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Mors Futuri Operation by the Federal Police in Curitiba Investigates an Alleged Phantom Digital Bank and Other Financial Technology Companies Accused of Operating Illegally. Investors Were Lured by Promises of Fixed Returns, Low Risk, and Use of Artificial Intelligence, but They Received No Returns on Their Investments. As The Searches and Asset Freezes Advance, The Main Architect of The Scheme Is Wanted Abroad.
The Federal Police launched, on December 4, 2025, the Mors Futuri Operation in Curitiba, Paraná, to dismantle a complex scheme of clandestine financial institutions. The investigation points to the creation of companies that presented themselves as fintechs and even as an alleged digital bank to raise funds from investors across the country.
According to the Federal Police and media outlets that reported on the case, the transactions in the national financial system exceed R$ 1 billion.
According to the Federal Police, the contracts offered promised fixed returns, reduced risk, and profits well above the average practiced by the regulated financial market. To convince the victims, the suspects claimed to use advanced algorithms and tools of artificial intelligence capable of operating in different assets and platforms, always with high and consistent gains.
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In practice, there was no real financial backing or operations compatible with the amounts raised, according to investigators.
The structure worked like a typical pyramid scheme, where the money from new investors was used to pay, for some time, part of the old ones, creating the illusion of a successful investment until the collapse.
During the operation, 11 search and seizure warrants were executed at residences and companies linked to the group in Curitiba, with asset freezes that could reach R$ 66 million and the seizure of luxury properties and vehicles in an attempt to secure future compensation for the victims. One of the suspects, identified as the main architect, left Brazil days before the payment interruptions and has since been considered a fugitive.
The Federal Court issued a preventive arrest warrant and included his name in Interpol’s Red Notice, allowing him to be located and arrested in other countries.
How The Investigated “Phantom Digital Bank” Worked
Investigations indicate that the group created companies that presented themselves as operating in financial technology, simulating credit operations, investments, and digital banking services. Among these structures was an alleged digital bank created solely as a front, with a professional website, modern visual identity, and typical fintech language. In practice, however, none of these companies had authorization to operate as a financial institution or distribute investment products.
According to the Federal Police’s official statement, the individuals in charge offered investment contracts that promised fixed monthly returns, low risk, and results superior to traditional investments such as CDBs and regulated funds.
Clients were told that their money would be invested in structured operations, variable income, and other sophisticated strategies, supposedly managed by automated systems. The Securities and Exchange Commission (CVM) and the Central Bank did not grant any authorization for the companies to operate in the financial market, making their actions illegal.
Reports from suspects and victims indicate that, initially, some payments were made to reinforce the sense of security. This tactic is common in scams of this type, as the initial return serves as advertising to attract new investors through referrals. Over time, the volume of raised funds grows, the inflow of new money slows down, and the system collapses, leaving most participants at a loss.
Fleeing of The Main Suspect, Asset Freezes, and Developments of The Mors Futuri Operation
According to the Federal Police, the main suspect was identified as the orchestrator of the scheme and responsible for strategic decisions related to fundraising and resource management.
Days before the payment interruptions, he allegedly transferred about R$ 10 million to accounts for his personal interest, in an attempt to shield his assets, which weighed on the judicial decision to issue the preventive arrest warrant.
With his flight abroad, the businessman’s name was included in Interpol’s Red Notice, a mechanism that allows for his location and possible arrest in other countries. Meanwhile, the freezing of assets, properties, and high-value vehicles aims to preserve resources for potential compensation for the victims, although it is unlikely that the frozen amount will come close to the over R$ 1 billion moved.
Investigations continue to identify other possible members of the organization and trace still-hidden financial flows.
CVM and Central Bank Reinforce Warnings About Scams with “Fintechs” and Digital Banks
The Mors Futuri Operation case adds to a series of recent alerts from the CVM about digital platforms offering investments without authorization to operate in the Brazilian market.
In November 2025, the authority published a decree determining the immediate suspension of offerings from 24 platforms that were illegally attracting clients in the country, many with promises of quick returns and online support in Portuguese.
According to the CVM, the offering of investment products without registration or authorization is, in itself, an irregularity that may constitute a crime, even when there is no explicit fraud.
Experts consulted by financial media remind that no serious investment guarantees high and fast profits with minimal risk, and that such promises are among the main warning signs of a financial scam.
The Central Bank of Brazil also maintains specific pages for citizens to verify whether a financial institution is authorized to operate. In the “Find an Institution” service, it is possible to search by name and check if that bank, financial company, or cooperative is regulated and supervised by the monetary authority. The Central Bank itself advises that this query should be the first step before contracting loans, digital accounts, or financial services in general.
In practice, however, many investors end up ignoring these verifications when faced with proposals that promise returns far above the market standard. Studies cited by organizations such as ANBIMA show that a significant portion of Brazilians could still easily fall for investment scams, especially in online environments with a professional appearance and technical language. This creates fertile ground for schemes similar to those revealed in Mors Futuri.
How Investors Can Protect Themselves from Miraculous Promises of Easy Profits
Personal finance experts and consumer protection agencies reinforce some basic rules to avoid falling into a new “phantom digital bank.” The first is to be wary of any offer that promises guaranteed returns, profitability far above average, and almost zero risk, especially when the issuer is not clearly linked to a regulated institution.
Another essential measure is to always check, before investing, if there is registration with the Central Bank or the CVM.
It is also important to be suspicious of proposals that pressure the investor to decide quickly, use speeches of “unique opportunity,” or require transfers to accounts of unknown individuals or companies.
In case of doubt, the guidance from agencies such as Procon and CVM is to seek information, request formal documentation, and if necessary, consult an independent professional before making any investment. Financial education and the checking of official sources are pointed out as the best defenses against elaborate scams disguised as innovation.
Do you believe that the oversight of fintechs, digital banks, and investment platforms is adequate to the risk, or is it still very easy for criminals to set up a “phantom bank” and disappear with the money of thousands of people? Share your opinion in the comments.
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