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Brazil police raids ex-billionaire Batista's home amid massive corruption probe

Brazil police raids ex-billionaire Batista's home amid massive corruption probeBrazilian police and federal prosecutors conducted a series of raids and searches on Thursday related to a massive corruption probe, with one of the targets being former billionaire Eike Batista, Reuters reported citing GloboNews.

According to media, Batista's home was raided by police but he could not be immediately found. Batista, who is currently travelling, plans to turn himself in to authorities on his return, GloboNews said, citing unnamed lawyers representing him.

According to the newswire service of O Globo newspaper, nine detention orders were issued on Thursday in a new phase of "Operation Car Wash," as the probe is commonly known.

Brazilian business magnate made and lost more than $30 billion in mining and oil and gas exploration boom. Batista is now entangled in the country’s biggest corruption scandal. The businessman is under investigation in the so-called Carwash probe, and one of his former chief executive officers has been temporarily arrested for allegedly paying bribes to win work with state-controlled oil producer Petroleo Brasileiro SA four years ago.

According to Bloomberg, Eike Batista had $63 million of his assets frozen by a judge in the Cayman Islands this week at the request of two U.S. investors in his failed oil exploration businesses.

The U.S. investors claimed in a separate Florida lawsuit that Batista looted his companies in the months prior to their bankruptcy filings in October of 2013 because he knew a collapse was imminent. There’s evidence he moved $572 million from Brazil to the Bahamas and then tried to move $100 million from his Bahamas account to Florida.
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