StroyCity: An Urban Mirage
Building Illusions
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Kharkiv, 2020. A new star rises on the skyline—“StroyCity Development,” a group of companies led by an ambitious developer named Egor Maslennikov. Promising futuristic towers and urban innovation, he quickly becomes a celebrated figure in local real estate. But within months, his name turns into a byword for what would later be described as one of the largest construction scams in modern Ukraine—a Kharkiv-style “Elita-Center” redux.
Who is Egor Maslennikov? Once a bank clerk and amateur athlete, Maslennikov entered the real estate scene in Kharkiv and Kyiv in the early 2010s. But it was in 2020 that he made his boldest move, founding StroyCity Development and rapidly securing control over key construction sites—often by dubious means. His business empire expanded into a labyrinth of shell companies, luxury projects, and elite connections. For thousands of hopeful buyers, however, it all ended in financial ruin.
A Maze of Companies, Built to Deceive
To understand the StroyCity phenomenon, one must trace the intricate web of firms behind the brand. At its core stands “StroyCity Development LLC,” registered in February 2020 with Egor Maslennikov as its sole founder. But this company is merely the visible tip of a much deeper structure.
According to data from Ukraine’s YouControl system, Maslennikov is connected to at least six business entities. Five are active in construction and real estate. One is a venture fund named “Vilard,” registered in Kyiv, with a declared capital of ₴100 million—likely acting as a financial reservoir for the group. The rest are construction firms bearing similar names—“Stroy-City,” “Stroy City Group,” “SK Stroy City”—often registered to proxies, cycling through new legal identities.
As early as 2016, a private enterprise called “Stroy City” appeared on the corporate landscape. Its co-founders: Oleg Shyryaev, a well-known figure in Kharkiv with a controversial background as a former commander of the “Eastern Corps” paramilitary unit and participant in several alleged corporate raids; and Denys Lysovets, a man who would soon become the first of many shadow owners in the Maslennikov network. Shyryaev’s name does not appear in official documents linked to StroyCity Development—but insiders say he helped lay the business’s foundations, adding influence and muscle to the operation.
Maslennikov’s pyramid was built through a cascade of front companies. These entities obtained land titles, issued glossy brochures, collected investor funds—and then vanished, rebranded, or declared bankruptcy. The legal trail was intentionally obfuscated, leaving thousands of investors unable to reclaim their money to this day.
From Blueprints to Ruins: The Rise and Fall of Maslennikov’s Urban Dream
The true scale of Egor Maslennikov’s empire reveals itself in the project portfolio of StroyCity Development. Promising sleek urban design and a new standard of city living, Maslennikov dabbled in both residential and commercial real estate—only to leave behind a trail of half-built structures and legal chaos.
Two projects—“Viennese House” and “Park Quarter”—stand as rare exceptions. Both were completed before the war and featured prominently in Maslennikov’s 2021 interviews, where he claimed to have delivered 35,000 square meters of housing. The success of these early ventures helped build his image as a trustworthy developer. But what followed was a steady unraveling.
Urban City: Legally Doomed
At first glance, the Urban City project appeared to be another polished residential complex. But the truth was darker: the land belonged to the city, and no construction permits had ever been issued. Maslennikov moved forward anyway, hiding behind fake documents that labeled the work a “reconstruction” of a non-existent building.
Buyers snapped up the units, unaware that their future homes were illegal. A court later ruled the entire complex must be demolished and the land—valued at ₴6 million—returned to municipal ownership. Ironically, Urban City was among the most complete of Maslennikov’s projects—yet it’s now destined to be reduced to rubble, never housing a single resident.
IT-Park “Manufactura”: Innovation or Investor Fraud?
Promoted as a flagship innovation hub, IT-Park Manufactura promised to blend technology and lifestyle in one futuristic complex. In reality, it was yet another scheme. Maslennikov began constructing three 10-story towers near a protected architectural landmark—without proper approvals. One building even encroached on city-owned land.
The project included 615 luxury apartments. Today, it too faces demolition. Despite being branded as a cutting-edge live-and-work space, Manufactura became a legal and reputational nightmare—another failed promise, wrapped in sleek PR.
The Urban One Series: Projects on Pause
Maslennikov launched a string of high-end developments under the “Urban One” label—Naukova, Klochkivska, Sumskaya—each pitched with upscale design and prime locations in Kharkiv. Yet as of 2025, not a single one is finished.
