Hidden Flow and PCC: fintechs and naphtha diversion are main targets of action

Investigative and control bodies launched, on the morning of this Thursday (28), Operation Fluxo Oculto, an offshoot of Carbono Oculto, which investigates a scheme of fraud, tax evasion and money laundering linked to the fuel sector and with the involvement of the PCC (First Command of the Capital).

The operation is the result of an investigation by Gaeco (Special Action Group to Combat Organized Crime) of the MPSP (Public Ministry of São Paulo), in partnership with the Federal Revenue Service, the ANP (National Petroleum Agency), the São Paulo State Finance Department and the State Attorney General's Office. The execution of the warrants also involves the participation of the Military Police and the Civil Police.

According to Gaeco, investigations identified the activities of criminal organizations that used fintechs, investment funds and shell companies to move illicit resources and supply a clandestine market with adulterated fuels.

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One of the main focuses of the new stage of the investigation is the diversion of petrochemical naphtha, a product used in the chemical and petrochemical industry, but which is being illegally directed to fuel stations and distributors.

What is naphtha
Naphtha is a petroleum derivative used mainly as a raw material in the petrochemical industry for the production of plastics, solvents, fuels and chemical products.

It can also be used as an industrial solvent. Because it costs less than gasoline, the product is often the target of illegal fuel adulteration schemes.

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According to the investigation, criminal groups diverted cargoes of petrochemical naphtha and simulated false commercial operations to hide the true destination of the product.

How the scheme works
According to the Public Ministry, those investigated created shell companies in several states across the country to register fictitious purchases of solvents and petrochemical derivatives.

In practice, however, the naphtha was diverted to Greater São Paulo, where it was used to adulterate fuels sold at gas stations. The investigations indicate that those involved used relatives, people in socially vulnerable situations and even prisoners to open companies in the name of third parties.

The investigation also identified a parallel financial structure made up of fintechs and investment funds used to move resources and hide the real beneficiaries of the scheme.

According to Gaeco, six fintechs acted as "parallel banks" for the criminal organization, carrying out financial compensation between distributors, gas stations and investment funds linked to the group.

Money laundering and millionaire funds
Authorities claim that the money obtained from fraud was directed to investment funds used to make it difficult to track resources.

Four funds investigated have assets estimated at around R$205 million. According to the Public Ministry, there was a growth of more than 200% in the assets of these funds in just over a year.

In addition to the funds, two asset administrators and two managers are also targets of the operation.

New phase of Carbono Oculto
In total, 55 search and seizure warrants are being executed with the support of state and federal agencies, in addition to the GAECOs of Rio de Janeiro, Minas Gerais and Paraná.

According to the Public Ministry, the new phase seeks to deepen the identification of the financial structures used by organized crime in the fuel market and expand the tracking of money laundering mechanisms used by the group.

Source: CNN