Brazilian authorities are searching for a 40-year-old man accused of orchestrating a large-scale investment fraud that allegedly moved more than BR115m and relied on online betting platforms to help conceal illicit proceeds.
According to police, Tarlan Moura Lyra, a resident of Vitória, capital of Espírito Santo, attracted victims by promising returns on investments linked to electronic products.
Investigators say the funds collected through the scheme were later dispersed through a complex network of financial transactions, including deposits into online sports betting platforms.
Police allege that the suspect used betting sites to fragment large sums into multiple smaller transactions, a practice known as “smurfing”, designed to avoid detection by financial monitoring systems.
The practice was also used in a different scheme that moved $18m through illegal betting operations in the country.
The same strategy was reportedly applied across bank transfers and payment accounts to further obscure the trail of the funds.
A preventive arrest warrant was issued after investigators identified financial movements totaling BR115m.
When police attempted to execute the warrant, Lyra was not found at his residence, where only his parents were present.
The investigation indicates that even after failing to repay earlier victims, the suspect continued to solicit additional funds. Authorities also received information suggesting he may have been preparing documentation to leave the country, prompting the court to authorize his preventive detention.
The case is being handled by the Espírito Santo Civil Police’s fraud and forgery unit, which confirmed that several victims have formally reported losses.
Officials say the investigation remains ongoing and additional details have been withheld to avoid compromising the inquiry.
Over 217,000 Brazilians have opted to self-exclude from licensed betting platforms since December
