TIME

Brazil police
2026-07-11 14:37:47

Brazil police raid four cities in probe into laundering network tied to 87 shell companies

Brazilian police have launched Operation Veil of Maya, carrying out nine search and seizure warrants across Sao Paulo, Ribeirao Preto, Porto Alegre and Canoas, according to IBTIMES. The operation targets a money-laundering network linked to 87 shell companies. Investigators said cryptocurrency was used mainly as a channel for moving funds across borders. Authorities allege the group received illicit proceeds through shell companies, converted the money into crypto assets, and then transferred those assets abroad. Police said suspects could face charges including money laundering, tax evasion, participation in organized crime and other related offenses. Authorities have not disclosed the amount of money involved or the volume of assets seized. The name of the operation comes from the philosophical idea of "Maya," described as an illusion that conceals reality.

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Brazil police raid four cities in probe into laundering network tied to 87 shell companies