Brooklyn Prosecutors Charge Russian Businessman in $530 Million Money Laundering Scheme
Brooklyn prosecutors have charged Yuri Gugnin, a Russian entrepreneur and founder of the cryptocurrency payment company Evita, with orchestrating a complex money laundering scheme. The U.S. Department of Justice claims that Evita facilitated the transfer of $530 million from sanctioned Russian banks and companies. This week, the 38-year-old appeared in court in Manhattan and was detained.
Allegations of Turning Crypto into a Money Laundering Channel
According to a DOJ statement, Gugnin allegedly transformed his cryptocurrency company into a “covert channel for laundering illicit money.” It is claimed that he assisted in funneling over half a billion dollars through the U.S. financial system, aiding sanctioned Russian banks and enabling Russian end users to acquire sensitive American technologies.
Evita’s Role in the Illegal Transfers
Prosecutors assert that using his companies, Evita Investment and Evita Pay, Gugnin processed transactions worth approximately $530 million while concealing their origins and purposes. From June 2023 to January 2025, Gugnin reportedly utilised American banks and cryptocurrency exchanges, frequently involving Tether and dollar-pegged stablecoins. Among his alleged clients were major Russian banks and corporations like Sberbank, VTB, and Rosatom.
Potential Consequences
The prosecution suggests Gugnin may have distorted business data and misled financial institutions about his Russian connections. He allegedly falsified more than 80 invoices, omitting Russian signatory details. “It’s alleged Gugnin came to the U.S. to set up a money laundering operation disguised as a crypto startup to evade sanctions and deceive financial institutions,” stated Joseph Nocella Jr., Eastern District of New York Prosecutor.
If convicted of bank fraud, Gugnin faces up to 30 years in prison. A guilty verdict on all charges could result in a sentence exceeding a lifetime.
