Commodities May 15, 2026 07:48 AM

Federal Police Probe Targets Former Rio Governor and Refit Owner in Large-Scale Tax Investigation

Supreme Court orders asset freezes and suspends companies' economic activities amid probe into fuel-sector tax evasion and asset concealment

By Nina Shah

Brazilian federal police have carried out an operation tied to suspected tax evasion that targeted former Rio de Janeiro governor Claudio Castro and Refit owner Ricardo Magro, according to sources close to the investigation. The Supreme Court has ordered the freezing of roughly 52 billion reais in assets and suspended the economic activities of companies under investigation, while also directing that a suspect be listed in Interpol’s Red Notice.

Federal Police Probe Targets Former Rio Governor and Refit Owner in Large-Scale Tax Investigation

Key Points

  • Federal police targeted former Rio governor Claudio Castro and Refit owner Ricardo Magro in a probe into suspected tax evasion in the fuel sector.
  • The Supreme Court ordered the freezing of about 52 billion reais in assets and suspended the economic activities of companies involved; it also directed that a suspect be added to Interpol's Red Notice.
  • Brazil's tax authority has played a central role since last year in uncovering money laundering schemes tied to criminal groups in the fuel industry, identifying operations abroad; political and legal consequences for Castro include his March resignation and an eight-year ban from office by the electoral court.

SAO PAULO, May 15 - Brazil's federal police executed an operation focused on individuals and companies tied to the fuel sector as part of a probe into suspected tax evasion, two sources close to the investigation said on Friday. Among those who were targeted are Claudio Castro, the former governor of Rio de Janeiro, and Ricardo Magro, the owner of privately held refinery Refit. Requests for comment to Castro and Magro were not immediately answered.

The police statement announcing the operation did not identify suspects by name. It said investigators are examining a fuel industry conglomerate suspected of concealing assets, disguising ownership, and moving funds abroad. The statement noted that the Supreme Court ordered the freezing of approximately 52 billion reais in assets and the suspension of the economic activities of the companies under investigation. The court also determined that the suspect should be included in Interpol's Red Notice.

The probe forms part of broader enforcement efforts in which Brazil's tax authority has been central, according to the note. Since last year, the tax authority has been active in uncovering money laundering schemes linked to criminal organizations in the fuel sector and has identified a number of operations overseas.

The investigation has drawn public attention at the highest levels of government. The Brazilian president has publicly urged the U.S. president to arrange the arrest of the owner of Refit, who is reported to be residing in the United States. This request pertains to one of the main companies implicated in the scheme, as noted in the police statement.

The probe also intersects with recent political and electoral developments. Claudio Castro resigned from his post as governor of Rio de Janeiro in March. In the same month, Brazil's electoral court barred Castro from holding public office for eight years, citing abuse of political and economic power, prohibited conduct, and illicit fundraising connected to the 2022 general election.

The authorities' actions - including asset freezes, suspension of company activities, and steps toward international law-enforcement coordination - reflect the legal tools being used in the investigation. Public comment from the named individuals was not obtained by press time.


Context and next steps - The investigation continues under federal police jurisdiction with coordination of judicial measures by the Supreme Court. The involvement of Interpol procedures was ordered by the court as part of a cross-border element to the case.

Risks

  • Legal and operational disruption to firms in the fuel sector due to asset freezes and suspension of economic activities - this could affect companies under investigation and their business counterparties.
  • Cross-border enforcement actions, including an Interpol Red Notice, introduce uncertainty for individuals and entities with international exposure, particularly those reported to be residing abroad.
  • Political and reputational fallout tied to high-profile figures can amplify scrutiny of related companies and transactions, potentially affecting investor and creditor assessments of involved entities.

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