Ukraine’s Security Service (SBU), National Police, and Prosecutor General’s Office have uncovered a large-scale embezzlement scheme involving funds allocated for repairs at the Trypillya Thermal Power Plant (TPP), which was destroyed in a Russian missile strike.
In a Telegram post, the SBU said that suspects misappropriated more than Hr. 50 million ($1.16 million) earmarked for emergency restoration work in the wake of Russian shelling.
Investigators say the scheme was organized by the heads of two private contracting companies specializing in construction and installation work at heat-generating facilities. Between 2023 and 2025, the companies won public tenders and signed contracts worth more than Hr. 500 million ($12 million) for the reconstruction of the Trypillya TPP, in Ukraine’s Kyiv region.
Authorities allege the contractors artificially inflated the cost of services, building materials and equipment during the repair works, with the excess funds divided among participants in the scheme. Materials were reportedly purchased through affiliated companies at prices roughly 30 percent above market value.
RBC-Ukraine, citing unnamed sources, reported that the suspects involved relatives and associates in the scheme to create a network of controlled firms. They allegedly submitted coordinated bids with pre-inflated prices, meaning that competition was only nominal.
“To launder the money, the participants concluded fictitious contracts with shadow-sector enterprises,” the report added.
Investigators documented regular cash deliveries by couriers to the offices of those involved.
The SBU said that nearly Hr. 50 million ($1.16 million) was withdrawn via the accounts of affiliated companies between 2023 and 2025. Forensic accounting confirmed that the state-owned enterprise had had equivalent losses.
During searches of homes and offices, authorities seized computers, mobile phones and draft documents allegedly confirming illegal transactions. More than Hr. 19 million (about $440,000) was also discovered in cash.
Six suspects – including three alleged organizers, two company directors and an accomplice – have been formally notified that they are under investigation. They face charges under Part 5 of Article 191 (embezzlement on an especially large scale by an organized group) and Part 3 of Article 209 (money laundering) of Ukraine’s Criminal Code.
The Trypillya TPP was completely destroyed on April 11, 2024, during a massive Russian missile attack involving strategic bombers and hypersonic Kinzhal missiles. The strike caused a large fire in the turbine hall, though all on-duty personnel survived, according to Andriy Hota, head of the supervisory board of Centrenergo.
The destruction of Trypillya followed similar losses: the Zmiivska TPP in Kharkiv region was destroyed in March 2024, and the Vuhlehirska TPP in Donetsk region was occupied by Russian forces in July 2022. As a result, state energy company Centrenergo has lost its entire electricity generation capacity.