Brazil's Federal Police launched an operation on Wednesday (25) to dismantle credit frauds against banks including Caixa, Banco do Brasil, Bradesco, Santander, and Safra. Main suspect Thiago Branco de Azevedo, known as Ralado, remains at large after 21 arrest warrants were issued. Fictor Group executives were also targeted in searches.
Brazil's Federal Police operation, started on March 25, 2026, targets Thiago Branco de Azevedo, alias Ralado, for credit frauds against financial institutions. A resident of São Paulo state's interior and manager of multiple CNPJs, Ralado used shell companies registered under straw men to secure fraudulent loans. Infiltrated bank employees altered client records to enable the scams, according to delegate Florisvaldo Neves, head of PF in Piracicaba (SP). He stated: “In our investigation, we identified that Ralado's flagship is fraud against financial institutions” and “For the bank, this doesn't immediately seem like a crime; it looks like default.”The probe originated in 2023 from seizing Ralado's cellphone during an operation against Bonde do Magrelo, a group tied to Comando Vermelho. Messages on the device show contacts with Fictor executives, including CEO Rafael Gois and former partner Luiz Phillippe Rubini of Fictor Invest, requesting money movements through shell companies. PF traced R$ 47 million in frauds, estimating over R$ 500 million in losses. Funds were converted into luxury goods and cryptoassets.Twenty-one arrest warrants targeted Ralado (fugitive), straw men, and bank professionals, including managers. Seizures included a pistol, ammunition, cash, watches, and digital devices. Fictor said only Gois's smartphone was seized and they await investigation access. Rubini's defense claimed no prior knowledge. Banks responded: Caixa cooperated; Bradesco trusts PF; BB received no official notice; Safra and Santander declined comment. PF focuses on crimes against Caixa, with others under state jurisdiction.
