Brazilian Federal Police dismantle multi-million dollar scheme involving bank fraud and social program fraud.
Brazilian Federal Police operation investigates losses exceeding R$ 110 million in crimes against the national financial system.
247 - The Federal Police (PF) launched, on the morning of this Thursday (21), the second phase of Operation Oasis 14, in conjunction with Caixa Econômica Federal (CEF). According to information released by the PF itself, the action aims to dismantle a criminal organization responsible for fraud against the financial system and social programs, with estimated losses of more than R$ 110 million.
According to the investigation, which began in May 2024, the group used a sophisticated network composed of more than 330 shell companies, forged documents, and low-income individuals used as "fronts." "Ghost" individuals were also identified as fictitious partners, and the direct involvement of six CEF (Caixa Econômica Federal) employees and four from private banks was confirmed, facilitating the opening of accounts, granting of loans, and fraudulent transactions.
Operation structure
In total, approximately 140 federal police officers participated, executing 26 arrest warrants and 28 search and seizure warrants at addresses distributed across eight municipalities in Rio de Janeiro and São Paulo. Among the cities in Rio de Janeiro, notable locations included Niterói (10 warrants), São Gonçalo (8), and Rio de Janeiro (4), in addition to operations in Nova Friburgo, São Pedro da Aldeia, Saquarema, and Itaboraí. In the city of São Paulo, one address was targeted in the operation.
The investigation revealed that real properties were being used as fronts for fictitious companies, while simulated credit operations moved significant sums of money. At Caixa Econômica Federal alone, approximately 200 fraudulent transactions were identified, resulting in proven losses of R$ 33 million.
Crimes and responsibilities
In addition to forming a criminal organization, those under investigation may face charges of aggravated fraud, crimes against the financial system, active and passive corruption, and money laundering.
The operation also had the support of the Internal Affairs Office and the National Security and Fraud Prevention Center of Caixa Econômica Federal. For the Federal Police, the partnership with the financial institution was crucial in cross-referencing data, which enabled the identification and tracking of large-scale fraud.
Operation Oasis 14 is ongoing to expand the investigations and identify possible ramifications of the scheme in other states.
