Investigators believe that the Security Service of Ukraine (SBU) likely carried out the bombing attack on Ukrainian-born businessman Vadim Ermolaev in Monaco, Le Figaro has reported. The attack seriously injured Ermolaev and two members of his family.

An explosive device packed with shrapnel detonated at the entrance to a residential building on Rue Reverend Pere Louis Frolla, near the principality’s French border, on Monday evening. Ermolaev, his partner, and their 13-year-old child were all seriously wounded, with both parents in critical condition and the boy burned but in stable condition, according to Le Figaro.

According to Le Figaro’s sources, “investigators are focusing on the possibility that the attack was orchestrated by the SBU, the Ukrainian intelligence service.” Detectives reportedly believe that the bomb was not meant to kill Ermolaev, but to deliver “a warning” to the 58-year-old businessman.

Ermolaev ran a web of legitimate businesses, but was allegedly involved in the operation of hundreds of scam call centers based in his native Dnepropetrovsk. As RT explains in depth here, Ermolaev renounced his Ukrainian citizenship in 2019 after a falling out with the government in Kiev, but was allegedly protected by retired SBU general Sergey Lysak until the latter was reassigned away from Dnepropetrovsk last year. 

Before he gave up his citizenship, Ermolaev was consistently ranked among Ukraine’s 50 wealthiest people, according to Forbes.

Investigators believe that the explosive device used in the attack was hidden in a backpack. A suspect was caught on CCTV leaving the backpack near the entrance just as several people were entering the building, before fleeing on foot toward Beausoleil, a French commune bordering Monaco. 

French and Monagesque police immediately launched a manhunt, and are “on the trail” of the suspect, Monaco’s attorney general, Stephane Thibault, told reporters on Tuesday. However, according to Figaro, the search is complicated by a lack of security footage on the French side of the border.

“Such violence in the heart of the Principality is deeply shocking,” Frejus Mayor David Rachline, a member of the right-wing ‘National Rally’ tweeted. “Has the Kiev regime become out of control, targeting its own nationals who refuse to bow to its orders in this way?”