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Brazilian Authorities Seize $1.6 Billion in Cryptocurrency and Cash During Countrywide Operations
Brazilian law enforcement and tax authorities report that they have frozen approximately $1.6 billion in cryptocurrency and fiat currency held across crypto exchanges and bank accounts.
According to an official announcement from the Brazilian government and a report by the media outlet Livecoins, the Federal Police Force (PF) and the Federal Revenue Service assert that the “total amount of funds” in the frozen bank accounts and crypto wallets “could reach 9 billion real.”
Brazilian Police ‘Dismantle Three Criminal Organizations’
Authorities indicated that suspects were attempting to transfer fiat and tokens to recipients located in China, the United Arab Emirates, the United States, and Hong Kong.
They also suggested that money launderers might have utilized unspecified cryptoassets to “transfer 55 billion real [$9.8 billion]” over the last three years.
Referred to as Operation Niflheim, this collaborative initiative between police and tax services involved officers executing raids on businesses and residences across various Brazilian states.
Additionally, they conducted searches at offices in the United States. The police did not reveal the names of any companies or individuals currently under investigation.
Authorities clarified that they had dismantled three distinct groups as part of the international operation.
The PF is examining potential links among the three groups, suspecting that they “may operate in conjunction.”
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Brazilian Federal Police and tax officers search an address as part of the Operation Niflheim crackdown. (Source: Brazilian Federal Revenue Service)
Group ‘Utilized Shell Companies’
The PF reported that 130 police officers and 20 Federal Revenue Service personnel participated in the raids.
Courts issued at least eight arrest warrants and around two dozen search and seizure warrants in Caxias do Sul, São Paulo, Fortaleza, and Brasília. They also confiscated several vehicles and seized properties.
Brazilian police busts gang that moved 3 tonnes of illegal Amazon gold https://t.co/x3mgvCHWMR pic.twitter.com/RtPVbqMSEZ
— Reuters (@Reuters) September 10, 2024
Police representatives stated that the groups began their operations in 2021. They allegedly established intricate financial schemes with “multiple layers.”
They indicated that the funds “primarily” originated from “drug trafficking and human smuggling” operations.
Furthermore, they believe the “groups under investigation” employed “shell companies and other strategies” to “complicate the tracking of funds” by authorities, according to officers.
The representatives added that the suspected leaders of these groups are from Caxias do Sul and Orlando, Florida.
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