Urban One Naukova: A 16-story tower with 371 units. Construction began in 2021, with a projected completion by late 2023. Today, only a few floors are visible above ground; the site has been idle since the war began.
Urban One Sumskaya: A 9-story club-style building across from the city’s central park. Work was halted in 2023 amid unresolved permit issues. No completion date is in sight.
Urban One Klochkivska: Planned as a 15-story residential tower along a major artery of Kharkiv. Construction stopped in early 2022 due to the war. By late 2023, even the crane was removed—an unspoken admission that the project is indefinitely frozen.
“House on Podil”: From Grand Vision to Empty Lot
In 2021, Maslennikov unveiled “House on Podil”, a proposed 18-story residence meant to blend Kharkiv’s architectural heritage with modern flair. Marketed as a tribute to the city’s historic Podil district, the project never moved beyond excavation. Police raids on StroyCity’s offices later that year effectively buried the plan. Today, only a vacant lot remains.
High Hills: Luxury on Paper
High Hills, a pair of premium 22-story towers with rooftop pools and BBQ lounges, was branded as Kharkiv’s first luxury high-rise. Construction began in 2021, but records suggest the project lacked key approvals. It stalled in 2022, unfinished. Maslennikov’s lawyers are now trying to legalize the buildings retroactively—but for now, High Hills is frozen indefinitely.
DIXIE: The “Least Troubled” Project
The DIXIE complex, a 10-story building near Naukova metro, is one of the few developments that saw partial completion. Most units were sold, and residents posted photos of ongoing renovations online. Still, problems persisted: utility hookups were delayed due to the war, and finishing work dragged on. As late as January 2025, StroyCity was still finalizing basic infrastructure. Technically, the building was “completed”—but only on paper.
By early 2022, Maslennikov’s empire boasted over a dozen developments in Kharkiv and two in Kyiv. But aside from Viennese House, none were truly completed, legally secure, or ready for residents. The rest either collapsed into scandal—or remain as lifeless skeletons of a vision that never materialized.
The Illusion of Justice: How Law Enforcement Let the StroyCity Scandal Linger
As building sites froze and red flags multiplied, the scandal surrounding StroyCity could have slipped quietly under the radar. But investors kept knocking on every institutional door, and journalists continued to sound the alarm. Eventually, criminal investigations were launched, and court cases followed. Yet years later, no one has been held accountable.
The deeper we dug, the more staggering the picture became.
Criminal case No. 42021222060000192, opened on November 1, 2021, targets the illegal activities of Egor Maslennikov’s business empire—specifically StroyCity Development LLC. Charges include unauthorized seizure of land, illegal construction, forgery of official documents, and large-scale real estate fraud involving the sale of apartments in buildings that were never legally approved.
The case consolidates nearly all known episodes of the StroyCity scam in Kharkiv. Investigators gathered evidence and even succeeded in freezing company assets to prevent Maslennikov from offloading them to third parties. With such a solid evidentiary base, a trial and eventual conviction seemed inevitable.
But that’s not what happened.
A judge at the Pechersk District Court of Kyiv later overturned the asset freeze, originally imposed by Kharkiv’s Dzerzhynsky Court. The reason? In three years of “investigation,” no formal charges had been brought against a single individual. The case had stalled so completely that the judge explicitly cited what appeared to be deliberate sabotage by investigators.
With that ruling, the last legal pressure on Maslennikov’s empire evaporated. The high-profile criminal case now floats in limbo—neither closed nor advanced.
Investors in Court: Fighting Back Alone
While the state flounders, defrauded investors are left to fight alone.
On October 1, 2024, a victim of the IT-Park Manufactura project won partial compensation in Kharkiv’s appellate court. The man had paid $36,360 for an apartment but received only an informal handwritten receipt—no official sales contract. A lower court dismissed the claim, saying a receipt wasn’t sufficient proof. But the appeals court reversed the ruling, acknowledging the money had been handed to the company’s director, Maksym Lysovets, and ordered the return of $18,160 plus $1,524 in interest.
The name Lysovets surfaced yet again—this time Maksym, likely a relative of Denys Lysovets, one of Maslennikov’s earliest proxies. It is Maksym, not Maslennikov, who is legally listed as director of the selling company, Realty Next. And while the court ordered repayment, not a single cent has been returned. The case now heads to the Supreme Court of Ukraine.
