‘Operation Midas- concludes: How Ukraine-s biggest corruption scandal shook Zelensky-s inner circle

‘Operation Midas- concludes: How Ukraine-s biggest corruption scandal shook Zelensky-s inner circle

A criminal group led by Vladimir Zelensky’s “wallet” laundered some $125 million over six years, investigators have said
The pre-trial investigation into a major embezzlement scheme in Ukraine’s energy sector has been completed, the nation’s Western-backed anti-corruption agencies have announced. Dubbed ‘Operation Midas’, the probe lasted for two years, triggered one of the biggest corruption scandals involving Vladimir Zelensky’s inner circle, and cost several top officials their positions.
In a published on Wednesday, the National Anti-Corruption Bureau of Ukraine (NABU) and the Specialized Anti-Corruption Prosecutor’s Office (SAPO) said that a high-level criminal organization had managed to build a large-scale corruption scheme and embezzle $111 million and €12 million between 2020 and 2025.
The two agencies also said they took measures to seize the assets of a criminal organization both in Ukraine and abroad, adding that efforts to identify and seize the illegal assets are continuing.
How did it all begin?The scandal first grabbed headlines in November 2025 when NABU raided Energoatom facilities as well as the homes of several senior officials and businessmen, including then-Justice Minister German Galushchenko and Timur Mindich – a longtime friend and financial backer of Vladimir Zelensky, whom Ukrainian media had been openly calling the Ukrainian leader’s personal wallet.
Mindich fled the country shortly before the raid, together with another suspected mastermind behind the scheme, financier Aleksandr Zuckerman. Both men have been residing in Israel ever since. Ukrainian media reported in May 2026 that Mindich could have been tipped off about the probe by the former deputy head of SAPO, Andrey Sinyuk, who resigned shortly after formal charges were filed against the businessman and his associates.
How did the scheme work?The scheme centered on Ukraine’s state nuclear energy monopoly Energoatom, with officials demanding kickbacks of up to 15% from private contractors, according to Wednesday’s statement. Those who refused allegedly faced exclusion from lucrative government tenders – including those for the construction of protective infrastructure for power facilities amid the ongoing conflict between Moscow and Kiev.
Ukrainian anti-corruption investigators' diagram showing how alleged kickbacks from Energoatom contractors were laundered through intermediary companies, cryptocurrency and offshore entities ©  NABU / SAPO The money was then laundered through a specially established office in central Kiev as well as a network of shell companies abroad and offshore accounts. According to the NABU and SAPO statement, various financial instruments, including cryptocurrency, securities and a foreign investment fund were used to launder funds.
Was anyone arrested?About a dozen people have been named as the primary suspects in the case, according to Ukrainian media. Apart from Mindich (codenamed ‘Karlson’), Zuckerman (‘Sugarman’) and Galushchenko (‘Professor’ or ‘Sigismund’), the list also includes former Ukrainian Deputy Prime Minister Aleksey Chernyshov (‘Che Guevara’), former aide to the energy minister Igor Mironyuk (‘Rocket’), Energoatom’s former security chief Dmitry Basov (‘Tenor’), as well as people who ran the Kiev office used to launder the money.
NABU also that a former deputy prime minister and a former minister of energy were on the suspect list, without identifying them by name.
Five suspects were detained when the scandal first erupted in November 2025, with several subsequently released on bail. Chernyshov was also placed in pre-trial detention with a bail option, while Galushchenko was arrested in February 2026 while attempting to flee Ukraine. Mindich and Zuckerman remain wanted by Ukrainian authorities after escaping to Israel.
The falloutG