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NSX Brasil and Betnacional targeted in major fraud investigation
The Brazilian Federal Public Ministry (MPF) and the Federal Revenue Service (Receita Federal) launched Operação Jogo de Sombras to investigate the NSX Brasil group, owner of the Betnacional betting platform. The operation targets suspected tax evasion, money laundering, and foreign exchange crimes.
Authorities executed six search and seizure warrants in João Pessoa, Recife, and São Paulo. Investigators allege the group moved over R$ 5 billion in 2025 and utilized a shell company in Curaçao to simulate that operations were being conducted outside of Brazil, particularly before the sector's formal regulation. The group is also suspected of using fintechs and 'pool accounts' to obscure the origin of funds and hide final beneficiaries.
The investigation covers activities occurring both before and after the recent regulation of fixed-odds betting in Brazil. The Federal Revenue has opened 11 tax procedures and estimates a potential recovery of approximately R$ 300 million in unpaid taxes.
Entities
Betnacional · Flutter · Flutter Entertainment · Ministério Público Federal · NSX Brasil · NSX Group · Receita Federal
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 12 SOURCES] Six search and seizure warrants were executed in João Pessoa, Recife, and São Paulo. www1.folha.uol.com.br · www.em.com.br · ndmais.com.br · portaln10.com.br · rdmonline.com.br · +7 more
- [● 13 SOURCES] The investigation suggests tax and financial irregularities occurred both before and after the regulation of fixed-odds betting in Brazil. www1.folha.uol.com.br · www.em.com.br · ndmais.com.br · portaln10.com.br · rdmonline.com.br · +8 more
- [● 14 SOURCES] Investigators allege a shell company was created in Curaçao to simulate that platform operations were occurring outside of Brazil. www1.folha.uol.com.br · www.em.com.br · ndmais.com.br · rdmonline.com.br · sbtnews.sbt.com.br · +9 more
- [● 10 SOURCES] Evidence suggests accounts were held in fintechs to hinder the tracking of funds and the identification of final beneficiaries. www1.folha.uol.com.br · www.em.com.br · ndmais.com.br · finsidersbrasil.com.br · rdmonline.com.br · +5 more
- [● 14 SOURCES] The Betnacional platform moved more than R$ 5 billion in 2025. www1.folha.uol.com.br · www.em.com.br · ndmais.com.br · finsidersbrasil.com.br · portaln10.com.br · +9 more
- [● 2 SOURCES] NSX Brasil stated it will cooperate fully with competent authorities. www1.folha.uol.com.br · odia.ig.com.br
- [● 4 SOURCES] The Receita Federal estimates it could recover approximately R$ 300 million in taxes. portaln10.com.br · rdmonline.com.br · sbtnews.sbt.com.br · www.diariodocentrodomundo.com.br
- [● 4 SOURCES] The Receita estimates a potential recovery of approximately R$ 300 million to public coffers. portaln10.com.br · rdmonline.com.br · sbtnews.sbt.com.br · www.diariodocentrodomundo.com.br