The police in the Odesa region have uncovered a large-scale financial scam operating under the names “VinEco” and “Vinex Trade.” From 2022 to 2024, this fraudulent scheme caused losses of over $200,000, ensnaring at least seven confirmed victims, although the actual number of people affected could exceed two hundred.
According to law enforcement, the scheme was orchestrated by a 28-year-old resident of the Berezivka district, who—with the help of two women aged 55 and 61, along with other yet-to-be-identified individuals—created a classic financial pyramid. To lure more victims, the fraudsters actively used social media, messaging platforms, and public meetings, promising unusually high returns.
In the initial stages, “investors” received small payouts, creating an illusion of stability and encouraging them to invest larger amounts and recruit new participants. Eventually, all payments stopped, and the collected funds were transferred into cryptocurrency via offshore channels, making the investigation significantly more difficult.
Among the victims were members of the Armed Forces of Ukraine, adding a sharp social dimension to the case amidst the ongoing war and economic instability in the country.
Following large-scale searches in Odesa and Kyiv regions, police seized computers, phones, documents, cash, and vehicles used in the scam. Three suspects have already been charged under Article 190 of the Criminal Code of Ukraine, which carries a penalty of up to 12 years in prison with confiscation of assets.
This case highlights the critical importance of financial literacy and caution when facing promises of quick and easy money. Law enforcement officials stress that investing should be a well-considered and informed decision—and that extraordinarily high returns are often a red flag for risk or outright fraud.
The investigation is ongoing, and the full scale of the scam and number of victims may still rise significantly.