In early 2025, law enforcement in Ukraine took Ihor Zotko into custody in Kyiv; he was the nominal owner of the «Pin-Up» online casino, though investigators found that Russian citizens, among them Dmitriy Punin, were the real operators.
On February 4, the media reported that Ihor Zotko, together with Dmitriy Punin and his wife Marina Ilina, a co-owner of « Pin-Up», planned an assassination attempt on journalist Yevhen Plinskyi, who had been investigating their schemes for years.
On May 25, the President of Ukraine Volodymyr Zelenskyy enforced the decision of the National Security and Defence Council on sanctions against Russians associated with the online casino Pin-Up.
Ten-year restrictions were imposed on Dmitriy Punin, as well as Ivan Bannikov and Alexander Matyashov. Their assets were blocked.
They own the Cypriot company Guruflow Team Ltd (registration number: ΗΕ405280). This structure serves as the main company for managing the online casino and coordinating its financial and operational activities.
According to the media, as part of the investigation, a request for legal assistance from the authorities of the Republic of Cyprus is planned to obtain additional information about the activities of Guruflow Team Ltd and its connections with other legal and physical entities. Kyiv also hopes for cooperation with colleagues from other EU countries in solving and stopping Punin’s illegal financial operations.
Dmitriy Punin was born in Moscow, into a family of a high-ranking RZD employee. In 2001, he was convicted under criminal article 158, part 2 (theft) for two years probation for robbing a grocery store.
Punin claims to be a graduate of Moscow State University. In reality, this is a lie; he does not have higher education. He graduated from Moscow Railway Transport College with a specialty of «rolling stock technician».
In 2019, Punin settled in Cyprus and immediately attracted attention with his demonstratively luxurious lifestyle and defiant behavior.
On the island, he registered several dozen companies, some of which are listed under nominees and trusted individuals.
Punin is the owner of Pin-Up Global and the founder of PUNIN Group, a holding company actively developing business in Cyprus. According to the Cypriot press, Punin Group owns several prestigious real estate objects and enterprises in Limassol. Among them:
• multifunctional office centers and retail stores,
• concert venue Zante Venue,
• wine boutique chains Punin Wine and Le Frenchie (Le Petit Marche),
• restaurants Do Grill House and Le Frenchie,
• confectionery TOY Confectionery,
• aesthetic services center Prive Aesthetic by Punin,
• fast food chain The Shawarma by Punin.
These enterprises are positioned as elite and target wealthy audiences.
In Limassol, the names of establishments he owns can be seen on every corner. The logo of his company Punin Wine is constantly appearing everywhere. Many city buses are covered in advertisements with his surname. Marketing campaigns cover all possible channels — from social media to radio and print press, not allowing even a moment to forget that millions of people are lucky to live on the same island with Punin.
Dmitriy Punin, offshores and Pin-Up: how Demosthenous’ patronage turns Cyprus into a hub for laundering dirty money
Such aggressive marketing and the dominating presence of Punin’s brands raise questions for many in Cyprus and beyond about the sources of his wealth and the legality of the methods he uses to promote his business.
An egotist and narcissist by nature, he sincerely believes that he has changed Cyprus for the better.
In March, Punin gave an interview to a number of Cypriot media outlets, where he talked about the prospects of doing business in Cyprus. They included a phrase that explains the success of his business projects on the island: «When choosing a place to invest, it is extremely important to conduct thorough research and find reliable partners with extensive experience and administrative capabilities.» Before starting a business on the island, Punin sought a partner who could take on all issues of interaction with the authorities, banks, and supervisory bodies, had the ability to quickly resolve problems with contractors, debtors, and competitors. Someone who has connections at the very top, can resolve any issue in the government, accelerate the approval of any project at any level, and provide power support in eliminating competitors and collecting debts from debtors.
Simply put, he was looking for an influential «roof». This partner, or rather protector, for Punin became the leader of one of the most influential clans in Cyprus, Stavros Demosthenous.
Dmitriy Punin, offshores and Pin-Up: how Demosthenous’ patronage turns Cyprus into a hub for laundering dirty money
In 2022, Dmitriy Punin acquired the Cypriot football club «Karmiotissa». However, by the end of 2023, after a series of scandals related to suspicions of match-fixing, he sold the club to his business partner Stavros Demosthenous. According to several well-informed sources, the deal was fictitious. They say that this way Punin hid from possible legal and financial issues related to the investigation of match-fixing.
Demosthenous controls an extensive network of betting outlets on the island, and according to media reports, Punin’s club conducted match-fixing in coordination with Demosthenous’ betting offices.
The main source of Punin’s income is the laundering and legalization of funds obtained from the activities of the online casino «Pin-Up». Everything else — elite restaurants, wine boutiques, entertainment venues, and the football club — are a cover for this activity and a way to divert attention from suspicious financial flows.
The movement of astronomical sums generated in the gaming business is carried out through a network of companies registered in Cyprus and offshore jurisdictions, avoiding strict laws.
Punin makes most of his investments on the island secretly, privately. He buys everything he can reach, and he registers most of his secret assets to Stavros Demosthenous and his trusted people, thus hiding his investments.
