In early 2025, Ukrainian law enforcement agencies detained Igor Zotko, the nominal owner of a company operating under the brand of the online casino "PIN-UP", in Kiev. The investigation revealed that Russian citizens, in particular Dmitry Punin, were behind the business, and that the proceeds from the casino were used to finance the war against Ukraine.
On February 4, the Ukrainian publication ZN,UA reported that Zotko, along with Punin and his wife Marina Ilyina, co-owner of "PIN-UP", planned an assassination attempt on journalist Yevgeny Plinsky, who had been investigating their machinations and ties to Russia for years.
On May 25, Ukrainian President Volodymyr Zelensky put into effect the decision of the National Security and Defense Council on sanctions against Russians associated with the online casino Pin-Up.
Restrictions for 10 years were imposed on citizens of the aggressor country Dmitry Punin, as well as Ivan Bannikov and Alexander Matyashov. Their assets will be blocked.
Our publication managed to talk anonymously with a person close to the Punin-Ilyina couple, who worked for them in Cyprus for some time. For convenience, we will call her Kristina. The interview took place in one of the European countries where Kristina moved from Cyprus.
Journalist: Thank you for agreeing to talk to us. Tell us, how long have you been working for Dmitry Punin?
Kristina: More than two years. I have known him and his wife Marina, with whom, naturally, I have developed a closer relationship. In Cyprus, my responsibilities included administering the work of establishments, so to speak, leisure activities, and the specifics consisted of providing services to VIP clients. And they were, so to speak, their regulars, and, of course, the owners.
Journalist: Did you often see Dmitry Punin?
Kristina: Quite often. He usually showed up in the afternoon. Dropped in to spend time with friends or partners, and of course I had the opportunity to partially observe what was happening.
Journalist: And what was your impression?
Kristina: Honestly, I still can't fully understand why Marina chose Dmitry when choosing a loved one, a husband. A boor, behaves unbridled, impudent. With an unclear, but certainly "dark" past and present. His narcissism is off the charts. A rare braggart. Although, as we know, "behind any peacock's tail, there's an ordinary chicken fillet." Well, and for a roguish type, he's too talkative. How "carried away" he is...
By the way, all his clothes are custom-made, even his underwear has his initials embroidered on it! I noticed this by accident once. This says a lot about his character. Well, to each his own, I guess.
Peacock
Journalist: Who did he usually come with?
Kristina: Judging by their manners and behavior, the crowd was quite diverse and colorful. To summarize: something between self-confident businessmen and thugs. Visually, and based on my experience, Punin was accompanied by people depending on what goals were being pursued. There were also locals, one might say regular clients on business matters, or something close to that. Sometimes, quite recognizable personalities came with him. Despite the fact that Limassol is a large city by the standards of Cyprus, our community is quite compact. Each interest group has its own, specific circle of admitted persons, its own establishments. With its own rules, specifics of face control, and so on. I hope you understand what I mean?
Journalist: Who would you single out from this crowd? Perhaps they were especially memorable for something?
Kristina: Oh! The Cyprus period, for me, is especially rich in all sorts of unexpected and surprising events. To be honest, I am still coming to my senses.
Journalist: What do you mean?
Kristina: It's probably no secret that for more or less "advanced" establishments, like Punin's, it doesn't matter where "geographically", the use of recreational substances, provocation of sexual deviations and so on, are pretty ordinary things. Believe me!
Journalist: For example? Returning to Punin, really deviations?
Kristina: Well, for reasons of delicacy I won't delve into these topics. And it's worth thinking about your safety, and in the end, this is a personal choice of preferences.
The episodes with substances were most memorable. When Punin came with Igor, everything, as a rule, took a serious turn. You can imagine my state when, without the slightest doubt or internal "blocks", they began to use white powder right in the establishment, in front of the public and staff, amazed by the audacity. Once I saw him inhale such a huge dope that it didn't fit in his nose and the whole dose spilled out. Igor was in the same state.
