The Financial Espresso "PicPay investigation & lawsuit; Nucel; B3 & Ibov..."

Research evidence excerpt

The Financial Espresso "PicPay investigation & lawsuit; Nucel; B3 & Ibov..."

Global Research

22 June 2026ab

The Financial Espresso Equities

Latin AmericaPicPay investigation & lawsuit; Nucel; B3 &

Ibovespa; Mercado Libre & Anitta; Banks & ISS; Financial

Gov vs. Bets; China & PIX; BRB bailout KaioAnalystPrato

kaio.prato@ubs.com

+55-11-3513 6573

PicPay is the Target of Operation that Investigates Alleged Fraud of R$ 80 Million Thiago Batista, CFA

Analystin Folha do DF

thiago.batista@ubs.com

According to G1, PicPay (PICS; Not Rated) was targeted last Friday in an operation +55-11-3513 6518

conducted by the Public Prosecutor's Office and the Civil Police, which is

Camila Azevedo

investigating irregular deductions from the payroll of government employees in the

Associate Analyst

Federal District (DF). According to the investigation, the digital bank allegedly camila.azevedo@ubs.com

made unauthorized deductions from employees' paychecks through its salary +55-11-2767 6881

advance service. The case has also drawn the attention of the INSS CPMI after

Bruno Kenji

reports revealed that the law firm associated with Governor Ibaneis Rocha received

R$1 million from J&F Participações, the controlling entity of PicPay. Our take: We bruno.kenji@ubs.com

note that PicPay stated there were no irregularities or improper charges related to +55-11-2767 6056

the product offering and that it continues to cooperate fully with the relevant

Beatriz Shinye

authorities. According to Valor, the judiciary has ordered the freezing of R$ 90

million from the fintech and a civil servant association suspected of participating in beatriz.shinye@ubs.com

fraudulent discount schemes. +55-11-2767 6569

American fund files class action lawsuit against PicPay alleging that fintech

omitted information in IPO