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Published on 04/11/2016
Published on 11/19/2015
Bradesco CEO Accused by Federal Police in "Zelotes" Fraud Probe
06/01/2016 - 10h06
A Federal Police report announced this Thursday (31) charges against the President of Bradesco, Luiz Trabuco, and nine other people from the organisation in the so-called Operation "Zelotes". The fraud probe investigates briberies at Brazil's Administrative Board of Tax Appeals, known as CARF.
The Federal Police accuses Bradesco staff of crimes including passive corruption, the abuse of influence, criminal organisation and money laundering.
After the news was released, the bank's shares fell by 5%.
As well as Trabuco, the Federal Police also charged two other Bradesco executives with similar crimes: Supporting Director Domingos Figueiredo de Abreu and Managing Director & Head of Investment-Relations Luiz Carlos Angelotti. The other indicted are also linked to dealings with CARF.
The Zelotes investigation suspects Bradesco employees of subcontracting an agency which negotiated waivers of fines with CARF on behalf of the bank.
Bradesco commented that the charge came as "a complete surprise" for the bank's administration, "considering that the two directors were heard only as witnesses and the President of the company did not even give a statement in court."
The company maintains that Trabuco did not participate in any meeting with the group stated. The bank says that Bradesco lawyers will present his arguments in court.
Translated by GILLIAN SOPHIE HARRIS