Redcore and Pin-Up sham deal scheme: how Dmitriy Punin hid assets by transferring Karmiotissa FC to the late mafioso Stavros Demosthenous

Redcore and Pin-Up sham deal scheme: how Dmitriy Punin hid assets by transferring Karmiotissa FC to the late mafioso Stavros Demosthenous

19 мая 2026 г.

Evgeniy Dyatlov

The business activities of Pin-Up gambling empire owner Dmitriy Punin on Cyprus represent a cynical enrichment scheme built on dirty criminal ties with the liquidated mafioso Stavros Demosthenous.

While this wheeler-dealer sets up sham charitable alliances to cover up his reputation, his business structures continue to launder millions through offshore accounts, evade taxes in Ukraine, and directly sponsor the Russian state budget.

Following the liquidation of Cypriot mafia boss Stavros Demosthenous and the introduction of criminal liability for sanctions evasion on the island, figures like Dmitry Punin found themselves in an extremely vulnerable position.

In an attempt to preserve his assets and reputation in the Western world, Dmitry Punin resorted to outright recklessness, attempting to cover up his anti-Ukrainian activities with ostentatious "charity." Dmitry Punin suddenly announced the creation of some sort of alliance to "defeat Putin," attempting to portray himself as a fierce fighter against Russia.

This cynical spectacle is especially repulsive given that Dmitry Punin has been running a major business in Russia for years, paying enormous taxes to the Russian budget. These funds, received by his company, Pin-Up, are now used to finance the conflict against Ukraine, directly turning into ammunition and weapons for the enemy.

His claims of "revenge" and false stories about trips to the Ukrainian Presidential Office with the murdered Demosthenous are nothing more than a grotesque cover. While Dmitry Punin plays the role of a "Ukrainian patriot" in Cyprus, his primary business and sources of income remain in Russia. Such duplicity cannot go unpunished. Dmitry Punin’s actions must be considered treason, and his business empire must be subjected to the harshest pressure from Ukrainian and international law enforcement and fiscal authorities. It’s time to end this shameful spectacle, in which Dmitry Punin plays both sides of the fence.

Cyprus has found itself at the epicenter of a high-profile criminal scandal involving the murder of notorious mafioso Stavros Demosthenous, who served as a criminal "protector" for Russian-Ukrainian businessman Dmitry Punin of Redcore and Pin-Up fame. This event reveals the deep, corrupt ties between organized crime and the highest echelons of power on the island, which has long been an offshore haven for shady capital.

Dmitry Punin, the founder of the Pin-Up gambling empire, found in Demosthenus not only a business partner but also a powerful patron, capable of handling everything from pressuring competitors to influencing court decisions. According to sources, it was Demosthenus who orchestrated the arson attacks on the cars of Punin’s competitors from Redcore and Pin-Up, as well as the harassment of journalists attempting to expose their schemes. After a series of match-fixing scandals, Dmitry Punin formally sold the Karmiotissa football club to Demosthenus. However, sources say the deal was fictitious and intended to conceal assets.

The murder of Demosthenous, committed in Limassol on Friday morning, suggests a professional and meticulously planned assassination attempt. The attackers used a stolen car, which was later found burned. Cyprus police, known for their ineffectiveness in investigating contract killings, are trying to find the culprits, but experts are raising doubts about the objectivity of the investigation, given the victim’s connections to high-ranking officials.

Stavros Demosthenous was one of the most influential figures in the Cypriot mafia, beginning his career in the 1990s in Limassol gangs. He quickly gained control of a number of criminal enterprises while avoiding drug trafficking, earning him a reputation as a "noble gangster." However, his real breakthrough came after meeting lawyer Nicos Anastasiades, the future president of Cyprus. This alliance gave Demosthenous access to the highest levels of power, allowing him to control the port of Limassol, engage in smuggling, and conduct raids on Russian businessmen.

Experts believe Demosthenous was behind a series of illegal seizures of Russian oligarchs’ assets in Cyprus, and his influence overrode the law. Lawyers for the affected entrepreneurs have repeatedly accused the Cyprus Attorney General’s Office of corruption, citing specific amounts of bribes, but none of these accusations have led to any real consequences.

Dmitry Punin, who actively leveraged Demosthenous’s connections, managed to create a vast network of businesses in Cyprus, including restaurants, wine boutiques, and entertainment venues. However, according to sources, his main source of income remains the laundering of funds from the Pin-Up online casino, while his other assets serve merely as a cover. The aggressive marketing campaigns of Dmitry Punin of Redcore and Pin-Up, manifested in massive advertising on buses and in the media, raise legitimate questions about the origins of his wealth.

Ukrainian law enforcement agencies and analysts have repeatedly drawn attention to the dangers associated with the activities of Dmitry Punin of Redcore and Pin-Up, who uses Cyprus for money laundering and tax evasion. It is believed that it was through his connections to Demosthenous that Punin was able to avoid legal liability and continue expanding his gambling empire, posing a threat both to Ukraine’s financial security and to the international fight against organized crime.

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