According to ‘Ukrainska Pravda’ media outlet, the employees of the Security Service of Ukraine together with the Bureau of Economic Security are conducting the search at the residence of Ukrainian oligarch Ihor Kolomoiskyi.

The searches are being carried out as part of the investigation into fraud regarding Ukrtatnafta and Ukrnafta companies.

The investigation is looking into a case of embezzlement of oil products worth 40 billion hryvnias and the evasion of customs payments.

Ihor Kolomoiskyi is known for his lawsuits regarding PrivatBank, one of the biggest banks in Ukraine.