Ouça este artigo
This article follows a new phase of the fraud investigation into Americanas as the Federal Police carry out searches in Rio de Janeiro and São Paulo and target prominent shareholders and former executives. It centers on Carlos Alberto Sicupira and other leading figures, with investigators seizing devices such as phones and laptops. The aim is to deepen the look at possible boardroom involvement and ties to banks, and to verify what was shared with auditors over the years. The piece outlines what happened, what it could mean for the company, and what may come next in the legal process.
- Federal police raid hits top Americanas figures and bank partners in Rio and São Paulo
- The second phase of Operation Disclosure expands to check shareholders, board members, and bank executives
- Investigators allege huge accounting fraud by the old leadership, with evidence they hid risk from auditors
- Communications show banks were pressured to omit or downplay risk in circularization letters
- Americanas says it is not the target of the new phase and remains focused on recovery and finances, amid talks of asset seizures
Federal Raid Expands Fraud Probe Into Americanas
Lead
The Federal Police conducted a new round of searches across Rio de Janeiro and São Paulo, seizing devices and documents as part of the second phase of Operation Disclosure. The operation targeted eight individuals, including Carlos Alberto Sicupira, a leading investor in the retailer, along with former directors and executives from banks that hold Americanas’ debt. The week-long preparation for these warrants preceded authorization by a court, which was granted only recently.
What Happened
On the latest raid, ten search-and-seizure warrants were carried out against eight targets. The action reached notable figures linked to the company and its lenders, with items such as cellphones and laptops being collected by investigators. The police had been awaiting the court permit since the end of last year to move forward with this phase of the inquiry.
The broader investigation began last year after the first phase closed. Authorities found that Americanas faced a multibillion-dollar accounting fraud tied to the former leadership, including the former chief executive Miguel Gutierrez. In March 2025, the Federal Public Ministry (MPF) filed charges against 13 former executives, though the case has not yet been sent to a judge.
Following that portion of the inquiry, police opened new investigations to determine whether shareholders, board members, and banks participated in or facilitated the schemes. Investigators aim to corroborate statements from former directors and others who described a flow of information up to senior management.
Key Suspects and Roles
The operation named several high-profile individuals, among them Paulo Lemann (former Americanas adviser and son of investor Jorge Paulo Lemann), Eduardo Saggioro (board chair), and executives from lenders such as Jose Rudge (Itaú BBA) and Gustavo Balassiano (ex-Itaú BBA). Other targets included Carlos Pedras (Bradesco), André Juaçaba de Almeida (Santander), and André Abdo (Santander). Officials say the group is believed to have had explicit knowledge of long-running accounting irregularities.
Bank Involvement and Communication
Investigators are reviewing exchanges that suggest Americanas asked bank executives to hide certain risk data from auditors in circularization letters. In one notable exchange, the firm discussed removing the risk item or presenting extra documentation to reframe the debt under scrutiny. Itaú’s response indicated the bank did not remove the risk from the circularization letter and continued to provide information on certain credit lines; other banks reportedly faced similar pressure to adjust communications.
Overall, authorities describe hundreds of pages of material supporting the second-phase case, reflecting coordinated efforts across multiple institutions.
Company Response and Recovery Context
Americanas has stated it was not directly targeted by the day’s warrants and remains committed to cooperating with authorities as investigations proceed. The company is seeking a path out of judicial recovery, a process it began pursuing in March in Rio de Janeiro. A decision on the request remains in the hands of the court.
From a financial perspective, the retailer has shown signs of improvement in the latest results. Revenue rose in the first quarter, while losses narrowed. The company continues to honor its obligations to suppliers under the recovery plan, with payments structured over extended timelines. Net debt decreased as cash balances rose, helping to reduce the net liability.
Shareholders have issued statements saying they were repeatedly misled by the former leadership and expressed surprise at the new police action. They reiterated their willingness to cooperate with authorities to uncover the full story.
The banks involved—Itaú, Santander, and Bradesco—reiterate cooperation with investigators and emphasize their commitment to ethics and regulation. Itaú noted it did not participate in any misrepresentation of circularization letters, while Santander and Bradesco underscored their support for the inquiry.
Conclusion
The second phase of Operation Disclosure broadens the investigation from the former leadership to a wider circle of actors—shareholders, board members, and banks—highlighting potential boardroom involvement and the risk of undisclosed liabilities. With authorities collecting cellphones and laptops and reviewing hundreds of pages of material, the case moves toward clarifying who knew what and when, and whether banks were pressed to downplay risk in circularization letters. The unfolding action carries heavy implications for Americanas, its creditors, suppliers, and investors: possible asset seizures, renewed accounting scrutiny, and a protracted legal process. Americanas says it is not the direct target of the new phase and remains focused on its recovery plan and finances, but the path to stability now appears more contingent on court decisions and ongoing cooperation. As the investigation progresses, governance and financing dynamics within the company—and the broader banking relationships connected to its debt—will be watched closely by markets and stakeholders.
Frequently asked questions
What sparked the latest phase of the probe into Americanas?
The Federal Police opened new inquiries to see if shareholders, board members, or bank executives helped with the fraud. Raids took place in Rio de Janeiro and São Paulo. Ten search-and-seizure warrants were executed against eight targets and items like cellphones and notebooks were taken.
Who were the targets of the raids and what was seized?
Eight people were targeted under ten warrants. One of the main names is Carlos Alberto Sicupira, a key shareholder. Investigators collected cellphones and notebooks.
How much fraud is suspected and what are the key numbers?
The police cite about 54 billion reais in alleged accounting fraud. The court froze assets up to 54 billion reais. The company’s own assessment put fraud at about 25 billion reais in its records.
What do the emails reveal about banks and circularization letters?
Emails show the company pressed banks to exclude risk sacado from circularization letters or to add notes saying it wasn’t debt. There are also WhatsApp exchanges about pushing for approvals from banks.
What happens next for the investigation and Americanas?
The probe widens to check shareholder and bank roles. The main case against ex-executives is moving through the system but has not yet resulted in defendants. Americanas is seeking to move forward with its recovery plan, with decisions pending.