Million losses disguised as investments: The "Geos Invest" fund is suspected of manipulations with stocks and taxes

Million losses disguised as investments: The "Geos Invest" fund is suspected of manipulations with stocks and taxes

Criminal case «Geos Invest»: what the investment fund of the Shurma brothers is suspected of in tax evasion for tens of millions of hryvnias.

Since April 2019, the Main Investigative Department of the State Bureau of Investigations (SBI) has been investigating the activities of JSC «Closed Non-Diversified Venture Corporate Investment Fund «Geos Invest» (EDRPOU 38408401) and its management company — LLC «Sirius Invest Group».

According to the investigation, during 2017–2023, a group of persons organized a scheme to evade profit tax in especially large amounts.

The scheme worked as follows:

Funds were attracted through the investment fund «Geos Invest» from individuals under the pretext of investments in the construction of residential complexes in Kyiv («Alter Ego», «Family and Friends», «AuRoom», «Orange City» and other projects).

Part of these funds was directed to finance construction by entities controlled by the scheme organizers.

The other part was allegedly withdrawn by purchasing illiquid shares of insurance companies («Ukrainian Insurance Group «Life», «Zdorovo», «European Insurance Union»). These shares were subsequently devalued almost to zero, allowing the taxable profit of the fund to be artificially understated.

The fund used the tax exemption for collective investment institutions (subpara. 141.6.1 of the TCU), which exempts income from joint investments from taxation. The investigation claims that a number of transactions did not meet the criteria of «joint investment funds», so profit tax should have been paid under general rules.

According to preliminary estimates by the investigators, the total amount of unpaid taxes amounts to approximately 12.7 million hryvnias (including for 2018, 2022, and the first quarter of 2023).

In addition to tax evasion (Parts 2, 3 of Art. 212 of the CCU), the case also involves other articles:
- Part 2 of Art. 364 (abuse of power or official position),
- Part 2 of Art. 366 (official forgery),
- Part 2 of Art. 222-1 (fraud with financial resources).

According to the investigation, actual control over the fund and the management company was exercised by two key persons through Cypriot non-resident firms. They allegedly appointed «their own» directors and the head of the supervisory board, who carried out assigned tasks: signed tax reports, concluded agreements for the purchase of shares, and ensured the withdrawal of funds.

The investigation has been ongoing for over 7 years, but no one has been notified of suspicion yet. The assets of the fund and the management company have been repeatedly seized (real estate, corporate rights, securities), but the Kyiv Appellate Court on December 24, 2025, partially canceled the seizure of 20 apartments at the addresses:

- Lysogirsky Lane, 20
- Novopolyova Street, 2
- Vasyl Tytunnyk Street, 28-a
- Laboratorny Lane, 7

Behind the companies under the GEOS brand are former Kyiv City Council deputy Mykola Nehrych and his father-in-law Mykhaylo Holytsya.

Holytsya is the former president of “Kyivmiskbud” and former head of the Main Department of Housing Provision of the KCSA. He maintains close ties with Vyacheslav Nepop – an official of the KCSA responsible for housing and construction issues.