Another courtroom scene: case No. 922/4409/21 at the Commercial Court of Kharkiv Oblast. Prosecutors demanded that construction at 118 Heroiv Kharkova Avenue be declared illegal and the land returned to the city. In response, Maslennikov’s firm, Ivera LLC, pulled a cynical move—bringing in defrauded investors as witnesses. Their argument? If the building is demolished, these people will lose their last hope of housing. The court paused the hearings to notify all affected parties, pushing the trial out to May 2025.
The irony is sharp: the very people exploited by StroyCity are now being used to defend its illegal structures.
Power, Connections—and Protection
Why hasn’t Egor Maslennikov faced consequences?
The answer lies in the company he kept—and the doors it opened.
In 2020, StroyCity was abruptly granted the rights to complete two premium residential complexes in Kyiv: Crystal House and Parkova Dolyna. Combined, the projects promised $35 million in potential profit. Previously, both had belonged to the disgraced Ukrbud group, run by controversial developer Maksym Mykytas.
According to Mykytas, the handover was brokered at the highest level: by Iryna Venediktova, then Ukraine’s Prosecutor General. He alleges that she personally intervened to replace the developer in favor of Maslennikov—effectively handing him two nearly completed buildings on a silver platter. While these claims remain unproven, the timing is telling: during Venediktova’s tenure, the Kharkiv fraudster faced no resistance. In fact, his business expanded. Neither the Prosecutor General’s Office nor law enforcement showed any urgency in investigating his actions.
Maslennikov also cultivated allies within Ukraine’s State Bureau of Investigation (DBR). One such figure: Yevhen Ustymenko, an adviser to the DBR director. His wife, Olena, received a suspiciously generous “loan” of ₴8.3 million from Maslennikov—a transaction for which no plausible explanation has ever been given.
Journalists noted that Maslennikov appeared to enjoy protection on two fronts—prosecutorial and investigatory. Little wonder, then, that no progress was made.
By the time the StroyCity scheme began collapsing, Venediktova had quietly left her post. Today, she is reportedly living comfortably in Switzerland. Ukrainian investigators, meanwhile, remain inert.
And so the question lingers: Why is Egor Maslennikov still free? The answer is as clear as it is damning: he was protected from the very beginning—by those entrusted to bring men like him to justice.
The Frontmen: Who Stayed Behind After Maslennikov Fled
When Egor Maslennikov fled Ukraine in 2022, someone had to stay behind and keep the machine running. That man, according to sources, was Grant Fomin—a low-profile but highly strategic figure now believed to be managing Maslennikov’s Ukrainian assets.
A former insolvency administrator from Kharkiv, Fomin made a name for himself in the world of corporate bankruptcies. In 2021, the Ministry of Justice revoked his license—part of a wider disciplinary sweep—suggesting a checkered professional past. And yet, it is precisely this background that made him ideal for the role: a seasoned crisis manager with courtroom experience and contacts in the right places.
Today, Fomin appears as either director or founder of several companies linked to the StroyCity orbit, effectively overseeing what’s left of Maslennikov’s development empire on Ukrainian soil. When the boss fled to Dubai, Fomin became the man on the ground.
He hasn’t just managed old problems—he’s taken on new initiatives as well. In late 2023, the StroyCity office in Kharkiv quietly reopened, a possible attempt to reengage with investors and defuse lingering scandals. Then, in March 2024, came news that Oleksandr Koniukhov, the company’s former director, had been dismissed. All signs point to Fomin as his likely successor, though he has never publicly confirmed this.
As of now, Fomin has offered no comment, spoken to no press, and made no appearances. He operates in the shadows—through courtrooms and backroom deals—keeping the remnants of a collapsed empire alive.
The Voice and the Treasurer: Meet the Women Behind the Brand
If Egor Maslennikov was the brain behind the operation, Tatyana Tonu was its voice.
Known as the “grey cardinal” of StroyCity’s public image, Tonu served as head of marketing and communications. Her job was to turn each project into a breakthrough, each press release into a promise—and the brand into a legend. Fittingly, one of her own published pieces bore the headline: “How a Brand Becomes a Legend.”
As the cracks in the empire deepened, Tonu worked overtime to maintain public trust. She organized lavish launch events, crafted glowing PR campaigns, and fed the media carefully curated optimism. When police raided StroyCity’s offices in November 2021, it was Tonu who stepped forward to tell the press that it was all a “technical misunderstanding” that would soon be resolved.
