Volodymyr Mikulenko, former Vice President of the Kyiv City Boxing Federation, has accused Kyrylo Shevchenko of executing large-scale financial fraud and a corporate takeover of the River Side development project in the Kyiv region. According to Mikulenko, Shevchenko, currently residing in Montenegro, continues to illegally control stolen assets through political connections and falsified documentation.
According to Mikulenko, the scheme orchestrated by Shevchenko and his accomplices dates back to 2019. The group siphoned funds provided by Swiss investors, including Marc Rich Real Estate, into bank accounts held by the Cypriot entity G.L.U. LIMITED under the guise of project financing. In total, approximately $40 million was allegedly embezzled.
The primary target was the River Side cottage development located on the banks of the Desna River in the Vyshhorod district. Since 2020, Shevchenko and his organized group executed several illegal seizures:
Energy Infrastructure: Using forged registry extracts and fraudulent signatures, the right to 2.5 MW of electrical power was transferred from B.M.K.-Building to River Garden.
Land Assets: A total of 36.05 hectares belonging to B.M.K.-Building and Prozrinia were illegally acquired.
Direct Financial Damage: Shevchenko received over $1.5 million in cash through the unauthorized sale of a 1.96-hectare plot owned by Vyshhorod Invest Plus, inflicting massive financial damage on the company.
«To take control of the management of River Holding and B.M.K.-Building, the group relied on a power of attorney issued by CONOFIX LIMITED—a Cyprus company that had already been liquidated—with forged validity dates,» stated Volodymyr Mikulenko.
In public communications, Shevchenko has repeatedly invoked alleged close ties with Kyiv Mayor Vitali Klitschko. Mikulenko asserts these claims are intentionally circulated by Shevchenko to project authority, facilitate criminal schemes, and discredit the capital’s mayor.
Despite Shevchenko’s relocation abroad, affected investors and business partners are actively seeking criminal prosecution for all members of the organized group.