Operação Criptoabate targets massive R$ 37 million investment fraud

The Civil Police of Rio Grande do Sul have launched ‘Operação Criptoabate’ to dismantle a criminal organization specializing in electronic fraud and money laundering. The investigation was triggered after a 70-year-old retiree lost over R$ 37 million in a scheme known as the ‘pig butchering scam’ (golpe do abate de porcos).

Victims were lured into messaging groups that simulated professional investment communities. Through coordinated messages from fake experts, the group built credibility, leading the victim to transfer her entire inheritance and savings over several months. The fraud was only discovered when she attempted to withdraw funds and was met with demands for additional ‘taxes’ or ‘fees’ to release the money.

Authorities have arrested key suspects, including a man from Balneário Camboriú at the Santos Dumont Airport in Rio de Janeiro. This individual is a owner of a financial institution targeted in the operation. Police report that his personal account moved R$ 77 million shortly after the victim's loss. The investigation also targets a bank manager suspected of facilitating the opening of accounts used by the group and is looking into the movement of up to R$ 30 billion through these fraudulent transactions.