In one of the largest tax corruption cases in recent state history, São Paulo prosecutors say they have dismantled a scheme that siphoned at least BRL 1 billion (USD 184.81 million) from public coffers through fraudulent recovery of value-added tax credits. Investigators leading the so-called Operation Icarus arrested executives from two major Brazilian retailers — pharmacy chain Ultrafarma and electronics seller Fast Shop — as well as a senior state tax auditor accused of orchestrating the scheme.
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