Reag is accused of structuring funds used by the PCC to launder money, according to Gaeco.
Prosecutors say that the manager and her partners participated in operations that concealed assets and moved illicit funds through funds linked to the criminal organization.
247 - Reag Investimentos, one of the largest asset management firms in the country, is accused by the São Paulo Public Prosecutor's Office (MPSP) of having acted in the structuring of funds and companies used by the Primeiro Comando da Capital (PCC) for money laundering and concealment of assets. The accusation, presented by the Special Action Group to Combat Organized Crime (Gaeco) and revealed by... newspaper The State of S. PaulThis shows that Operation Hidden Carbon uncovered a sophisticated scheme involving the creation of legal and corporate structures aimed at hindering the identification of the true owners of the assets.
According to Gaeco, Reag, Altinvest, and individuals linked to both asset management firms participated in acquisitions and financial operations that enabled the movement of funds without proven origin, in amounts that, in some cases, exceeded R$ 50 million. The asset management firms allegedly legally represented funds and companies controlled by members of the criminal organization, facilitating the flow of illicit capital within the formal financial system.
Involvement with the Itajobi Power Plant and the Mourad group
Among the cases investigated, Reag appears as the administrator of resources used to purchase the Itajobi Plant in Catanduva (SP). According to the Public Prosecutor's Office, the acquisition was made through the Mabruk II fund, managed by Reag and supplied with resources from Mohamad Houssein Mourad, known as Primo, identified as the main financial operator of the PCC.
The Gaeco document describes Mourad as the "epicenter of operations" and details his role in creating a criminal network composed of family members, partners, and recruited professionals, using shell companies in sectors such as ethanol, fuels, real estate, logistics, and ports. Mourad has been a fugitive since his arrest warrant was issued.
In a statement, Mohamad Mourad's defense denied the accusations and stated that he "has been the target of unfair inferences and conjectures." The lawyers maintain that "to date, there is not a single indication that would allow us to infer any connection with the illicit activities of the PCC."
Reag executives under suspicion.
The Gaeco (Special Action Group to Combat Organized Crime) identified the participation of Walter Martins Ferreira III, Ramon Dantas, and Silvano Gersztel, executives of Reag, in suspicious operations. Ferreira III, who until June 2025 was a partner in the management company and held the position of director of compliance and money laundering, appears as the administrative, financial, and commercial director of Usina Itajobi.
Ramon Dantas, CEO of Reag DTVM, and Gersztel, another partner, signed documents for transactions carried out on behalf of the asset management firm. According to the Gaeco (Special Action Group to Combat Organized Crime), both "acted in circumstances that were absolutely essential for the operation of investment funds aimed at the purposes of the Mourad group."
Reag, in turn, stated in a note that the accusations are "unfounded" and that its activities strictly follow current legislation, especially CVM Resolution No. 175/2022 and Law No. 8.668/1993, which govern investment funds. The company emphasized that the actions of its directors "were carried out exclusively in their capacity as legal representatives of the managed funds, and never in their own name."
The scheme involved shell companies and the triangulation of operations.
Investigations show that Reag and its partners are also linked to RPN Partners Participações, a holding company that shares an address with seven other companies associated with Mourad, all located on Rua Conselheiro Saraiva in São Paulo. The Public Prosecutor's Office states that the sharing of addresses was part of a strategy to simulate commercial operations and triangulate invoices, facilitating money laundering.
Among the companies under investigation are distributors and gas stations that, according to Gaeco, moved billions of reais in operations without financial backing, many of them linked to funds managed by Reag.
Altinvest is also mentioned in the investigations.
The complaint also targets Altinvest, another asset management firm mentioned in Operation Hidden Carbon. One of its partners, Rogério Garcia Peres, is identified as a member of the board of directors of Rede Sol Fuel, a fuel distributor linked to companies connected to the Mourad group.
Altinvest, in a statement, repudiated any association with organized crime and stated that Peres "never operated gas stations." According to the company, he acquired properties from the former BR Distribuidora "as a real estate investment, legally and in a duly declared manner."
Peres stated that "from the beginning he has fully cooperated with the competent authorities" and said he trusts that "all the facts will be duly clarified by the responsible bodies."
