In Odessa, a developer was accused of siphoning off funds through shell companies

Authorities in Odesa have reported possible embezzlement of investor funds during the construction of the M.Park residential complex. The complainant linked the alleged violations to the activities of companies within the “Budova” group and requested an investigation into financial transactions, tax payments, and the flow of funds raised for the construction project. 

The Center for Public Investigations examined the details of the case.

As stated in the ruling of the Khadzhibey District Court of Odessa dated October 16, 2026, the case concerns the construction of a residential complex at 16 Mykhailivska Square in Odessa. In a letter to the Economic Security Bureau in the Odesa region dated October 5, 2026, the complainant reported possible violations by several companies affiliated with the “Budova” Group. These include “Budova Finance” LLC, the “Budova Park” consumer cooperative, and the “Budova” collective enterprise.

The complainant requested that authorities determine the total amount of funds raised from investors, verify their reporting in tax returns, and investigate whether the money could have been transferred through intermediary companies and converted into cash.

The complaint cited possible signs of embezzlement, money laundering, and tax evasion. At the same time, representatives of the BEB pointed out the lack of specific data on possible violations, in particular information regarding the amounts, circumstances, and participants in the alleged transactions.

Анна Літман