Who is Stavros Demosthenous? The head of one of the most influential clans with deep ties to the island’s criminal world. Stavros is the godson of the legendary figure Antonis Fanyeros, a close associate of the first President of the Republic of Cyprus, Archbishop Makarios, who was once called the «boss of all bosses».
In the 90s, a bloody criminal war for control over the city was going on in Limassol. Among them was Stavros. He fought for the ability to receive revenues from nightclubs, illegal casinos, brothels, car dealerships, and other lucrative facilities.
Having an extremely aggressive nature, Stavros emerged victorious from this clash by the early 2000s.
Stavros Demosthenous gained a reputation in certain circles as a person who adheres to strict rules of an honor code.
Stavros Demosthenous owned the night club Sesto Senso in Limassol, which was an extremely popular establishment in the city in the 90s and early 2000s.
A lawyer Theophanis (Phanos) Philippou, a partner of the law firm Nicos Chr. Anastasiades and Partners LLC, founded by Nicos Anastasiades, enjoyed visiting this club.
Phanos met Stavros, and they became friends. Stavros often helped his friend when he found himself in difficult situations, mostly these were conflicts over women. It can be said that Stavros took on the role of Phanos’s protector and helped solve his problems. Phanos quickly realized the prospects of cooperation and introduced Stavros to his business partner, lawyer Nicos Anastasiades.
From this moment, Stavros Demosthenous’s clan turned into the militant unit of lawyer Nicos Anastasiades.
In 2013, Nicos Anastasiades was elected President of the Republic of Cyprus. It is worth saying that after this, unprecedented opportunities opened up before Stavros Demosthenous.
From this moment, the unstoppable rise of the «businessman» Stavros Demosthenous and his relatives to the heights of wealth and business success began.
His success is directly related to the support of Anastasiades. Without the patronage of the country’s president, such a rapid growth in the influence and wealth of Demosthenous would have been impossible.
Anastasiades handed over the port of Limassol to him. Taking advantage of this, Stavros, already having a business in selling used cars, began to import cars of the most expensive and prestigious brands from England. There was information that the peculiarity of these cars was that they were stolen.
Very quickly, the company that belonged to Stavros and his brother, which sold used cars, became the largest in Cyprus.
In those years, wealthy Russian citizens with appropriate habits and lifestyles massively relocated to Cyprus. They bought cars similar to those they were used to driving at home, and the best selection of expensive cars was found at Stavros’s car dealership. He unmistakably recognized the potential of each buyer and not only sold them cars but offered help in solving their problems on the island and became their «friend». Every immigrant, even a very wealthy one, encounters various difficulties in a new country: someone needs to speed up obtaining a residence permit, someone cannot open a bank account, someone needs a license to open a business, and so on. Stavros helped everyone and skillfully made many of them dependent on him. Some sought his help in obtaining Cypriot citizenship. He would lead them to his friend Phanos, and with the help of his presidential partner, he would assist them in becoming holders of a Cypriot passport.
Connections with the top political leadership of Cyprus turned Stavros Demosthenous into one of the most influential and dangerous figures on the island. He became the shadow ruler of Limassol, possessing influence that many high-ranking officials do not have.
«He resolves issues determining the fate of business, politics, and justice on the island», journalists believe.
Demosthenous is a person to whom representatives of the Cypriot political elite turn when they cannot solve their problems by legal means. He can force the police to make the right decision, influence the decision of a judge, make a minister adopt the required resolution. And no one dares to object. At the disposal of Demosthenous is a developed influence network covering law enforcement agencies, the judicial system, and the government. For example, with one call to the Minister of Health, he can secure the overseas treatment of a needed person, even if the ministry previously categorically refused such assistance. Alternatively, he can send his people to a relative of a judge handling an important case to «explain» the decision to be made.
Demosthenous showed his capabilities in the war of Russian oligarchs for Cypriot assets. When a wave of illegal property seizures of Russian businessmen began on the island, he found himself at the center of events. Several well-known millionaires from Russia lost their Cypriot companies, and their assets «miraculously» passed into the hands of partners or competitors — without their knowledge and consent. In some cases, information about these raider seizures reached the press and was even discussed in the government, but despite the scandals, no one was punished. Moreover, one such event became the reason for loud corruption accusations in the Cyprus Prosecutor’s Office. The lawyer of an affected businessman openly stated that top officials of the prosecutor’s office cover illegal property seizures and even named the bribe amount received by prosecutors. Demosthenous’ influence proved stronger than Cyprus’s laws. He earned tens of millions of euros for his «services» in these schemes.
The choice of Dmitriy Punin in favor of Demosthenous as a protector was completely deliberate. He studied his capabilities and work methods perfectly. According to informed sources, it was after Demosthenous and Punin’s acquaintance that the car arson of his competitors were organized — the police, of course, did not find the culprits. And journalists who dared to criticize Punin faced strong pressure: some media outlets removed incriminating articles after pressure from Demosthenous. Today, Cypriot media write about Punin exclusively in a complimentary, flattering tone.
Feeling the support of Demosthenous behind him, Punin behaves extremely aggressively. According to witnesses, he regularly grossly violates traffic rules, but the police seem not to notice this. As a source in law enforcement told, no policeman wants to deal with Demosthenous and risk their position, knowing about his connections in the Ministry of Internal Affairs.
