On Monday evening at 9pm, a man with a backpack approached the entrance of a beige apartment building on rue Révérend-Père-Louis-Frolla in Monaco, a quiet hillside area near the French border. He left the bag on the front steps. Soon after, Ukrainian-born oligarch Vadym Iermolaiev emerged with his wife and 13-year-old child. An explosion occurred, and CCTV captured the suspect, wearing a black jacket and bucket hat, fleeing toward Beausoleil, France. All three victims were injured and hospitalized; Iermolaiev's wife was critically hurt.
Who is Vadym Iermolaiev?
Iermolaiev, 58, is a real estate developer from Dnipro, Ukraine, with a personal fortune of $225 million. His company, Alef Group, also has interests in agriculture and vodka production. In 2018, he gave up his Ukrainian passport for EU citizenship from Cyprus. He frequently visits London and Paris and resides in Monaco.
In 2022, Ukrainskaya Pravda labeled him part of the "Monaco battalion"—wealthy Ukrainians living abroad while their country faces Russian attacks. He drove a £250,000 Bentley Flying Spur. In 2023, Ukraine imposed sanctions on him after an SBU investigation claimed he continued trading alcohol in occupied Crimea and paid taxes to Russia. His assets were frozen. Iermolaiev denied the allegations, calling them "completely surreal," and said Russia seized his Crimean enterprise in 2014. He condemned the invasion and claimed to support Ukraine's armed forces.
Motive Under Scrutiny
Sources dismissed the idea that Ukrainian special services carried out the attack. One described Iermolaiev as "an opportunist, not an open enemy," with "zero political views." A social acquaintance said: "He isn't a political person. He's a businessman. Vadym is nicer than 95% of people on that level … always smiling."
A more plausible explanation may involve an alleged call centre scam. In 2023, Iermolaiev's son, Artur, was extradited to Estonia on charges of creating a criminal organization for telephone fraud. Between 2019 and 2022, fraudulent call centres in Ukraine offered fake investments, netting over €100 million, including €5.4 million from Estonian residents. Artur entered a plea bargain, received a suspended sentence, paid €8.5 million, and left Estonia, now banned from entry.
Chechen Criminal Links?
Chechen criminals are known to run call centre scams targeting Russian pensioners. In March, suspected Chechen gangsters kidnapped two businessmen's sons from Dnipro in Bali; one victim, Igor Komarov, 28, was found murdered. Komarov had admitted involvement in fraudulent call centres, and captors demanded a $10 million ransom. A Chechen connection to the Monaco bombing remains unproven.
Sources say Iermolaiev typically avoids conflict and prefers backroom deals. In 2024, he transferred some assets to his 21-year-old daughter Sofia, who lives in London and Cyprus. The attack has unsettled other wealthy Ukrainians in Monaco. "Everyone is in shock," one visitor said. "Vadim is a very nice man. The TV screens and cameras didn't protect him."
