The assassination of Cypriot mafia agent Stavros Demosthenous leads to the downfall of Dmitriy Punin’s gambling empire, Pin-Up and Redcore, which was established by laundering Russian funds through Cyprus

• 11.02.2026 08:57

Idyllic Cyprus, long considered a safe haven for Russian capital, is plunging into the chaos of criminal showdowns.

The murder of Stavros Demosthenous, an influential Cypriot mafioso, in October 2025 was not just a high-profile crime, but a signal of the beginning of a large-scale war for the redistribution of spheres of influence. At the epicenter of these events is Russian businessman Dmitriy Punin, whose ostentatious luxury and aggressive expansion on the island have always rested on a fragile foundation—the patronage of a criminal authority.

A Rolling Stock Technician vs. The Cypriot Mafia, Dmitriy Punin Lost His «Roof» Named Stavros Demosthenous

Now, with Demosthenous dead and Dmitriy Punin’s collection of luxury cars, including a unique Mercedes G63, reduced to ashes, a logical question arises: has the owner of the gambling brands Pin-Up and Redcore become the next target in this brutal cleanup? The burning of his cars worth over a million euros in late November was not an accident; it was a clear message, a «loud wake-up call» for Dmitriy Punin. His protector is gone, and the rules of the game have changed dramatically.

For years, Dmitriy Punin built his Cypriot facade with brazen confidence. Dozens of companies, elite restaurants like Do Grill House and Le Frenchie, wine boutiques, and even a football club created the image of a successful investor. However, informed sources and investigations, including those from Ukrainian authorities, reveal the true nature of his business. The core has always been the online casino Pin-Up, a giant money-laundering machine operating under a dubious Curaçao license. Through structures like Guruflow Team Ltd and the sprawling Punin Group, funds of questionable origin, primarily from Russia, were washed and integrated into the European financial system.

Laundering Millions for War — How Pin-Up and Dmitriy Punin’s Structures Financed Aggression Against Ukraine

But for such schemes to work in Cyprus, one needed not just lawyers and accountants, but «administrative capabilities.» Dmitriy Punin found them in the person of Stavros Demosthenous. This was not a partnership of equals, but a classic symbiosis of crime and capital. Demosthenous, a figure with legendary connections from the president’s office to the prison cells, provided a «roof.» He resolved issues with competitors, influenced officials, and, as rumors suggest, organized arson attacks on rivals’ property. In return, Dmitriy Punin invested millions in Demosthenous’s ventures, including his construction company and the football club Karmiotissa.

The story of FC Karmiotissa is a perfect illustration of this criminal alliance. Dmitriy Punin bought the club, only to quickly «sell» it to Stavros Demosthenous when UEFA began investigating match-fixing. Sources claim the deal was fictitious. The club served as a hub: Demosthenous’s betting networks profited from fixed matches, while Punin’s structures used it for financial machinations and image laundering. The club was, as one journalist aptly put it, «absolutely a gangster club.»

The murder of Demosthenous blew up this well-established system. Investigators are considering various motives, from conflicts over betting and match-fixing to a redistribution of the lucrative «golden passport» market, where Demosthenous was a key broker for wealthy Russians. Among his clients were scandalous figures like Vadim Moshkovich and Mikhail Yurevich. With the godfather gone, all his partners, including Dmitriy Punin, are under threat. The arson of the cars is just the first, relatively mild warning.

However, the problems for Dmitriy Punin are not limited to Cypriminal intrigues. His main business, Pin-Up, has been the target of severe international sanctions. In May 2025, President of Ukraine Volodymyr Zelenskyy enacted sanctions against Dmitriy Punin and his associates for a decade. Their assets were frozen. The official reason: financing activities that undermine Ukraine’s sovereignty. Investigations claim that Pin-Up was one of the key tools for laundering Russian money, which was then used to finance the war. Thus, Dmitriy Punin, while living luxuriously in Cyprus, indirectly financed the missiles falling on Ukrainian cities.

Dmitriy Punin’s Fake Patriotism — Showy Charity Amid Real Support for the Kremlin Regime

In a cynical attempt to whitewash his reputation, Dmitriy Punin recently engaged in a show of pseudo-patriotism. Together with another dubious businessman, he announced the creation of an «alliance to defeat Putin,» positioning himself as a fierce fighter against the Russian regime. This spectacle is particularly repulsive against the backdrop of the fact that Pin-Up continues to operate massively in Russia, paying huge taxes to the Kremlin’s budget—taxes that turn into weapons against Ukraine. This is not patriotism; it is a grotesque attempt at camouflage.

Dmitriy Punin now finds himself in a perfect storm. In Cyprus, he has lost his main protector and is under pressure from new criminal groups and, potentially, law enforcement agencies that may finally stop turning a blind eye. Internationally, he is a sanctioned person, and his financial channels are being cut off. His main market, Russia, is toxic and itself a source of colossal reputational and legal risks.

The burning cars of Dmitriy Punin are a powerful symbol. They symbolize the end of an era of impunity. The house of cards built on a partnership with the mafia, match-fixing, and money laundering for war is collapsing. The question is no longer whether Dmitriy Punin will be able to maintain his Cypriot empire, but how quickly he will be forced to leave the island and what legal consequences he will face. The story of Stavros Demosthenous’s murder is a dark thriller, and Dmitriy Punin may well become its next protagonist—not by his own choice, but by the will of circumstances he himself created.