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Prosecutors file fraud case against former Banco Nordeste managers

Federal prosecutors in Brazil filed a case against eight members of an alleged criminal group on suspicion of defrauding Caixa Econômica Federal and Banco do Nordeste do Brasil SA for more than 10 million Brazilian reais, Estadão reported.

According to the prosecutors, the group, which included former managers from Banco do Nordeste, funneled funds from Caixa and BNB into shell companies through illegal loans.

The former BNB managers among the defendants are Tiago Barbosa Boaventura, Grinalson de Alencar Dutra, and José Jesus da Silva, according to the report.

Aquileade Carvalho dos Santos, a former employee at the Junta Comercial do Estado da Bahia, which is the trade board for the Brazilian state of Bahia, was another person reportedly involved.

The eight defendants have already received pre-trial arrest warrants, as part of Operation Assepticus, launched Dec. 4, 2019. Authorities also carried out 29 search warrants in several cities.

As of Jan. 1, US$1 was equivalent to 4.02 Brazilian reais.