# Brazil money laundering investigation

> Live situation record from CLSTR: https://clstr.news/situations/brazil-money-laundering-investigation
> Updated: 2026-09-24T11:50:47.000Z. Sources: 55. Developments: 2.

Authorities in Brazil have initiated the third phase of ‘Operation Carbono Oculto’ (also referred to as ‘Operation Crédito Oculto’) to investigate suspected money laundering and organized crime. The probe focuses on the acquisition of the fuel distributor Tobras Distribuidora de Combustíveis Ltda., known as Terrana, and the sugar-alcohol plant Usina Itajobi.

Led by the São Paulo Public Prosecutor's Office (GAECO) and the Federal Revenue Service, the operation involves search and seizure warrants across seven Brazilian states, targeting 13 individuals and 19 companies. Investigators are focusing on the use of sophisticated financial structures, including investment funds, fintechs, and shell companies, to conceal the origin of funds. Authorities allege that organized crime groups, potentially linked to the PCC, used these methods to hide control over assets before acquisition.

Key targets include former Banco Genial executive Humberto Arthur Tupinambá Neto and businessman Antonio Carlos Freixo Junior, the owner of Entre Investimentos. Finance Minister Dario Durigan stated that Entre Investimentos acted as a key entity in laundering money for these operations. Freixo Junior has since signed a plea bargain agreement with the Prosecutor General's Office. Investigations suggest he acted as a financial operator for Daniel Vorcaro, the former owner of Banco Master.

Authorities allege that funds from both Banco Master and organized crime were funneled through the same entities to facilitate corruption and asset concealment. The Federal Revenue Service has identified approximately R$ 11.6 billion in suspicious financial movements involving fintechs and investment funds between 2021 and 2025. The investigation is also exploring potential connections between these financial movements and the funding of the film ‘Dark Horse,’ a biopic depicting the life of former President Jair Bolsonaro, with funds allegedly routed through Entre Investimentos to the Havengate Development Fund in the United States.

## Claims

- The third phase of Operation Carbono Oculto, named Operação Crédito Oculto, was launched by the São Paulo Public Prosecutor's Office and the Federal Revenue Service. (corroborated by 22 sources)
- Finance Minister Dario Durigan stated that Entre Investimentos received funds from both Banco Master and organized crime. (corroborated by 17 sources)
- Entre Investimentos participated in the financing of the film Dark Horse, a biopic about former President Jair Bolsonaro. (corroborated by 16 sources)
- The investigation links Entre Investimentos to Daniel Vorcaro, the former owner of Banco Master. (corroborated by 14 sources)
- Entre Investimentos, owned by Antonio Carlos Freixo Junior, acted as an instrument for money laundering and concealing assets. (corroborated by 13 sources)
- The scheme allegedly used investment funds and companies to hide the origin of funds used to purchase Tobras Distribuidоrа de Combustíveis Ltda (Terrana). (corroborated by 7 sources)
- The Federal Revenue Service identified R$ 11.6 billion in financial movements within the investigated structures between 2021 and 2025. (corroborated by 6 sources)
- The Federal Police and the Office of the Comptroller General launched Operação Legado to investigate fraud in public bidding and direct contracting. (corroborated by 5 sources)
- The Regional Federal Court of the 1st Region authorized 44 search and seizure warrants. (corroborated by 5 sources)
- The investigation covers 56 contracting procedures across 31 municipalities involving approximately R$ 17 million. (corroborated by 5 sources)
- The court authorized the freezing of assets up to R$ 3.4 million. (corroborated by 5 sources)

## Timeline

### 2026-09-24: Brazil authorities launch operations against public bidding and tax fraud

Brazilian authorities have launched Operação Legado to probe health sector bidding fraud and Operação Dionísio to investigate a national beverage industry tax evasion scheme.

16 sources. https://clstr.news/cluster/brazil-launches-operao-legado-to-probe-health-sector-fraud

### 2026-09-24: Operation Crédito Oculto targets R$ 11.6 billion laundering scheme

Brazilian authorities launched Operation Crédito Oculto to investigate an R$ 11.6 billion money laundering scheme in the fuel sector involving Entre Investimentos and organized crime.

41 sources. https://clstr.news/cluster/brazil-launches-operation-targeting-banco-genial-executive-in-money-laundering-probe

---
Cite as: Brazil money laundering investigation. CLSTR, https://clstr.news/situations/brazil-money-laundering-investigation