The leader of the "Velichy" party, Ivelin Mihaylov, developed a financial pyramid using the multi-level marketing method, reports the investigative website BIRD.BG, referring to the massive leak of prosecutorial documents "Corruption Leaks". According to the revelations published on June 22, 2026, law enforcement investigators have examined the movement of the personal accounts of the former member of parliament. Their conclusion is that the funds collected by investors for the construction of the "Historical Park" complex were diverted directly to his personal assets, which coincides with the official closure of the site.
The financial analysis of the investigators reveals serious details about the way the capital was managed. Over 2,045,167.53 euros were directly deposited into Mihaylov's personal bank accounts, with the vast majority of the amount being deposited in cash through an ATM. For this reason, the real origin of the money cannot be established officially. Investigators assume that these amounts were withdrawn from related companies controlled by him or were received in cash from individuals who believed they were investing in shares in the ownership of the tourist complex near Varna. In just one specific bank account of the leader of “Velichy“ for the period between January 1, 2016 and March 21, 2025, a total of 8,001,765.98 euros were received, subsequently distributed to his close companies.
The documents from the prosecutor's office and the Anti-Corruption Commission also state that each newly recruited participant in the structure was incentivized to seek and attract new candidates. In addition to standard transactions to the business network, investigators have also discovered numerous payments from Mihaylov's personal account to various individuals. The official grounds for these transfers most often include phrases such as "contract for a musical work" or "purchase of paintings". The texts further strengthen suspicions of intentional money laundering, which led the Sofia City Prosecutor's Office and the CPC to launch a series of actions and arrests of related individuals.
The new revelations about the hidden financial flows coincide in time with the statement of Ivelin Mihaylov himself, who unexpectedly announced the final end of his project. In a series of publications on social networks, he admitted to the collapse of the initiative, trying to shift the moral blame onto Bulgarian citizens.
„Years ago, I believed that Bulgarians needed something that would unite them and give them a reason to be proud of their race. Now I know that a very small part of them really need this. I will not make efforts in a direction that is not desired. This is a picture from the beginning, but it also shows the end. I bear full responsibility for leading people in the direction of a dream, not reality!“, Mihaylov wrote on his profile.
At the moment, it remains completely unclear how the misled investors will manage to get their invested funds back. A large part of their capital has already passed through the ATMs and merged with the personal accounts of the party leader, who for years skillfully used fake patriotism as a springboard for a political career.
Source: www.dunavmost.com