Brazil Targets Illegal Betting Network With 52 Search Warrants

Brazilian police launched Operation Azzardo on November 5, executing 52 search and seizure warrants against a financial network allegedly serving unauthorised betting platforms.

A court authorised the freezing of accounts and assets belonging to 64 individuals and 120 companies, up to a combined ceiling of R$3.483 billion, approximately $627 million. That ceiling represents the amount covered by the order, rather than confirmation that assets of that value have been located and frozen. 

Payments Allegedly Routed Through Shell Companies

Investigators identified approximately R$739 million, around $133 million, in financial movements linked to the suspected network.

According to police, payments from bettors were routed through companies whose declared activities had no connection to gambling. Examples included a psychosocial care clinic and a tarot shop. Investigators allegedly found empty properties or unrelated businesses at some registered addresses.

Police said the companies received, pooled and redistributed money between individuals, businesses and payment institutions. Some funds were also converted into cryptocurrency. 

A55 Fintech Included in Investigation

The investigation also covers São Paulo-based A55 Sociedade de Crédito and related companies. Police reported approximately R$1 billion, around $180 million, in transactions involving the institution and associated businesses, including payments connected to unauthorised betting operators.

Agência Brasil reported that more than 100 accounts at the fintech allegedly received betting payments. It said it was seeking the institution’s response. The transaction figures concern different parts of the investigation and should not be added together as separate losses. 

Searches Span Six Jurisdictions

Approximately 200 officers participated across the Federal District and the states of São Paulo, Goiás, Paraná, Ceará and Rio Grande do Norte.

The investigation began five months earlier following referrals from the Finance Ministry’s Secretariat of Prizes and Bets concerning platforms operating without federal authorisation. No arrest warrants were issued as part of the announced operation.

The suspected offences include unauthorised gambling, electronic fraud, money laundering, false statements and participation in a criminal organisation. The allegations remain under investigation.