Ex-CEO of Americanas Arrested in Madrid in Fraud Probe (1)

Miguel Gutierrez, the former chief executive officer of Americanas SA, was detained early Friday in Madrid as part of an investigation into a massive accounting fraud at the Brazilian retailer, according to people with knowledge of the case.

The Brazilian Federal Police were told of his arrest this morning, the people said, asking not to be named discussing the matter before it’s made public. On Thursday, the police carried out arrest and search warrants in Rio de Janeiro as part of its biggest operation yet into the case.

Miguel Gutierrez, president of Americanas, speaks in a video posted to the company’s YouTube page in 2021.

Source: Americanas/YouTube

Gutierrez, along with former director Anna Saicali, were ...