Brazil Investigating $188 Million Tax Credit Fraud Scheme

The Brazilian government is looking to crack down on an alleged tax credit fraud scheme worth over 1 billion reales ($188 million) run by an organization that passed itself off as a consultancy.

The country’s police, with cooperation from its Finance Ministry, raided seven properties across the country Tuesday looking for evidence of the consultancy committing fraud along with potential crimes of falsifying documents and money laundering.

“Like the pirates of the seven seas, the false consultancy operated by promoting ‘theft and looting’ in the most diverse regions of the country,” the Finance Ministry said in a statement Tuesday.

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