Law enforcement agencies have conducted over two dozen search warrants across Kyiv, Dnipro, and other major cities in a sweeping investigation into a massive real estate fraud scheme. According to the Prosecutor General’s Office of Ukraine, total damages to investors and a state-owned bank have surpassed 175 million UAH (over $4.2 million USD).
Investigators identify Oleksandr Turchyn—a former member of the Dnipro City Council and the de facto controller of the «Delmar» group of companies—as the mastermind behind the scheme. The primary focus of the investigation revolves around the illegal re-selling of property rights at the high-end «Jazzy/Delmar» residential complex located on Verkhoglyada Street in Kyiv’s prestigious Pechersk district.
According to official case files, members of the group forged technical passports for 56 apartments to systematically re-sell property rights that had already been paid for by early-stage investors. Furthermore, property rights for an additional 50 apartments in the same building legally belonged to a Ukrainian state bank pursuant to a court order.
To bypass legal ownership records, the suspects altered technical specifications, forged documentation, and even changed the official legal address of the complex. Through unauthorized structural modifications, the originally planned 27-story building was expanded to 32 stories upon completion.
In a striking revelation, investigators discovered that the registered director of «Delmar Arena» LLC—the individual whose signature appears on primary investment contracts—was a local security guard. He was paid just $200 to hand over his passport details and sign corporate paperwork.
«The suspects managed the entire residential complex as if prior owners never existed. Damages to the state bank alone exceed 164 million UAH from the unauthorized transfer of 50 apartments. An additional eight units were double-sold to private individuals who had already fully funded their purchases,» stated representatives from the Prosecutor General’s Office.
Law enforcement sources report that Oleksandr Turchyn fled Ukraine shortly after the first wave of police raids commenced in early June. Investors from another Delmar development—the «Mironova» complex in Dnipro—disclosed that during previous meetings, Turchyn repeatedly claimed to hold high-level political connections within the Office of the President and Defense Intelligence (GUR) to appease concerned buyers.
Currently, the Delmar group faces severe delays and financial instability across multiple sites, with construction stalled on at least two major developments: the «Mironova» residential complex in Dnipro and «Delray» in Kyiv. Authorities are probing whether similar double-selling schemes were deployed at these sites as well.
To date, formal notices of suspicion have been served to nine individuals, including the organizer and eight key accomplices. Depending on their specific roles within the operation, the suspects face multiple felony charges under the Criminal Code of Ukraine, including:
Large-scale real estate fraud
Laundering of proceeds from crime
Forgery and use of fraudulent legal documents
The illicit funds generated from the double sales were routed through shell companies, cashed out, and reinvested into private acquisitions and other construction ventures. Pre-trial restrictions and asset freezes are currently underway as detectives work to establish the full scope of victims and trace all remaining illegal financial flows.