Brazil Police Report Massive Tax Fraud Scheme

March 27, 2015 3:48 PM

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Brazil's Federal Police agency said Friday it has begun legal proceedings against companies allegedly involved in a fraud scheme that has cost the public coffers almost $2 billion in unpaid fines and taxes.

It came a day after police said they had uncovered "criminal organizations" suspected of causing a shortfall of at least 6 billion reais ($1.9 billion) in unpaid taxes. Police said in a statement that the shortfall could be as high as 19 billion reais ($6 billion).

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