Brazilian authorities are investigating a former bank director in connection with an alleged money laundering scheme tied to illegal betting operations.
The 54-year-old man is mentioned in a São Paulo Civil Police inquiry as having been a principal partner in a company described as a “central piece in the financial machinery” of an illegal gambling organization.
According to national investigators, the company Silium, later renamed Nuoro Pay, was allegedly responsible for managing bank accounts linked to shell companies used to receive funds from unauthorized betting platforms.
Authorities claim these operations mirrored the structure of “Chinese-style bets,” in which victims deposit funds via companies registered in the names of front individuals, withdrawals are restricted and games do not comply with Brazilian regulatory standards.
Among the games offered were online casino titles, including the nationally popular Fortune Tiger. Under Brazilian law, such games are permitted only when operated by companies authorized by the Secretariat of Prizes and Betting and compliant with technical and payout control requirements.
Police allege that once funds were received, mechanisms were used to make tracking more difficult. One such method reportedly involved “pool accounts,” which allow the receipt of funds from multiple sources without direct movement by the formal account holders.
Authorities say this model fragments and redistributes funds, complicating financial tracing.
The São Paulo Public Prosecutor’s Office stated that the data analysis indicates “the existence of a sophisticated branching structure, with transnational operations, aimed at illegal gambling, financial fraud and money laundering.”
The investigation remains under judicial secrecy.
The defense lawyer in the case said he is confident that his client committed no wrongdoing and that this will be demonstrated as the investigation progresses