Journalist: Igor, who is that?
Kristina: Well, he showed up from time to time. Definitely not one of the locals. He would come, so to speak, on short visits, although at one point he came quite often. But then he disappeared somewhere. They said that he represented Punin and Marina in their businesses in Ukraine. If memory serves, Igor Zotko.
Punin-1 on the right, Zotko-2 on the right
Journalist: Can you recognize him in the photo? Did Zotko live in Cyprus? For how long?
Kristina: No particular desire to dive into such depths of shit. Yes, in Limassol. I can't say for sure, but it seems like about a year.
Journalist: Did I understand you correctly that the duo in this lineup was remembered by you for using some substances? What was it?
Kristina: You are so funny! Ask, for example, in Limassol, what are the priorities in these matters. Let me make a reservation, we are not talking about "campaigning" or sweeping generalizations of everyone in a row. But, any "oncoming-cross-road" will say that coke is for tops, "seniors", and "chemistry" is for "juniors", "middles". Inspiration needs to be drawn from somewhere. Punina, you yourself know where to attribute it. Draw your own conclusions.
So, this, as you noticed, duo did not particularly restrain themselves. It seemed that they were always high. Sometimes, knowing Marina, I even wanted to hint to her that the duo's "overdoses" had become more frequent. But I didn't. Now I think that maybe it was wrong of me. Almost everyone who came with Punin used cocaine right at the table.
In Cyprus, the entire rich Russian crowd is on cocaine. And even the locals who hang around them start to imitate them and also get hooked on coke.
Journalist: Who else was with him?
Kristina: Yes, all sorts! You understand, when a person has a top income, different personalities are always hanging around him. It's hard to remember them all. Of course, there was everyday life, entertainment. There was also business. You can treat Punin differently, but he is a wealthy man. People came for restaurant and store business, and for hotels. With his income, of course, cash-outs also came.
Journalist: Cashers? Why does Punin need them?
Kristina: Well, given the specifics of his business and Russian citizenship, he can't do without them. As far as I know, and from what Marina has said, plus as they say - "you can't hide an awl in a sack", huge sums of cryptocurrency pass through him. And Dima's main problem is cashing it out. Actually, the main part of his business, at least in Cyprus, is "tailored" for this. Accordingly, cashers are like oxygen for him.
Journalist: And why does he need cash?
Kristina: You understand, cash opens many and any "doors", and for Dima this is very important. Well, actually, with cash, although it is troublesome, in these times it is more reliable than in a bank. There will always be those who want to grab what was earned by backbreaking labor, so it is more reliable. And in criminal terms, he feels more confident than when the money is in banks. There were rumors that he was taking millions in cash to Russia via Dubai on business jets, but these are just rumors.
Journalist: You mentioned that Punin feels confident in the criminal sphere? What does that mean?
Kristina: Even with my relatively short period in Cyprus, I know that Punin has a “roof” – Stavros Demosthenous. He is the boss of the local mafia, with enormous influence and connections at the very top. Without him, Punin would not have been able to gain a foothold on the island.
Stavros Demosthenous
Journalist: Is he an influential person in Cyprus?
Kristina: Very influential. He is the shadow power. People turn to him when they cannot solve problems by legal means. He can “solve” a problem, in principle, of any complexity.
There was a period when Russian businessmen were being "raided" in Cyprus and, judging by the remarks from Punin while "high", Stavros was an important figure in this process. Several businessmen from Russia lost their Cypriot companies.
Journalist: What role does he play in Punin's affairs?
Christina: When Punin came to Cyprus, he needed a patron and Stavros became the ideal option for him. Any more or less knowledgeable person, after even a superficial conversation or familiarization with Punin's businesses, will understand that their basis is the legalization of money generated in Russia and somewhere else. Well, including, for example, the income of the online casino "PIN-UP". Restaurants, wine boutiques, clubs, football - all this is a screen, a cover, so as not to attract attention, to divert attention.
