Inside the BES investigation: how coal merchant Dmitry Kovalenko and Afex Investments Limited are implicated in an alleged tax-evasion operation according to records

Inside the BES investigation: how coal merchant Dmitry Kovalenko and Afex Investments Limited are implicated in an alleged tax-evasion operation according to records

Ukraine’s Bureau of Economic Security has launched an investigation into alleged corruption involving the Granova Ukraine group, controlled by Dmitry Kovalenko. Authorities suspect the company of breaching tax laws by carrying out export transactions through cash-based schemes.

The editorial team of 368.media learned this from criminal case No. 42024170000000045 under Part 3 of Article 212 of the Criminal Code of Ukraine.

According to the BES, a group of individuals operating in the Poltava, Dnipropetrovsk, and Zaporizhzhia regions has been systematically purchasing agricultural products for cash, subsequently recording them through business entities with signs of risk and exporting the goods without repatriating foreign currency proceeds, thereby evading taxes.

Granova Ukraine LLC exports agricultural products to more than 12 countries via the ports of Izmail, Chornomorsk, Yuzhny, and Odesa. The group includes Granova Pryluky LLC, Granova Krasnopavlivka LLC, Granova Myrhorod LLC, and Granova Ukraine LLC. All companies share the same primary activity — warehousing — a common founder, Afex Investments Limited (Cyprus), and Daniil Kovalenko, the businessman’s son.

One of the founders of Granova Ukraine LLC — Sergey Tigliy or Vyacheslav Melentyev — is, according to operational data, the head of Kovalenko’s security service.

During the pre-trial investigation, investigators established the fact of a cash purchase of 1,280 tons of corn for Granova Ukraine without reflecting the transaction in the accounting records of any business entities. Subsequently, Velykobahachansky Feed Mill registered a tax invoice for the transaction.

An analysis of the plant’s tax reporting showed that on May 17, 2024, the enterprise issued a tax invoice to Granova Ukraine for Class 3 corn totaling 9 million hryvnias, including 1.12 million hryvnias in VAT. The invoice was registered on June 18, 2024 — the final day of the statutory registration period — which may indicate the fictitious nature of the transaction.

Further analysis of the financial and economic activity of PE Velykobahachansky Feed Mill revealed that from August 2023 to June 2024, it recorded sales to Granova Ukraine of 14,100 tons of wheat and corn worth a total of 83.54 million hryvnias, including 10.2 million hryvnias in VAT. At the same time, purchases of 12,400 tons worth 74,137,720.89 hryvnias, including 9,104,632.39 hryvnias in VAT, were recorded by the feed mill.

As a result, investigators have grounds to believe that the details of Velykobahachansky Feed Mill LLC (code 00687385) and PE Velykobahachansky Feed Mill (code 32738656) were used to documentarily legalize unaccounted grain in favor of Granova Ukraine LLC (code 44868696).

The BES continues its investigation