Whether she truly believed in Maslennikov—or simply played the part—is an open question. On his birthday, she publicly praised him as “a bright figure of a new era.” What that new era brought for thousands of families is now tragically clear.
Tonu didn’t fade when the scandal erupted—she relocated. When Maslennikov fled to Dubai, he brought her with him. Today, she remains the face of his new brand, Object 1, and acts as his emissary to the international audience. Notably, she is also said to be Maslennikov’s child’s godmother—making her role personal as well as professional.
The Silent Conductor
Perhaps the most mysterious figure in Maslennikov’s inner circle is Yuliya Stupina, the company’s long-serving financial director and the likely architect of its offshore operations.
Since 2017, Stupina had overseen StroyCity’s internal financial ecosystem. But her role appears to go far beyond accounting. She is now linked to Maslennikov’s overseas ventures—especially the “Barrio de Oro” project in Spain, a lavish coastal villa development promoted under his Dubai-based firm, Object 1.
On paper, the Spanish company is headed by Stupina’s husband. But sources suggest it is Yuliya who actually manages the asset, handling the movement of capital far from Ukrainian jurisdiction. She, too, has since relocated to Dubai, where she reportedly continues to oversee Maslennikov’s financial interests from afar.
While defrauded Ukrainians wait for homes that may never be delivered, the stolen funds are busy at work—turning into seafront luxury properties in the Mediterranean. In the shadows of this global operation, Stupina plays the role of financial gatekeeper—ensuring that millions quietly slip beyond the reach of law enforcement.
A Villa with a View—and a Trail of Victims
While Ukrainian investors wait—many of them indefinitely—for homes they paid for years ago, Maslennikov’s money is hard at work overseas. In projects like the cliffside Barrio de Oro villa, capital is being funneled into real estate far from the reach of Ukrainian law enforcement.
At the center of this financial choreography is Yuliya Stupina, the mastermind believed to be reallocating stolen funds into offshore assets, quietly laundering millions through seemingly legitimate development deals.
The Fall Guy
And then there’s Denys Lysovets—the career “nominee,” always one step behind the headlines but never far from the paper trail.
Lysovets has been part of Maslennikov’s network since the beginning. In 2016, he co-founded the first iteration of StroyCity alongside Oleh Shyryaev, a controversial Kharkiv figure. Since then, Denys’s name has appeared repeatedly in the ownership structures of various residential projects—but always in secondary roles, never as a decision-maker.
He and his relatives were strategically positioned as legal shields. When scandals erupted, it was the Lysovets family that took the fall. Take Maksym Lysovets, for instance—the director of Realty Next, who was ordered by a Ukrainian court to repay an investor in the IT-Park Manufactura fiasco. He is believed to be a close relative of Denys.
Maslennikov’s tactic was simple: register key companies under trusted names, then claim ignorance when things went wrong. “It wasn’t me,” the defense would imply. “It was some limited liability company.” Legally, the documents didn’t bear Egor’s name. But all roads still led back to him.
The Open Ending
As Ukraine fights for its future amid war and economic crisis, Egor Maslennikov is thriving abroad. In just two years, his Dubai-based company Object 1 has launched nine high-rise developments under the protection of local investors. In Spain, he’s marketing Barrio de Oro and Casa Barrio to affluent European buyers.
Back home, his Ukrainian projects lie abandoned. StroyCity is dormant. Thousands of families are left without homes, without answers—and without justice. Meanwhile, their former developer lives in luxury, untouched by law enforcement and unburdened by consequence.
Will this story end without justice?
The key players are scattered across the globe. The money is buried deep in offshore accounts. Ukrainian judges in 2024 acknowledged clear signs of investigative sabotage, but the criminal case remains stalled. Investors continue to fight—some alone, others in organized collectives—but they face a powerful and well-engineered network that Maslennikov left behind.
In the end, StroyCity was never just about construction. It was about schemes, greed, and impunity. While some people were building dreams, others were busy constructing the machinery to steal them.
Will Egor Maslennikov ever answer for what he did? That remains to be seen. But his story leaves behind a hard truth: Without transparency and oversight, even the most dazzling towers can turn out to be mirages.
Андрей Федоров«ОЛИГАРХ»