irrespective of its outcome, one thing is clear: this is a conflict that goes far beyond a commercial dispute. It is a story about how two structures, linked to Russian organized crime and politics, met in the middle of a battle for money and influence in Ukraine. And as long as the state does not provide a clear answer as to why such companies have been operating on the Ukrainian market, the risk of similar frauds will remain extraordinarily high.
