Brazilian Police Seize $1.6B in Crypto and Fiat in Nationwide Raids Targeting Criminal Networks

Brazilian police and tax authorities have frozen $1.6 billion in crypto and fiat in a massive nationwide operation, shutting down three criminal groups involved in money laundering and illicit transfers abroad.

In a sweeping nationwide crackdown, Brazilian police and tax officials have frozen approximately $1.6 billion worth of cryptocurrency and fiat currency held on various crypto exchanges and bank accounts. The operation, dubbed “Operation Niflheim,” targeted criminal groups accused of money laundering and illegal financial transfers.

According to an official notice from the Brazilian government, law enforcement agencies revealed that the total amount of frozen assets could reach 9 billion real ($1.6 billion). The operation, spearheaded by the Federal Police Force (PF) and the Federal Revenue Service, focused on dismantling three criminal groups suspected of laundering money through crypto and shell companies.

Investigators believe that these groups had been moving billions of real overseas, with funds allegedly flowing to China, the United Arab Emirates, the United States, and Hong Kong. The police claim that approximately 55 billion real ($9.8 billion) may have been laundered through various unnamed cryptoassets over the past three years.

The operation saw police officers conduct multiple raids across different Brazilian states, including Caxias do Sul, São Paulo, Fortaleza, and Brasília, as well as locations in the United States. The Brazilian authorities did not disclose the identities of the individuals or companies involved in the investigation but confirmed that they had shut down three distinct criminal organizations that may have been operating together.

A joint task force of 130 police officers and 20 Federal Revenue Service employees executed the raids, which resulted in the seizure of several motor vehicles, properties, and other assets. In addition, courts issued at least eight arrest warrants and around two dozen search and confiscation warrants.

According to police spokespeople, the criminal groups began their operations in 2021, using complex financial systems with multiple layers to obscure the origin of funds. These funds, police allege, primarily came from drug trafficking and human smuggling activities. The groups reportedly used shell companies and other tactics to make it difficult for authorities to trace the illicit financial transfers.

The suspected leaders of the criminal networks are believed to be from Caxias do Sul and Orlando, Florida. Investigations are ongoing as the authorities work to establish further connections between the three groups involved in the money laundering schemes.

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