Brazil’s Operation Crédito Oculto, also referred to as the third phase of Operation Carbono Oculto, has turned attention to alleged financial arrangements behind the ownership of Usina Itajobi, a sugarcane mill in Marapoama, São Paulo, and the purchase of fuel distributor Terrana.

Investigators carried out 29 search-and-seizure warrants in several states, examining what they describe as a structure that used fintechs, banks and investment funds to obscure control of the mill. The inquiry focuses on Antônio Carlos Freixo Júnior, known as Mineiro, whom investigators identify as the financial operator of Daniel Vorcaro, former owner of Banco Master. They allege companies linked to Freixo Júnior, including Entrepay and Acqio, created layers that concealed the mill’s beneficial owners.¹

The prosecution’s account emphasizes the speed and complexity of the transactions. In one episode cited by investigators, R$100 million allegedly passed through several fintech “graphic accounts” within minutes before reaching the mill. Authorities are also examining CDB-backed credit instruments, shell companies and dedicated investment funds that they say ultimately supported Terrana’s acquisition. The reported volume of suspicious transactions is about R$11.6 billion.¹

Banco Genial, however, has sought to distinguish the institution from Humberto Tupinambá Neto, one of the people targeted by searches. The bank said Tupinambá was removed from its board and has had no connection to the institution since May 2026. It said it has provided documents concerning the Radford Fund to the organized-crime unit and filed reports with Brazil’s financial intelligence body, Coaf.¹

That response does not contest the existence of the investigation, but frames the bank as a cooperating party that has since improved its credit controls and governance. Freixo Júnior and representatives of Usina Itajobi had not presented a formal defense when approached, according to the report.¹