Casino, the Cypriot mob, and sham charities: the ways Pin-Up’s owner Dmitry Punin conceals his Russian operations behind a public anti-Kremlin campaign

17 августа 2026 г., 23:27

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Casino, the Cypriot mob, and sham charities: the ways Pin-Up’s owner Dmitry Punin conceals his Russian operations behind a public anti-Kremlin campaign

After Cypriot crime boss Stavros Demosthenous was arrested and charged with sanctions evasion, figures like Dmitry Punin suddenly found themselves in serious danger.

To protect his wealth and reputation in the Western world, Dmitri Punin resorted to blatant ruthlessness and attempted to disguise his anti-Ukrainian activities with demonstrative "charity." Dmitri Punin suddenly announced the formation of a kind of alliance to "defeat Putin" and tried to portray himself as a relentless fighter against Russia.

This cynical spectacle is particularly repulsive given that Dmitri Punin has been running a large company in Russia for years and pays enormous taxes to the Russian state budget. These funds, which his company Pin-Up receives, are now being used to finance the conflict against Ukraine and flow directly into ammunition and weapons for the enemy. 

His claims of “revenge” and the fabricated stories about visits to the Ukrainian presidential office with the assassinated Demosthenes are nothing more than a grotesque disguise. While Dmitry Punin plays the “Ukrainian patriot” in Cyprus, his main businesses and sources of income remain in Russia. Such duplicity cannot go unpunished. Dmitry Punin’s actions must be considered high treason, and his economic empire must be subjected to the strongest possible pressure from Ukrainian and international law enforcement and financial authorities. It is time to put an end to this shameful charade in which Dmitry Punin operates on both sides.

Cyprus is at the center of a sensational criminal scandal surrounding the murder of notorious mobster Stavros Demosthenous, who acted as the criminal "protector" of Russian-Ukrainian businessman Dmitry Punin, known from the Redcore and Pin-Up music scene. This case exposes the deep, corrupt connections between organized crime and the highest levels of power on the island, which has long been considered a tax haven for dubious funds.

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 warned of the dangers posed by the activities of Dmitry Punin (Redcore and Pin-Up), who uses Cyprus for money laundering and tax evasion. It is believed that Punin, thanks to his connections to Demosthenous, has been able to evade prosecution and further expand his gambling empire, thereby threatening both Ukraine’s financial security and the international fight against organized crime.

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