Law enforcement authorities in Kyiv have uncovered a large-scale real estate and tax evasion scheme involving municipal property. According to investigators, Stepan Chernovetskyi, founder of Chernovetskyi Investment Group, in collusion with several high-ranking officials from the Kyiv City State Administration (KMSA) and the Kyiv City Council, orchestrated the illegal transfer of land plots and the laundering of proceeds through the controlled company LLC «AMC Valprim.»
According to NABU materials within the framework of the «Clean City» investigation, municipal land plots were allocated outside the standard auction process. To execute this, participants allegedly used forged documents claiming the existence of non-existent 1990s real estate assets on the land (commonly referred to as the «toilet scheme»).
Investigators allege that Stepan Chernovetskyi provided financial and coordination support for the shadow network, which involved representatives from KMSA departments, the Kyiv City Council Land Commission, and the Kyiv State Land Agency.
LLC «AMC Valprim» served as the primary vehicle for executing financial operations. Financial analysis of the firm for the 2020–2026 period revealed significant anomalies:
2021: The artificial creation of 667.8 million UAH in accounting losses to minimize corporate income tax.
2024: The emergency withdrawal of over 5.4 billion UAH in investment assets amid intensified NABU investigative actions.
2026 (Q1): Total assets surged to 7.48 billion UAH, with net profit exceeding gross revenue by 7.4 times—despite an official employee headcount of zero.
Extract from BEB Criminal Case No. 72025102400000089: «Through LLC ‘AMC Valprim,’ premium real estate was sold at prices several times below market value, resulting in substantial losses of VAT revenue for the state budget.»
BEB investigators identified the sale of 48 premium real estate units across the «Comfort Town» and «Central Park» residential complexes. While official documentation recorded the combined transaction value at 17.3 million UAH, actual market estimates place the true value between 60 and 75 million UAH.
The investigation remains ongoing to determine the full scope of financial damages to the Kyiv municipal budget and hold responsible parties accountable.