A company in the fuel sector was subjected to an operation carried out by a task force that was formed this morning, Thursday (11/27). 190 search and seizure warrants were executed in São Paulo, Rio de Janeiro, Minas Gerais, Bahia, Maranhão and the Federal District.
The objectives of the operation are linked to the Refit Group, which owns the Manguinhos refinery in Rio de Janeiro, and other companies in the fuel sector. The group led by businessman Ricardo Magro has been identified as the largest ICMS debtor in São Paulo.
How different fraud schemes worked
Through complex financial operations, the group moved more than R$70 billion in just one year, using its own companies, investment funds and offshore companies – including a source outside Brazil – to hide and protect profits. Its financial operations are managed by the same group, which controls financial companies and uses international structures to protect assets.
According to investigations, the importers acted as intermediaries, purchasing naphtha, fuel and diesel from abroad with resources from manufacturers and distributors associated with the group. Between 2020 and 2025 alone, people surveyed imported more than R$32 billion worth of fuel.
The amounts dealt with were concentrated in financial companies controlled by the same group. The Federal Revenue Service identified that a large financial operator acted as a partner for other institutions that also provided services to the group. This base amount transferred more than R$72 billion between the second half of 2024 and the first half of 2025.
The scheme involved a “parent” financial company controlling several “daughters,” creating complex operations that made it difficult to determine the true beneficiaries.
The group changed its structure after Operation Hidden Carbon
As Operation Hidden Carbon, carried out in August 2025, discovered, regulatory loopholes, such as “pocket accounts”, that prevent the flow of resources from being traced, have been exploited. The main finance company had 47 bank accounts in its name linked to the group’s companies.
After the closure of the distributors associated with Carbono Oculto, the target group of the Poço de Lobato operation completely changed its financial structure, replacing the model used since 2018 with one that includes new operators and companies. These operators, previously responsible for movements of around R$500 million, will begin moving more than R$72 billion after 2024.
Billions of dollars in losses to the public treasury
The court allowed the implementation of precautionary measures in civil lawsuits that seized more than R$10.2 billion of the assets of those involved, including property and vehicles, to guarantee the tax credit.
According to investigators, the scheme caused a loss of R$26 billion to state and federal coffers. The persons and companies mentioned in the investigation are suspected of being part of a criminal organization and committing crimes against the economic and tax system and money laundering.
the Capitals She requested a position from the Renewal Group regarding Thursday morning’s operation and received no response. It remains open for updates.