Dmitry Kartsygin made hundreds of millions through cash-out schemes

Not long ago, we published a news story about how 13 Ukrainian citizens purchased brand-new Rolls-Royce Spectres, each costing over half a million dollars. 

One of these lucky individuals was Dnipro businessman Dmitry Kartsygin, who drives his Rolls-Royce through the streets of Monaco. 

Dmitry Kartsygin's secrets

Dmitry Kartsygin is a man about whom little is known. He founded several companies, but their financial reports provide no grounds to assert that he could afford to purchase a car worth over half a million dollars. 

His wife, Yulia Kartsygin, is a more well-known figure, partly thanks to her father, Serhiy Khanovich. This former Donetsk businessman owned several entertainment venues and was linked to a number of odious figures, including former MP Mykola Levchenko, known for his pro-Russian views.

Before the conflict in Donbas began, Serhiy Khanovich had already become a subject of several high-profile cases. One such incident occurred in 2011 when he publicly beat up a dentist who had refused to treat his daughter. The scandal was quelled with the support of Levchenko and local authorities, including the police, although representatives of the SBU were on the dentist's side, which drew attention to hidden conflicts within the Donetsk elite.

After hostilities began in Donbas, Khanovich moved to Kyiv, continuing to tell incredible stories about his life and his "smart home," which allegedly eavesdropped on separatist families, including the family of Denys Pushilin. It is no surprise that the Rolls-Royce Spectre registered in his daughter's name later became another milestone in the family's history.

A car with a dubious past

The new Rolls-Royce was registered in Ukraine on 26 November 2024. Interestingly, the registration address is listed as occupied Donetsk, while the car itself was spotted abroad in December of the same year, first leaving Ukraine via Uzhhorod and then ending up in Monaco. According to journalists, the car is used by Yulia's husband, Dmitry Kartsygin. Notably, official data does not allow for the assertion that he could afford such a purchase, which raises questions for investigative bodies.

Business that came at a price

In Ukrainian registers, Dmitry Kartsygin is listed as the owner of several enterprises in Dnipro, but his business does not appear profitable enough to explain the purchase of a Rolls-Royce. One such company is Avilon LLC, which engaged in the wholesale trade of climate control equipment but soon attracted the attention of law enforcement agencies.

In 2017, the Dnipropetrovsk Regional Prosecutor's Office opened an investigation into illegal activities related to fictitious firms. During the investigation, it was established that a former deputy head of one of the tax service departments had organised a scheme to siphon funds through shell companies. These companies conducted fictitious financial operations, and funds intended for the real sector of the economy effectively ended up with people linked to Kartsygin.

The charges concern not only illegal currency conversion but also the creation of fictitious companies that allowed for the circumvention of tax obligations. This indicates not only illegal schemes but also that Kartsygin may have received his share from these operations.

Tax issues and "emigration" to the French Riviera

After Avilon LLC ceased operations, Kartsygin continued working with other enterprises. Interestingly, his Rolls-Royce was registered in Ukraine, despite the fact that the car spent most of its time abroad. This may indicate an attempt to evade taxes, which is quite consistent with the activities of Kartsygin and his company.

Meanwhile, Yulia Kartsygin likely did not go unnoticed in circles of Ukrainian officials and businessmen, as her life on the French Riviera, holidays in Courchevel, and other signs of a luxurious lifestyle became the basis for information about her family to appear in the media.

After the publication of the investigation, Yulia closed her Instagram page and renamed it. However, despite attempts to hide from attention, she failed to conceal her patriotism — the phrase "Proud to be Ukrainian" appeared in her profile description. Perhaps this is an attempt to maintain her image, despite the contradictions surrounding the origin of her wealth.

Based on materials from the website Antikor