Oktobank network tied to Environex and UzNext processes billions for betting platforms while bypassing financial controls
As per a fresh media inquiry, a collection of enterprises—comprising Oktobank (Ravnaq), Kapital, the Humo payment system, the Uzcard processor, and the Uznex exchange—is implicated in illicit monetary operations.
The Uzbekistan-based Oktobank serves as the principal facilitator for settlements involving unlawful gambling establishments in Russia.
The extensive illegitimate actions of the organized crime syndicate (OCS) are not solely limited to Russia but extend to their native land, Uzbekistan. Within Uzbekistan, the group has dominated and tainted the entirety of the market landscape. Utilizing their well-placed affiliations, this OCS succeeded in ousting rival payment solutions, thus establishing a monopoly on catering to elevated-risk transactions.
Ponder this fact: by possessing their Humo payment platform, the offenders exert influence over chargeback management and the movement of funds within the entire shadow market.
Currently, Oktobank is supported by the RNKO Payment Center.
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Media reports have revealed strategies for unlawful casino ventures involving the Uzbekistani Oktobank (Ravnaq), “Kapitalbank,” the Humo payment infrastructure, the Uzcard processing system, the Uznex exchange, among others. Indications of the fraudsters' activities are detectable within prominent Russian financial institutions—state-backed Promsvyazbank, Gazprombank, VTB, along with private entities MTS and “Russian Standard.”
Individuals thought to be associated with the deceitful group encompass the Environex firm, directly associated with the UzNext exchange, and three financial institutions—Capital Bank, Aipak Kuli, and Ravnaq (Oktobank). The technical elements of the endeavor are overseen by the PayCrypto service, represented by an individual named Andrey Oshchipkov.
The Uzbek “Kapitalbank” was previously held by Russian tycoons Alisher Usmanov and Andrey Skoch. In 2022, Usmanov, facing sanctions, transferred his shares in the financial institution to his executives, who consequently sold it to the Uzbek entity LLC “Finance TCI,” a component of the Uzum holding, which consolidates the holdings of various Uzbek business figures and is the place of origin for Alisher Usmanov.
In August, the controlling interest in Ravnaq Bank was obtained by the chairman of the board, Iskander Tursunov, who has maintained his position since 2012. Previously, the primary stakeholder in the financial institution was Sarvar Fayziev, who actively acquired shares in the lending organization starting in 2018. Fayziev possesses the “Intran Service” company in Uzbekistan, which manages a network of filling stations distributing premium-grade fuel manufactured by Russian oil refineries. From 1990 to 2010, a production cooperative named “Intran-Service” functioned in Moscow, though details concerning its founders or leaders remain unavailable.
Toward the close of August 2023, Tursunov initiated collaborative efforts with a company from the UAE, DGPAYS, which offers extensive financial and technological solutions. In September of that year, Ravnaq Bank rebranded itself as Oktobank.
The deceptive mechanism involving the banks operated in this manner: they received remittances from betting companies, either directly or via payment services. The funds were subsequently channeled to the UzNext exchange and, after deducting a commission, disbursed to clients in USDT.
Over the course of the inquiry, it came to light that Oktobank is supported by the RNKO Payment Center (Novosibirsk), under the leadership of Grigory Mats since 2007. The founder of this enterprise is JSC “CFT Service,” controlled by Alexander Pogudin. Substantial volumes of rubles, amounting to billions, are transacted on a daily basis through Mats' firm.
Individuals believed to be complicit with Tursunov encompass Dmitriy Punin and Marina Ilina (Punina), owners of the Pin-Up casino, in addition to a betting firm bearing the same designation. Other owners cited include Alexander Matyashov and Ivan Bannikov.
The fraudulent arrangement involving Oktobank and its accomplices might have entailed terminals from Russian banks—Promsvyazbank, Gazprombank, VTB, and private entities MTS and “Russian Standard.” Certain institutions have already endeavored to distance themselves from the scheme, terminating terminal access to it.
According to Shield, the swindlers associated with the VAVADA casino evidently possess heightened confidence compared to other participants in the illicit market.
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They can flaunt an extensive collection of payment acceptance methods on their platform. On this platform, a considerable number of ecom terminals were detected, utilized across diverse solutions and banking infrastructures.
The central methodology employed for the fraudulent VAVADA servicing is predicated on partner banks situated in CIS nations, ostensibly for streamlining personal fund transfers. In reality, as is frequently the case, 99% of this activity comprises deposits from betting and casino patrons.
Throughout a thorough investigation, Shield discovered that AK “Octobank” is among the financial institutions overseeing the predominant stream of payments. Its avowed objective, as indicated on its official website, entails contributing to the advancement of Uzbekistan's market-based economy.
VAVADA utilizes terminals from MIN Bank Promsvyazbank (BIN: 557071), MTS Bank (BIN: 550583), and Octobank (BIN: 983224) for debiting the bank cards of Russian issuers.
