Cryptocurrencies are used in a fraudulent smartphone import scheme, PF points out

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October 1, 2024

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Cryptocurrencies are used in a fraudulent smartphone import scheme, PF points out
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The Federal Police, in partnership with the Federal Revenue Service, launched operation iFraud this Tuesday (1st). The objective is to dismantle a fraudulent smartphone import scheme. PF agents carried out eight search and seizure warrants, in an action that also aims to identify the use of cryptocurrencies in the financing and execution of crimes.

The investigations began after the Federal Revenue Service detected a digital influencer, with more than 600 thousand followers. This person promoted, through his social networks, the import of products from the United States without paying all or part of the taxes due. To interested followers, he provided detailed instructions on how to commit fraud, teaching them how to circumvent the Brazilian tax system.

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In addition to providing information about the import scheme, the influencer also fraudulently sold smartphones directly to his customers. To operate, he maintained a network of accomplices responsible for both the illicit import and distribution of the devices in Brazil.

As reported by the PF in a note published this Tuesday (1st), the group offered customers the option of purchasing directly in the United States. In addition, it arranged shipping to Brazil without paying customs fees. Another option was for buyers to pick up the products in Paraguay, also without proper tax regularization.

Criminals use cryptocurrencies in illegal smartphone import scheme

During the investigation, the Federal Revenue intercepted two internal shipments of these devices, in which there was no documentation proving the legal origin of the smartphones. The financial movement of the company involved was one of the main clues that led to the operation.

In 2023, the company distributing irregular products recorded R$45 million in credit transactions. An important point revealed by the investigation is that the company acquired R$1.8 million in Tether (USDT), a stable cryptocurrency, paired one-to-one with the US dollar.

Also according to the PF, by the beginning of 2024, the company had already sold more than 3 thousand smartphones. As a result, it generated more than R$14 million in sales, without issuing any invoice. The use of cryptocurrencies such as USDT raises suspicions about money laundering and currency evasion practices in the scheme.

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By executing the search and seizure warrants, authorities hope to collect more evidence of the crimes, identify those involved in the scheme and determine how cryptocurrencies are being used to facilitate illicit financial transactions.