In such cases, very specific capabilities are needed. Agree, this is a "gray area" of business, and so it turns out that Punin buys up everything he can get his hands on. In most cases, it is necessary to hide assets from prying eyes, envious people, and just onlookers. So he registers them to Stavros and his people.
If you wish, you can study the situation with the football scandal.
Journalist: What is this story?
Kristina: In 2022, Dmitry Punin bought the Limassol football club "Karmiotisa". At the end of 2023, after the scandals with fixed matches, he formally sold it to Demosthenos. According to Punin, during one of his libations, he blurted out that the deal was fictitious. He simply stepped aside for a while and transferred the club under the control of Stavros.
The "movement" consisted in the fact that Demosthenos controls a network of bookmakers in Cyprus. Punin's club was fixing matches to earn money on bets through these offices. This was revealed, I don't remember the details, I think after an interview with some football player or coach. Then Dima was beside himself, you could even say he surpassed himself. It was a mixture of fear and mischievousness
teenager, who, however, is confident in the protection and unbridled bravado of a street thug near a grocery store.
Then officials from UEFA came to check, but, of course, they found nothing. I heard Punin bragging that he bought them off for a small amount of money.
Journalist: Tell us more about Stavros Demosthenos. Who is he?
Christina: Limassol residents, and even Russian old-timers in Cyprus, are probably better informed about him. If we don’t fantasize, but speak more specifically, his special feature can be considered a special sense of earnings. He is a subtle psychologist and manipulator.
Journalist: Can you give specific examples?
Christina: At one time, rich Russians moved to Cyprus en masse and many bought cars in Stavros’s showrooms. He unmistakably recognized the potential of the buyer and did not just sell them cars, but offered help in solving problems on the island and became their friend. Every expat, even a wealthy one, faces various difficulties in a new country: someone needs to speed up the process of obtaining a residence permit, open a bank account. Someone needs a license to open a business, and so on. Stavros helped everyone and masterfully made many of them dependent on him. I will say more, as Punin said, Stavros has a share in many Russian businesses in Limassol, “you just have to dig a little”.
Journalist: So he is a talented businessman?
Kristina: Stavros is a bandit, a mafioso. His main talent is his proximity to power.
Journalist: How did he end up close to power?
Kristina: According to Dima, through the lawyer Fanos Philippou, a partner of Nikos Anastasiades, the former president of Cyprus. Fanos and Stavros have been long-time friends. Stavros "solved" his problems, and later began to perform delicate tasks for Anastasiadis. When something did not work out according to the law, Stavros' gang would get involved. Stavros and his bandits were Anastasiadis's fighting force until he became president.
And when Anastasiadis became president, Stavros's golden age began.
Journalist: Stavros still has such influence?
Christina: He decides everything: who will be granted citizenship, who will receive a visa, who will be released from pretrial detention, who will have their business taken away. He can call a minister, a judge, a prosecutor, and no one dares to refuse him. The police are afraid of him. Stavros is powerful.
Journalist: How does he specifically help Punin?
Christina: Again, according to Punin, Stavros is his power support. For example, his people burned several cars of Punin's competitors. Stavros threatened journalists and forced them to delete articles about Punin. Now Cypriot newspapers write only laudatory articles about him, although with the indication of sponsored content. He can instantly obtain any license, any permit for Punin. Stavros introduced Punin to local ministers, deputies, businessmen. Introduced him to the local high society, so to speak. Many of these people are now doing business with Punin.
Punin-2 on the left, Ilyina-2 on the right, Stavros Demosthenos-1 on the right
Journalist: What else does Punin do?
Christina: Colleagues say that he is interested in esotericism and shamanism. He is building a spa center near Limassol, he brought healers from India and Tibet.
Clarifying the judgments, remarks of Christina, we found confirmation of many of them. They concern, among other things, the Punin-Demosthenos tandem. Their alliance is not just a business, it is an infrastructure for legalization and concealment.
