The Carbono Oculto Operation has drawn attention due to the scale of asset and account freezes, but an important side effect needs to be highlighted: it is possible that bona fide third parties, with no connection to the PCC or the defendants under investigation, may have their own funds unduly frozen by precautionary measures. In such cases, Brazilian criminal procedure law provides a specific remedy to reverse the freeze and recover legitimately obtained assets: the third-party embargo (embargos de terceiro).
What is happening now: the Carbono Oculto Operation
Launched in August 2025, the Carbono Oculto Operation mobilized more than 1,400 public agents across eight states, executing 350 search and seizure warrants and freezing assets totaling more than R$ 1 billion.
According to the Federal Revenue Service and the Federal Police, the case involves an alleged multibillion-real scheme in the fuel sector, including adulteration, irregular import of inputs, and tax evasion. Authorities estimate that the group may have moved R$ 52 billion over four years.
What stands out is the alleged use of fintechs and investment funds. According to G1, these fintechs operated as “parallel banks”, allowing large amounts of cash to be deposited and quickly converted into fragmented electronic transfers, later invested in multimarket funds or justified through fictitious contracts. This layering strategy made tracking difficult and gave illicit resources an appearance of legitimacy.
This type of conduct shows how organized crime manages to infiltrate regular corporate structures to support its financial activities. We have already addressed this phenomenon in another article, where we explain how to react to PCC infiltration in companies.
In one instance, a single fintech allegedly moved R$ 46 billion between 2020 and 2024. As highlighted by Valor Econômico, more than 40 warrants were executed on São Paulo’s Avenida Faria Lima, targeting institutions such as BK Bank and Bankrow Instituição de Pagamento. These are formally established companies, which underscores the sophistication of the operation: regular institutions allegedly being co-opted to give illicit financial flows a veneer of legality.
In short: fintechs allegedly created a protective layer between illicit money and the formal market, operating outside the reach of traditional oversight mechanisms.
This is not new: the 2GO Bank case in Operation Hydra
This type of investigation is not unprecedented. In February 2025, the Federal Police launched Operation Hydra, targeting fintechs 2GO Bank and Invbank, accused of moving funds linked to the PCC.
According to CNN Brasil, the investigation uncovered R$ 6 billion laundered through financial operations designed to simulate legality. The probe gained even greater visibility after the plea bargain of Vinícius Gritzbach, a financial entrepreneur who revealed details about the fintechs’ alleged role in the scheme. Shortly after, in November 2023, Gritzbach was executed at Guarulhos Airport, adding urgency and public shock to the investigation.
In the case of 2GO Bank, G1 reported that the fintech acted as an intermediary in payments for betting houses and cryptocurrency brokers, turning cash deposits into fragmented digital transfers. At the same time, the company sought institutional visibility through sports sponsorships: as revealed by Máquina do Esporte, it signed contracts with Esporte Clube Vitória and the Independente supporters’ group of São Paulo FC, expanding its social footprint and reinforcing an image of legitimacy.
Invbank, on the other hand, allegedly used fictitious contracts with construction companies to “legitimize” illicit capital by disguising it as payments for engineering services.
As a result, the courts ordered the freezing of R$ 27.9 million and temporarily suspended 2GO Bank’s activities. This directly affected not only those under investigation but also businesses and individuals who legitimately used the institution for payroll, supplier management, and other financial flows. Many of these clients had to turn to the judiciary to prove the lawful origin of their funds and obtain unfreezing orders.
The legal remedy: third-party embargo (embargos de terceiro)
When precautionary freezes affect assets of individuals or companies not under investigation, Brazilian criminal procedure law provides a solution: the third-party embargo, as set out in Article 130, II of the Code of Criminal Procedure.
This provision authorizes any person who, not being a party to the criminal proceedings, has assets unduly seized, to request their release. It is the proper remedy for a bona fide third party to prove that their frozen property is legitimate and unrelated to the criminal investigation.
To succeed, the petition must be supported by strong documentation demonstrating:
- regular economic activity;
- the lawful origin of the funds;
- the absence of any connection with the defendants or investigation.
In cases related to Operation Hydra, this remedy has already proven effective: in concrete situations, the Federal Prosecution Service (MPF) acknowledged the good faith of affected companies and agreed to the full release of funds.
Conclusion: protecting the bona fide third party
The Carbono Oculto Operation has major repercussions and once again exposes the vulnerability of clients and investors who, even without any involvement in wrongdoing, may see their assets frozen under broad precautionary measures. But this problem is not new: cases like 2GO Bank have already shown that there is a legitimate legal path to reverse such freezes.
At Lucchesi Advocacia, we have concrete experience in this area: demonstrating our clients’ good faith, proving the lawful origin of their funds, and obtaining their release through third-party embargoes.
If you, as an individual or business, were surprised by an asset freeze in the context of complex operations, know that there is a way out. Our firm is prepared to analyze your case and seek the release of funds unrelated to the investigation, ensuring your rights and preserving the continuity of your economic activity.
