A family-oriented organised crime group has been convicted in the United Kingdom for executing a complex money laundering scheme that took advantage of the suffering and heightened activity caused by the Ukraine war. The operation included a sham export company that covertly processed millions of pounds worth of laundered money and transformed it into cryptocurrency.
Business of Deceit: Legitimate Fronts
Popovych and his wife, Oksana Popovych, used Sprint Commercial Ltd. to perpetrate their unlawful activities. Valeriy Popovych set up Sprint Commercial Ltd. as an ‘exporting’ business, which allegedly operated as a standard vehicle exporting company.
The Money Mover: Lutsak’s Role
Lutsak also adopted business lingo to describe his true role in the organisation—the money man. Vitaliy Lutsak was in charge of collecting the dirty money through a plethora of “clients” from the UK and routeing it into the system.
The Ukraine Connection: Exploiting Wartime Demand
This criminal enterprise took advantage of the war in Ukraine by using Ukraine’s high demand for vehicles to supply them. Utilising the funds they had fraudulently obtained, they procured used vans and lorries, which were sold in the UK and later resold in Ukraine. The Ukrainian side of the business disguised their crimes as business activities.
The crypto connection: Hiding the origin of the funds
Turning the cash earned through illegal activities into cryptocurrency was the scheme’s primary focus, as cryptocurrency offered more secrecy than traditional money and is difficult to trace. During the investigation, it was uncovered that Lutsak’s digital wallets (located on his computer) had transacted more than $14 million worth of cryptocurrency, which served as primary proof of the laundering scheme.
The investigation: Digging into the details
The gang got caught after the police team in Twickenham nabbed a car with Valeriy Popovych on 28th June 2023. Upon checking the car, they found over 60,000 pounds worth of cash. Further investigating his house revealed another 130,000 pounds stashed with a laptop and several mobile phones with evidence.
A CCTV analysis alongside banking records has helped the Metropolitan Police’s Economic Crime Unit investigate the matter thoroughly. They have scrutinised every detail, including messages, calls, transactions, and even the cryptocurrency wallets involved. This has helped to establish the scope and detail of the laundering scheme and the contribution of each person in the group.
The “V Enf Acc Spreadsheet”: A Key Piece of Evidence
A key piece of evidence appeared in the form of a spreadsheet dubbed “V Enf Acc.” Not only did this encapsulate the sophisticated laundering of crimes that exceeded over £6 million between August 2022 and June 2023, but it also tried to camouflage these transactions as legitimate vehicle sales, reinforcing their fraudulent motives.
Convictions and Sentencing: Justice Served
On March 5, 2025, the three defendants were convicted after a 5-week trial at Wood Green Crown Court. Valery Popovych, Oksana, his wife, and Vitaly Lutsak were found guilty of transferring criminal property valued above 6 million pounds and unlicensed operation of a money service business, which are both serious breaches of UK regulation law.
As of now, April 7, 2025, both Valeriy Popovych and Vitaliy Lutsak are serving a sentence of six years and six months in prison. Oksana Popovych, who has been found guilty as well, is set for sentencing on May 30, 2025.
The prosecutor’s point of view: A crime with far-reaching effects
Special Prosecutor Negeen Momtahen for the Crown Prosecution Service captured the essence of the crime best by saying that the syndicate operated a seemingly legitimate business to facilitate the moving and concealing of significant amounts of illegal capital. She highlighted that the crime of laundering money is not one that comes without victims, for it does, in fact, finance other criminal ventures.
Summary: A sobering caution and a triumph
The case that has been showcased here should serve as a lesson. In particular, for how nefarious actors attempt to disguise and conceal illicit funds using the increasingly sophisticated world of cryptocurrency. A dominant focus of this case is the work done by the UK police and their partner agencies towards dismantling this operation, which serves as a vital turning point in the fight against financial crime. It showcases the effectiveness of collaboration between nations and serves as a warning about the dangers that face us all when trying to fight systems of money laundering.
