Brazilian billionaires Lemann and Sicupira targeted in Americanas fraud probe

Brazilian Federal Police carried out search and seizure operations on 25 June, focusing on former Lojas Americanas board members Paulo Lemann and Carlos Alberto "Beto" Sicupira. The actions are part of Operation Disclosure, which investigates alleged accounting fraud at the retailer estimated at roughly R$ 54 billion. The probe also reached executives of major banks—including Itaú, Bradesco and Santander—and other former directors of the company.

Lemann, Sicupira and fellow shareholder Marcel Telles founded the 3G Capital investment group, which controls global brands such as AB InBev and Burger King and holds a controlling stake in Americanas. After the fraud scandal surfaced in early 2024, the trio left the company's board in September as part of a judicial recovery plan. The shareholders' holding company LTS said the investors were "surprised" by the police operation and had been misled by the previous management.

The investigation follows earlier revelations of a multi‑billion‑real‑value fraud that led to a collapse in Americanas' market value and triggered a broader scrutiny of corporate governance within Brazil's largest retail groups.