The Public Ministry of São Paulo (MPSP), through the Special Action Group to Combat Organized Crime (Gaeco), launched Operation Fluxo Oculto this Thursday morning (28), which investigates fraud, tax evasion and money laundering linked to the fuel sector. The operation deepens investigations initiated by Carbono Oculto, an investigation that highlighted the role of the Primeiro Comando da Capital (PCC) in the fuel market and in financial structures associated with the sector.
Participating in the action are the Federal Revenue Service, the National Petroleum Agency (ANP), the São Paulo Finance and Planning Secretariat, the State Attorney General’s Office and the Military and Civil Police.
In total, according to the Federal Revenue, 59 search and seizure warrants are being executed against individuals and legal entities in five states: São Paulo, Paraná, Mato Grosso do Sul, Minas Gerais and Rio de Janeiro. In São Paulo, investigations take place in the capital and in cities such as Barueri, Santos, São José do Rio Preto and Sorocaba. According to GloboNews, there are also searches in the Faria Lima region.
Opportunity with security!
The operation mobilizes around 135 tax auditors, tax analysts and employees of the Federal Revenue Service, as well as members of the other bodies involved.
At this stage, the investigation focuses efforts on two main fronts: six fintechs identified after Carbono Oculto and a fuel adulteration scheme linked to the diversion of petrochemical naphtha.
Investigation points to fintechs as ‘parallel banks’
According to the Public Ministry, Operation Hidden Carbon made it possible to identify six fintechs that would function as “parallel banks” of the criminal organization. According to the investigation, these institutions were part of a financial nucleus used for internal compensations between distributors and gas stations, in addition to operations involving companies and investment funds linked to the investigated group.
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The system would also be used to pay employees and personal expenses of operators identified as central members of the scheme.
Authorities state that, together, the six fintechs generated more than R$26 billion between 2022 and 2025.
The groups mentioned include Ceopag, based in São José do Rio Preto and Barueri; Sispay, with companies in Itaim Bibi, in São Paulo; Smart Solutions, in Rio de Janeiro; and the Yaw group, with operations in Alphaville and Belo Horizonte. Among the targets of the operation is also Ello Gestora de Recursos Ltda, with warrants at addresses on Rua Professor Atílio Innocenti, in Vila Nova Conceição, and on Avenida Brigadeiro Faria Lima, in Itaim Bibi, both in the capital of São Paulo.
The investigation conducted by Gaeco and the Federal Revenue identified mechanisms of asset concealment similar to those observed on other fronts in the fight against financial crime, including the use of payment institutions and investment funds to hide the real beneficiaries of the operations.
According to the Federal Revenue, suspicious operations were identified with cash deposits — considered incompatible with the nature of payment institutions — and opening accounts with other fintechs, creating a double layer of financial concealment. Between 2022 and 2024, just one institution investigated would have received more than R$1 billion in cash.
Another mechanism identified was the use of so-called “pocket accounts”, structures that centralized and then dispersed resources, making it difficult to track transactions and identify final beneficiaries. The investigation also points to movements of at least R$365 million in crypto assets between investigated institutions and companies suspected of money laundering linked to criminal organizations targeted by other operations.
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According to the MPSP, four investment funds, two asset managers and two managers are under investigation. The estimated assets of the funds reach around R$205 million and would have grown by more than 200% in just over a year.
Naphtha diversion and shell companies come into focus
Another front of Operation Fluxo Oculto involves the diversion of petrochemical naphtha, a raw material derived from petroleum used by the chemical industry.
According to the Public Ministry, an investigated group would direct the material to terminals and gas stations after simulating the sale of solvents to shell companies.
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The investigation, carried out in conjunction with the ANP, shows that the group maintained a scheme of opening companies in different states, using relatives, people in socially vulnerable situations and even prisoners as formally responsible for the companies. In practice, according to the investigation, the products were diverted to Greater São Paulo.
According to the Federal Revenue, the scheme involving naphtha alone would have caused an estimated loss of R$200 million in taxes allegedly evaded over two years.
According to the investigations, the organization simulated the acquisition of naphtha for chemical or industrial use and diverted the product to storage terminals, where it was mixed with automotive fuels before going to stations linked to the investigated group.
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The Public Ministry states that this stage expands the understanding of the “criminal ecosystem” associated with the organizations being investigated, focusing on the laundering mechanisms considered essential to guarantee economic power and operational continuity.
According to the bodies involved, the identified structures used the same “financial counter” already mentioned in Carbono Oculto, sharing financial movement channels, money laundering techniques, fintechs and investment funds linked to the group investigated.
