Rio de Janeiro | Brazilian federal police and federal prosecutors have launched the second phase of an investigation into alleged accounting fraud involving retail giant Americanas, significantly expanding one of the country’s largest corporate fraud probes.
According to authorities, investigators carried out nine search-and-seizure warrants on Thursday in Rio de Janeiro and São Paulo. The operation includes personal searches and measures aimed at identifying and securing assets linked to individuals suspected of involvement in the alleged scheme.
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Officials said the investigation seeks to freeze and recover assets and funds worth up to 54 billion Brazilian reais (approximately $10.3 billion or ₹84,000 crore). The move marks a major escalation in efforts to determine responsibility for the accounting irregularities that plunged the retailer into a financial crisis.
The latest operation follows earlier investigations into accounting discrepancies disclosed by Americanas, which shocked Brazil’s corporate and financial sectors. The company previously revealed substantial inconsistencies in its financial statements, triggering concerns among investors, creditors, regulators, and financial institutions.
Investigators are examining whether financial records were manipulated in a manner that concealed the company’s actual liabilities and financial condition. Authorities are also assessing the role of individuals who may have participated in or benefited from the alleged misconduct.
Americanas is one of Brazil’s best-known retail chains, and the accounting scandal has been widely regarded as one of the most significant corporate governance crises in the country’s recent history. The fallout led to extensive debt restructuring efforts and multiple legal and regulatory proceedings.
While authorities have not publicly identified all individuals targeted in the latest phase of the operation, the search warrants indicate that investigators are focusing on gathering additional documentary and financial evidence. Electronic records, financial transactions, and other materials seized during the raids are expected to form a key part of the ongoing investigation.
The case remains under active investigation, and authorities have indicated that further legal action could follow as evidence is reviewed. If the allegations are ultimately proven, the scandal could rank among the largest corporate accounting fraud cases ever investigated in Brazil.
