A massive operation against tax fraud targeted the Refit group, led by businessman Ricardo Magro (featured image)He is suspected of leading a criminal organization responsible for evading more than R$26 billion in taxes through a complex scheme involving refineries, distributors, gas stations, investment funds and offshore companies.
One of the suspicious deals identified by the São Paulo Public Ministry (MPSP) was the purchase of a property at a 9,500% inflated price. With an estimated value of R$684,000, the property was purchased for R$65.5 million by Athena Real Estate, associated with the Refit Group. The deal was brokered by the Euv Gladiator Fip Fund. The location of the property was not mentioned.
14 photos
Conditional closure.
1 of 14
Many public research institutions participated in the process
Disclosure/Federal Revenue 2 of 14
Part of the personnel has been mobilized for the massive operation
Disclosure/Federal Revenue 3 of 14
The authorities have defined financial fraud as a highly organized and sophisticated financial flow
Disclosure/Federal Revenue 4 of 14
The Refit Group owns the Manguinhos refinery in Rio de Janeiro
Disclosure/Federal Revenue 5 of 14
Grupi Refit, from the fuel sector, was the target of a massive operation on Thursday
Disclosure/Federal Revenue 6 of 14
The Public, Police and Federal Revenue Ministries, among others, were involved in the massive operation
Disclosure/Federal Revenue 7 of 14
The investigated group transferred more than R$72 billion after 2024
Disclosure/Federal Revenue 8 of 14
Many public institutions participated in the massive operation
Disclosure/Federal Revenue 9 of 14
The fuel sector group targeted by the massive operation emerges as the EU’s largest permanent debtor
Disclosure/Federal Revenue 10 of 14
The IRS was involved in the massive operation against Refit Group
Disclosure/Federal Revenue 11 of 14
The massive operation targets a tax evasion and money laundering scheme
Disclosure/Federal Revenue 12 of 14
Authorities executed arrest warrants in five states and the Federal District
Disclosure/Federal Revenue 13 of 14
The massive operation against the tax-owing refinery mobilized more than 620 agents
Disclosure/Federal Revenue 14 of 14
An infographic showing the path of fraudulent funds
Disclosure/Federal Revenue
Athena Real Estate is managed by Antonio Santos Oliveira. According to the MPSP, it has a function that is “indispensable in the implementation of this classic process of reintroduction of illicit capital” and “essential” to the strategy of “protecting the organization and laundering its money.”
Oliveira is also the director of “TIF Terminal Intermodal Futuro LTDA”, formerly known as Transo Transportes, which is identified as one of the logistics bases of the Refit Group. According to the MPSP, he is linked to Jorge Berdasco Martinez, a partner in Ricardo Magro’s law firm. to CapitalsMartinez said he was not aware of the property deal and that Oliveira is his accountant.
The report was unable to locate Olivera. Businessman Ricardo Magro did not comment. The space remains open.
Read also
-
Sao Paulo
Tarcisio talks about a “historic operation” against Revit: “They defraud 350 million Brazilian reals per month”
-
Sao Paulo
The court authorizes the blocking of R$10 billion from targets linked to the Refit Group
-
Sao Paulo
MPSP says Refit Group “succeeded” in criminal fuel scheme
-
Sao Paulo
In leaked audio recording, PGJ warns Tarcísio about ’emerald market’
More than one billion Brazilian reals abroad
The MPSP also notes that an investment fund sent $200 million as a loan to an offshore company in Delaware, a known tax haven in the United States. The company was established seven days before the fund was established.
According to investigators, the operation aimed to “remove profits generated by tax evasion in Brazil, with the risk of simulating future losses on the fund’s balance sheet.”
The fund in question is the Euv Zeus Fundo de Investimento, which has been identified as “the main vehicle for transferring resources abroad and laundering money at the international level.”
Operation against the “stubborn debtor”
The Renewal Group was the target of Operation Poço de Lobato, launched on Thursday (27/11) by the MPSP, Federal Revenue, Civil and Military Police against the Renewal Group. In total, 190 search and seizure warrants were executed. Ricardo Magro’s business group is accused of owing more than R$26 billion in taxes, making it the largest debtor in Brazil, according to the Federal Revenue Service.
In São Paulo alone, the group is accused of having tax debts amounting to approximately R$9.6 billion, and is also the largest ICMS debtor in the state. Governor Tarcisio de Freitas (Republicans) classified the massive operation against Revit Group as “historic.” “Another important step is being taken for those who do not follow the rules of the game,” he said.
According to Tarcisio, the group’s companies “defraud 350 million Brazilian reais per month” in taxes that should be collected in the fuel sector chain. He stated that with the evaded funds, a medium-sized hospital or 20 schools could be built per month.