Former Americanas CEO Arrested in Madrid for $4.5 Billion Fraud

Miguel Gutierrez, former CEO of Brazilian retail giant Americanas, was arrested in Madrid for an alleged $4.5 billion accounting fraud. Despite being on Interpol's wanted list, Brazilian authorities could not detain him earlier as he was abroad. The case involves complex extradition due to his dual nationality.

The former chief executive of Brazilian retail giant Americanas, who is wanted in Brazil for a $4.5-billion alleged accounting fraud, was arrested in Madrid on Friday at the request of Brazilian authorities, three sources familiar with the matter said. Miguel Gutierrez had been included in Interpol's wanted list on Thursday after a Rio de Janeiro court issued an arrest warrant against him, but Brazil's federal police did not manage to make the arrest as he was living abroad.

Gutierrez's defense lawyer said in a statement on Thursday, after news of the arrest warrant, that his client had never participated or known about any fraud during his time running the retailer. Spain's national police declined to confirm or deny the arrest. But Brazilian sources told Reuters extradition proceedings will now begin to bring the former executive to trial in Brazil.

One police source, however, said extradition could be difficult because Gutierrez has dual Brazilian and Spanish citizenship. Gutierrez, who led Americanas for more than two decades until December 2022, is being investigated in Brazil for a 25.3 billion-real ($4.5 billion) alleged accounting fraud that led the firm to file for bankruptcy in January 2023.

Federal police investigators have called it "the biggest fraud in the history of Brazil's financial market". Americanas, one of Brazil's biggest online and bricks-and-mortar retailers, has long been controlled by three Brazilian billionaires who founded 3G Capital.

($1 = 5.5825 reais)

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