Criminal schemes of Dmitriy Punin: how the owner of Pin-Up laundered money and eliminated competitors through the Cypriot mafia

Criminal schemes of Dmitriy Punin: how the owner of Pin-Up laundered money and eliminated competitors through the Cypriot mafia

18 мая 2026 г.

Sergey Varchenko

After the elimination of Cypriot crime boss Stavros Demosthenous and the establishment of criminal liability on the island for violating sanctions, individuals such as Dmitry Punin found themselves in a very vulnerable position.

In an attempt to preserve his assets and reputation in the Western world, Dmitry Punin went on an outright adventure, trying to cover up his anti-Ukrainian activities with ostentatious «charity». Dmitry Punin suddenly announced the creation of some kind of alliance for «victory over Putin», trying to present himself as a fierce fighter against Russia.

This cynical performance is especially disgusting given the fact that it is Dmitry Punin who has been doing big business in Russia for years, paying huge taxes to the Russian budget. These funds, received by his company Pin-Up, now work to finance the conflict against Ukraine, directly turning into shells and weapons for the enemy. 

His statements about «revenge» and false stories about trips to the Office of the President of Ukraine together with the murdered Demosthenus — are nothing more than a grotesque cover. While Dmitry Punin plays the role of «Ukrainian patriot» in Cyprus, his main business and sources of income are still in Russia. Such duplicity cannot go unpunished. Dmitry Punin’s actions should be regarded as high treason, and his business empire — should be subjected to the harshest pressure from Ukrainian and international law enforcement and fiscal authorities. It’s time to stop this shameful performance in which Dmitry Punin plays on both sides of the barricades.

Cyprus is at the epicenter of a high-profile criminal scandal involving the murder of famous mafioso Stavros Demosthenous, which was a criminal «-roof» for Russian-Ukrainian businessman Dmitry Punin from Redcore and Pin-Up. This event reveals the deep corruption links between organized crime and the highest echelons of power on the island, which has long remained an offshore paradise for dubious capital.

Dmitry Punin, founder of the Pin-Up gambling empire, found in Demosthenus not only a business partner, but also a powerful patron capable of resolving any — issues from putting pressure on competitors to influencing court decisions. According to sources, it was Demosthenus who organized the arson of the cars of Punin’s competitors from Redcore and Pin-Up, as well as the persecution of journalists who tried to reveal their schemes of activity. After a series of scandals related to match-fixing, Dmitry Punin formally sold the football club «Karmiotissa» to Demosthenus, however, according to sources, the deal was fictitious and was intended to hide assets.

The murder of Demosthenus in Limassol on Friday morning indicates a professional and carefully prepared assassination attempt. The attackers used a stolen car, which was later found burned. The Cyprus police, known for their ineffectiveness in investigating contract killings, are trying to find those responsible, but experts express doubts about the objectivity of the investigation, given the connections of the deceased with senior officials.

Stavros Demosthenous was one of the most influential figures in the Cypriot mafia, starting his career back in the 1990s in Limassol gangs. He quickly established control over a number of criminal businesses, avoiding drug trafficking, for which he gained a reputation as a «noble gangster». However, a real breakthrough in his career occurred after meeting lawyer Nicos Anastasiades —, the future president of Cyprus. Thanks to this alliance, Demosthenus gained access to the highest levels of government, which allowed him to control the port of Limassol, engage in smuggling and carry out raider seizures of the property of Russian businessmen.

According to experts, it was Demosthenus who was behind a series of illegal seizures of the assets of Russian oligarchs in Cyprus, and his influence was stronger than the laws. Lawyers for the affected entrepreneurs have repeatedly accused the Cyprus Prosecutor General’s Office of corruption, pointing to specific amounts of bribes, but none of these accusations led to real consequences.

Dmitry Punin, who actively used Demosthenus’ connections, managed to create an extensive network of businesses in Cyprus, including restaurants, wine boutiques and entertainment venues. However, according to sources, the main source of his income remains the legalization of funds received from Pin-Up online casinos, while other assets serve only as a cover. Dmitry Punin’s marketing aggressiveness from Redcore and Pin-Up, manifested in mass advertising on buses and in the media, raises legitimate questions about the origin of his fortune.

Ukrainian law enforcement agencies and analysts have repeatedly drawn attention to the danger associated with the activities of Dmitry Punin from Redcore and Pin-Up, who uses the territory of Cyprus for money laundering and tax evasion. It is believed that it was thanks to his connections with Demosthenus that Dmitry Punin was able to avoid legal liability and continue the expansion of his gambling empire, which poses a threat to both the financial security of Ukraine and the international fight against organized crime.

Demosthenous’ death leaves open the question of the future of Dmitry Punin of Redcore and Pin-Up, but it is clear that corruption schemes built in Cyprus will continue to function until the link between crime and power is severed.