Zona de Azar Brazil – Brazil: Group Under Investigation for Sending R$1.6 Billion to Foreign Sports Betting Site

Brazil.- October 31, 2024 www.zonadeazar.com – On Wednesday, October 30, the Federal Police launched an operation against a group that moved approximately R$1.6 billion over less than three years through foreign platforms, primarily in illegal sports betting. Investigations revealed that the group was also involved in online scams and money laundering.

The operation, named “Backyard,” executed nine search and seizure warrants in the cities of Itajaí, Balneário Camboriú, and Navegantes, all located in Santa Catarina, and in Olinda, Pernambuco.

According to the Federal Police, the group used shell companies to move funds, with a portion of the money converted into cryptocurrencies. Once converted, the cryptocurrencies were transferred to foreign digital wallets, constituting the crime of illegal remittance.

Investigations also indicate that the group may have operations in other Latin American countries and Portugal. The Federal Police identified financial flows used for money laundering on behalf of third parties, including public officials and individuals suspected of involvement in organized crime.

Authorities executed orders to freeze assets and values, potentially totaling up to R$70 million, including the blocking of crypto assets. Reports suggest the sums involved could be higher, as the shell companies were designed to make tracking the resources difficult.

Edited by: @_fonta Zona de Azar