Genial Investimentos Bank stated that the R$176 million freeze ordered by the São Paulo court has no operational impact and is related to "usual market structures." This statement came after it was revealed that the measure is part of the unfolding of Operation Hidden Carbon, which investigates suspected tax evasion, money laundering, and organized crime activity in the fuel sector. (Source: Banco Genial Investimentos) The Globe.
According to the bank, the institution is not the target of the investigation and acts only as a fiduciary administrator of a specific fund involved in the case. In a statement, Genial also emphasized that it has no corporate relationship with, nor any involvement in, the operations of the companies under investigation.
The court order mandating the asset freeze was obtained by the Attorney General's Office of the State of São Paulo (PGE/SP) as part of a precautionary tax action that is under seal. The objective is to guarantee the payment of an estimated R$ 7,6 billion in ICMS (Value-Added Tax) debt owed to companies in the fuel sector.
Financial structure at the center of the investigation.
According to the investigation, the freezing of approximately R$ 175,9 million is linked to the tracing of funds that allegedly circulated through financial structures used by an investigated group. The flow reportedly passed through investment funds and accounts operated by financial institutions, creating layers that would make tracing the money more difficult.
Among the main targets are businesspeople linked to the distributors Áster and Copape, suspected of participating in a scheme that moved around R$ 54 billion, with only R$ 90 million collected in taxes.
Investigations indicate that Banco Genial Investimentos took over the management of the Radford Fund after the departure of another asset manager, inheriting a structure that was already under suspicion. During this period, approximately R$ 100 million were allegedly incorporated into the fund from operations linked to the Itajobi Power Plant.
Furthermore, there is mention of a Credit Rights Investment Fund (FIDC) of approximately R$ 500 million, in addition to operations with debentures and structured loans through financial instruments.
The scheme involved fuel and tax credits.
According to investigators, the group used practices such as price manipulation between companies to generate undue ICMS (Brazilian state sales tax) credits. Cross-transactions involving the purchase and sale of fuels, such as diesel and ethanol, between companies linked to the same group were also identified.
Due to the irregularities found, the National Petroleum Agency revoked the operating licenses of the distributors involved. Even so, new companies were allegedly created to continue operations, according to the investigation.
Bank emphasizes lack of impact.
In the statement, Banco Genial Investimentos reiterated that the amounts affected by the court decision are being addressed through legal channels and that there is no impact on clients or operations.
The institution also highlighted that the operations involve common financial instruments, such as CDBs and CCBs, within typical structures of the structured credit market.
Operation Hidden Carbon is being conducted by the Federal Police, with support from state agencies. The investigations are ongoing to clarify the extent of the scheme and identify those responsible.
The case draws attention to the use of complex financial structures in investigations involving strategic sectors of the economy, while also highlighting the attempt by institutions to dissociate themselves from any potential irregularities.
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