Ukrainian authorities have launched one of their most significant anti-corruption drives in recent years, revealing the details of a sprawling financial crime they say siphoned nearly $100 million from state funds during the height of the country’s wartime emergency spending.
The probe, known as “Operation Midas,” centers on allegations that Tymur Mindich – a former regional council member and previously linked to President Volodymyr Zelenskyy during the early war period – played a key role in a sophisticated scheme designed to drain public money through fake contracts and nonexistent deliveries.
According to investigators, Mindich and associates allegedly created a web of shell companies that secured high-value government contracts intended for humanitarian supplies and military support. These firms reportedly received large advance payments but failed to deliver goods, leaving critical state programs underfunded while millions were quietly diverted.
Ukraine’s National Anti-Corruption Bureau (NABU) and the Specialized Anti-Corruption Prosecutor’s Office (SAPO) are jointly overseeing the operation. In recent weeks, law enforcement teams carried out raids at several properties connected to the suspects. Authorities say they have frozen assets worth millions of dollars, including luxury real estate in major Ukrainian cities, high-end vehicles, and the corporate rights of several businesses.
Officials describe the case as a major test of the country’s institutional strength at a time when Ukraine is pushing forward with European Union accession requirements. Anti-corruption reforms remain one of the most important benchmarks set by Brussels, and Ukrainian leaders have emphasized that even politically connected individuals will not be shielded from investigation.
The revelations come as international scrutiny remains high, with Western partners closely monitoring Ukraine’s efforts to enforce transparency while managing billions in foreign aid and military assistance.
Mindich has been formally notified that he is suspected of large-scale embezzlement, though investigators say he has not yet been detained and his current location is unknown. If ultimately convicted, he could face a lengthy prison sentence under Ukrainian law.
The investigation continues as authorities work to identify additional participants and trace the full extent of the missing funds. Officials say more arrests and asset seizures could follow as “Operation Midas” expands.
