Real estate scheme in Ivano-Frankivsk: 256 investors lose over UAH 235 million

Clarification of damage scale and case participants' status

Law enforcement agencies in Ivano-Frankivsk have completed the count of victims of the scheme linked to alleged fraud in residential construction. According to the investigation results, 256 investors became victims of the case participants' activities. The total amount of financial losses inflicted on them exceeded 235 million hryvnia.

The Office of the Prosecutor General is currently working on preparing documents to place three suspects under international arrest warrant via Interpol. On 13 October 2026, prosecutors of the Ivano-Frankivsk Regional Prosecutor's Office notified the case participants in absentia of the change in previously filed charges and presented a new one.

Mechanism of the criminal scheme

The investigation established that between 2017 and 2022, a 46-year-old Ivano-Frankivsk entrepreneur, who was the owner and founder of 15 construction companies, together with his relative and acquaintance, attracted funds from citizens for the construction of residential complexes.

Clients were offered to purchase apartments and non-residential premises at the construction stage. Meanwhile, according to law enforcement, the companies did not have the necessary permits for carrying out construction work, connecting facilities to engineering networks, and their subsequent commissioning.

An individual enterprise was created for the implementation of each separate residential project. Funds received from investors were transferred to the bank accounts of controlled companies. Investigators believe that in this way, the participants of the scheme concealed the true financial state of the companies.

Construction status and search for case participants

In total, 256 investors were affected in seven residential complexes whose construction remained unfinished. The amount of damage inflicted on them, according to the prosecution, is over UAH 235 million.

All three case participants are currently outside Ukraine and, according to law enforcement information, are hiding from the investigation. Between 2023 and 2025, they had already been placed under international arrest warrant.

The prosecution is now preparing materials for the publication of Interpol Red Notices. This mechanism may help establish the whereabouts of the suspects, facilitate their detention, and subsequent extradition to Ukraine.

Charges and legal status

All three are charged with fraud on an especially large scale committed by a group of persons by prior conspiracy, as well as the legalization of proceeds obtained by criminal means. In addition, the organizer of the alleged scheme is suspected of intentional evasion of tax payments.

In accordance with Article 62 of the Constitution of Ukraine, the suspects are considered innocent until their guilt is proven in the manner established by law and confirmed by a guilty verdict of a court that has entered into legal force.