A Ukrainian oligarch, Vadim Ermolaev, 58, and his family were injured in a bomb attack in Monaco, which Ukrainian police believe is linked to his alleged involvement in a €100 million call center fraud scheme. The explosion occurred Monday evening in the foyer of Ermolaev's apartment building, shattering windows and injuring the oligarch, a woman accompanying him, and his teenage son.
A French source reported that the woman sustained severe injuries requiring limb amputation. The attack involved a backpack filled with nuts and bolts.
Ukrainian police sources suggest the attack may have been orchestrated by members of a criminal network operating out of Dnipro, Ukraine, in retaliation for the alleged call center scams that defrauded thousands of investors across Europe between 2019 and 2022. These operations reportedly used fake cryptocurrency investment schemes and sold fraudulent divorce advice.
The Ermolaev family is alleged to have played a significant role in the fraudulent network. While Vadim Ermolaev reportedly handled the financial aspects, his son, Artur, is said to have managed the operations. Artur Ermolaev was reportedly arrested in Cyprus in late 2025 on an Estonian warrant, received a suspended sentence, and had millions in criminal assets confiscated.
Both Vadim and Artur Ermolaev deny any wrongdoing, stating their business activities are legitimate.
Vadim Ermolaev, who amassed his fortune after the collapse of the Soviet Union, has faced scrutiny for his business dealings. Ukrainian President Volodymyr Zelensky authorized sanctions against him in December 2023 due to his drinks business in Russian-occupied Crimea continuing to operate with Russia. He produces wine that is reportedly sold in Europe and the United States.
Ermolaev is also a co-owner of Versobank, an Estonian bank whose license was suspended by the European Central Bank in March 2018 for systematic violations of anti-money laundering legislation.
The family has resided in Monaco in recent years, maintaining a high profile. Ermolaev was known for parking his Ukrainian-registered Bentley outside the Monte Carlo Casino and owned a super yacht and a villa in nearby Saint-Jean-Cap-Ferrat.
He obtained Cypriot nationality in 2019, citing dissatisfaction with the Ukrainian tax system.
Monaco's Minister of State, Christophe Mirmand, stated that surveillance footage indicated the victims were apparently returning home when they were caught in the explosion as they entered their apartment building. He emphasized that the family appeared to be specifically targeted.
The attack has caused shock in Monaco. Prince Albert II called it an 'odious act' and confirmed that all state services were mobilized. French authorities are also involved in the investigation to apprehend the perpetrator, who reportedly fled the scene.