Brazilian police seized $2 billion in a PCC-linked crypto-and-cash laundering ring. The OFAC designation of two suspects may have blown the investigation, the police chief said.
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Brazilian Federal Police executed 13 search warrants and 11 temporary arrests Friday in São Paulo, targeting a crypto-and-cash laundering network tied to the Primeiro Comando da Capital (PCC) cartel. The operation, named “Exchange,” involved more than 50 officers. Authorities estimated the group moved roughly $2 billion through a mix of cryptocurrency transactions, large bank transfers, and physical cash shipments between Florida and Brazil.
The investigation, active since 2024, identified an 18-person money-laundering group that used several bank accounts and shell companies. Police said the organization used a structured system to move funds through illicit crypto transfers and cash transportation. No exchange has been named in the scheme, and investigations remain open.
Two of the suspects were designated by the U.S. Office of Foreign Assets Control (OFAC) on July 1. Victor Henrique de Oliveira Shimada was described by the Treasury Department as “a key link” who helped launder more than $30 million in illicit proceeds generated in multiple U.S. cities. The Treasury alleged Shimada used cryptocurrency to move funds back to Brazil on behalf of PCC. Stella Stefanie Nunes Henrique de Oliveira was also designated. She was captured; Shimada remains a fugitive.
Federal Police chief Andrei Rodrigues criticized the timing of the OFAC designation. “Actually, if there hadn’t been this designation, maybe the outcome would be different, and we could have located this person. There was damage to our investigation,” he said at a press conference. The police had to execute the warrants earlier than planned, undercutting the element of surprise.
The Trump administration designated PCC and Comando Vermelho as Specially Designated Global Terrorists in May. Secretary of State Marco Rubio said the two groups “command thousands of members and have orchestrated brutal attacks against Brazilian police officers, public officials, and civilians.”
The case highlights how crypto mixing and cross-border cash flows enable large-scale laundering by organized crime even when exchanges are not directly involved. The size of the operation – $2 billion over several years – suggests the PCC built a sophisticated financial infrastructure that regulators and law enforcement are still struggling to map. The fugitive Shimada and the lack of coordination between U.S. and Brazilian authorities mean the full network remains exposed.
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