São Paulo Police Target Bankers in R$500 Million Offshore Fraud Amid R$5 Billion Pix Scam Losses

In 2024, fraud involving the Pix payment system has resulted in losses totaling approximately R$5 billion. Authorities in São Paulo have intensified efforts to combat financial crimes, with the Civil Police conducting an operation targeting bankers and executives suspected of diverting around R$500 million of client funds to offshore accounts. This operation focuses on a company implicated in a multimillion-dollar financial fraud scheme. Legal experts, including Paulo Sérgio de Oliveira e Costa, the Attorney General of São Paulo, and prosecutors Olavo Pezzotti and Fábio Bechara, have emphasized the importance of civil forfeiture actions to confiscate profits obtained by criminal organizations.