Operation Hidden Flow carries out searches on Faria Lima and targets funds, asset managers, and six fintechs | Finance

Brazilian civil and military police, together with the São Paulo state prosecutor’s office and the Federal Revenue Service, launched Operation Fluxo Oculto on Thursday morning as an offshoot of Operation Carbono Oculto, expanding an investigation into organized crime activity in Brazil’s fuel market. The operation focused on how criminal groups allegedly used payment institutions and investment vehicles to move illicit money through the financial system. Search warrants were executed in the Faria Lima area, one of São Paulo’s main financial districts. Authorities said the scheme funneled proceeds into investment funds in order to conceal the true beneficiaries of the fraud. Four funds are under investigation, along with two asset managers and two fund administrators. The four funds reportedly have combined assets of about 205 million reais, more than tripling in value over the past year.

Investigators are also examining six fintechs linked to the case: Ceopag Instituição de Pagamento, America Payment, Sispay Instituição de Pagamento, Smart Solutions Instituição de Pagamento, YAW Instituição de Pagamento and Ello Gestora de Recursos. According to the report, Ceopag was founded in 2019 by Kawel Rodrigo Lotti and is based in São José do Rio Preto, in the interior of São Paulo state, with registered capital of 23 million reais. The company originated from a food-delivery app for small towns called Ceofood. Although its name includes “payment institution,” the company’s status on the Central Bank website is described as pending validation.

America Payment was created in 2024 and has registered capital of 10 million reais. It is controlled by Habenr Rubinho Silva and Renata Cristina da Rocha Rubinho. Several members of its management team have also served, or currently serve, in Ceopag’s management, including Marcus Vinicius Martimiano, Bianca de Mendonça Martins Maçuda and Suelen Leita da Silva. Iolando Lotti Neto has also been listed as part of America Payment’s leadership.

YAW is also listed on the Central Bank website with its license marked as pending validation. Founded in 2024, it has registered capital of 2 million reais. Its partners and directors are Adriano Medeiros Miúdo, Alessandro Frederico Starck and João Carlos Coelho Cota.

The operation adds to a broader crackdown on criminal financial structures tied to the fuel sector, as authorities seek to identify who ultimately controlled the funds and how the money was routed through fintechs and investment funds to obscure ownership and evade scrutiny. The case remains under investigation.