A new phase of Operation Hidden Carbon, launched this Thursday (28) by the Public Ministry of São Paulo and the Federal Revenue ServiceIt was revealed that fintech companies located on Avenida Brigadeiro Faria Lima, the country's main financial center, continued to be used to conceal resources from organized crime even after the mega-operation carried out in August of last year.
Dubbed "Hidden Flow," the new offensive targets a sophisticated money laundering scheme linked to the Primeiro Comando da Capital (PCC), operating in the fuel sector, involving billions of dollars in transactions, and using digital financial platforms for asset protection.
According to investigators, the criminal organization not only maintained its operations after the first phase of Operation Hidden Carbon, but also increased the volume of naphtha diversion—petrochemical solvents used illegally in gasoline adulteration—and opened new shell companies to continue moving illicit money.
Financial intelligence reports indicate atypical and suspicious transactions totaling nearly R$ 26 billion.
The new phase of the operation is executing 59 search and seizure warrants in São Paulo, Paraná, Rio de Janeiro, Minas Gerais, and Mato Grosso do Sul. The main targets are businesspeople, financial operators, fintech managers, logistics operators, and those suspected of acting as "front men" for the scheme.
Pocket accounts created a "blind spot" for oversight.
One of the central focuses of the investigation is the functioning of so-called "stock market accounts" and "graphic accounts" used by fintech companies in traditional banks.
According to the Public Prosecutor's Office, this model allowed the true owners of the funds moved on financial platforms to be concealed.
These "bolsão" accounts functioned like large digital vaults. For traditional banks, the formal account holder was only the fintech company. Internally, however, the companies maintained their own records—so-called graphic accounts—identifying who really owned the money.
In practice, the funds of dozens of clients were mixed into a single bank account, making it difficult for oversight and financial control agencies to track them.
According to prosecutors, the system created a "blind spot" for mechanisms to combat money laundering.
With access to the graphic accounts in this new phase of the operation, investigators were able to identify the origin, destination, senders, and beneficiaries of the transactions carried out within these financial structures.
According to the Public Prosecutor's Office, until then traditional banks did not have access to the CPF (Brazilian individual taxpayer registration number) or CNPJ (Brazilian company taxpayer registration number) of the end customers who moved funds within these "bolsão" accounts.
According to the Public Prosecutor's Office, when the money is deposited into the "bolsão" account, the bank only knows that it belongs to the fintech company; it doesn't know the CNPJ (Brazilian corporate tax ID) or CPF (Brazilian individual tax ID) of the depositor. The fintech company maintains a ledger with this data, showing who actually owns the money. This is precisely what's called a "graphic account."
Investigators claim that this system offered multiple possibilities for asset concealment and money laundering.
The group reportedly reorganized after the 2025 operation.
The investigation indicates that, even after the launch of the first phase of Operation Hidden Carbon in August 2025, the criminal organization quickly restructured itself.
According to prosecutors, there was a migration of resources between different fintech companies, replacement of companies already exposed, and concentration of financial transactions in single accounts to make tracking more difficult.
In one of the identified cases, financial transactions for 56 gas stations were conducted through a single account.
According to the Public Prosecutor's Office, the scheme was led by Mohamad Hussein Mourad, known as "Primo," and Roberto Augusto Leme da Silva, known as "Beto Louco."
The two have been fugitives since last year, when they were also targeted by Operation Tank, launched by the Federal Police in parallel with the first phase of Operation Hidden Carbon.
Investigators say the businessmen tried to negotiate plea bargain agreements, but the proposals were rejected by the Public Prosecutor's Office.
According to prosecutors, the suspects withheld information about money laundering, police corruption, and the financial structure's connections to the PCC (Primeiro Comando da Capital).
Fintechs and platforms moved billions.
The financial arm of the operation identified the use of fintechs and digital platforms as "financial conduits" for the criminal organization.
Among the companies under investigation are BK Bank, Ceopag, Sispay, Vpay, Yaw, and Smart Solutions Group.
According to reports, Smart Solutions Group moved more than R$ 1,2 billion, with about half of that amount going to GGX Global, a gas station holding company linked to the group under investigation.
Ceopag recorded suspicious transactions totaling R$ 359 million in credits and R$ 513 million in debits in a short period.
Investigators also point to connections between financial operators and individuals under investigation for links to the PCC.
The fintech company Yaw is allegedly linked to Shelby Holdings, which is associated with Ricardo Romano, who is under investigation for alleged ties to a criminal organization.
Sispay, on the other hand, appears to be linked to Luiz Sérgio Ferreira da Mota, who was the target of previous operations related to the so-called bus mafia.
In total, financial intelligence reports identified atypical transactions exceeding R$ 3,86 billion involving fintechs alone.
"Naphtha mafia" fueled adulterated fuels
Another aspect of the operation investigates the so-called "naphtha mafia," identified as responsible for fuel adulteration and tax fraud.
According to the Public Prosecutor's Office, companies that produce and import petrochemical solvents issued thousands of fake invoices simulating sales to shell chemical industries.
In reality, investigators say, the trucks deviated from their routes and unloaded the naphtha directly at distributors and land terminals, where the product was mixed with gasoline.
The adulterated fuel ended up being resold normally to the final consumer.
Investigations indicate the diversion of over 135 million liters of naphtha in just over two years.
The production company Petrodansk appears as one of the main companies under investigation. According to the Public Prosecutor's Office, the company issued more than 10 false invoices, totaling R$ 1,49 billion.
The estimated losses due to tax evasion exceed R$ 200 million.
Investment funds got involved in the scheme.
The operation also identified the use of Investment Funds in Non-Standardized Credit Rights (FIDC-NP) to conceal resources originating from fuel adulteration.
According to investigators, shell companies issued payment slips that were paid from closed funds used exclusively to give a legal appearance to the transactions.
The funds under investigation are Zeus FIDC-NP, Gran Capital FIDC-NP, and FIDC DB Crédito Global.
To block assets linked to the scheme, the operation targeted assets worth R$ 85 million, R$ 72 million, and R$ 47 million connected to the suspicious funds.
Investigators say the scheme reveals a high level of financial sophistication, integrating fintechs, fuel distributors, shell companies, financial operators, and investment funds into a structure aimed at money laundering and concealing assets for organized crime.
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