40 Cisco employees have been arrested by Brazilian authorities, as part of a massive tax fraud investigation. Police and tax authorities say that Cisco's Brazilian unit has imported ё250 million worth of telecommunications and network equipment over the last five years without properly paying import duties. In all, it is claimed that the company owes an estimated 1.5 billion reais (ё410 million) in taxes, fines and interest.
Senior company executives and six government tax officials were among those arrested, say police, but no names have been released. Brazilian authorities also asked the U.S. police to issue arrest warrants for five more suspects currently in the United States.
"Cisco is cooperating with the investigation that is underway," says a company spokesman in Sao Paulo.
The investigation, which has been going on for two years, alleges that Cisco's Brazilian unit used companies based in tax havens like Panama, the Bahamas and the British Virgin Islands to avoid paying import taxes in Brazil.
Authorities say that Cisco also systematically understated the value of merchandise it imported to pay less taxes and frequently issued falsified receipts and other documents.
About 650 police agents and tax officials served 93 search warrants in the states of Sao Paulo, Rio de Janeiro and Bahia on Tuesday. Police also suspect that some Cisco employees in the United States were involved in the scheme.
"It's inevitable that this investigation is going to lead us to headquarters," says Erika Nogueira, the federal police official in charge of the probe.
Police say they had no evidence that Cisco's customers in Brazil were aware of the scheme but that each sales contract would be investigated on an individual basis.
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