dLocal could face a lawsuit in the US for its alleged fraudulent actions in Argentina

dlocal Argentine lawsuit

The Argentine government is conducting an exhaustive investigation into the activities of dLocal, Uruguay’s renowned unicorn company, due to suspicions of fraud against the Argentine state. This situation has led to considering the possibility of filing a complaint in the United States, according to reports by Infobae and confirmed by El Observador.

Within the framework of this investigation, Argentine Customs is evaluating the feasibility of notifying the Securities and Exchange Commission (SEC), the Wall Street regulatory body, in order to obtain crucial information from the United States Treasury and Homeland Security. Investigations. The main focus of the investigation lies in the possible flight of at least US$ 400 million that the company would have carried out abroad.

dLocal, a Uruguayan company dedicated to facilitating cross-border payment services, connecting global merchants with emerging markets, is recognized as the only company in the country to reach a stock market valuation of more than US$1 billion, thus granting it unicorn status . In addition, it is the only Uruguayan company listed on Wall Street, which positions it as a relevant player in the business arena.

In the year 2022, dLocal was embroiled in allegations of conducting fraudulent activities, resulting in a significant loss of value. However, during the first quarter of 2023, the company managed to turn a profit, thus reversing the difficult close of the previous year. According to the financial report presented, earnings amounted to US$ 35.5 million, which represents an increase of 35% compared to the first quarter of 2022 and a positive result in relation to the last quarter of last year.

Accusations of improper practices in the foreign exchange market and sending funds abroad with the intention of evading foreign exchange have led the Argentine government to fully investigate dLocal. According to official sources, it is estimated that these fraudulent actions could involve at least US$400 million, which would constitute a serious case of fraud.

According to Infobae reports, it is suspected that the company has taken advantage of exchange gaps to withdraw dollars abroad through operations not registered in its accounting. In addition, it is highlighted that in dLocal’s accounting records there is a lack of tangible assets, limiting itself mainly to declaring rents associated with its “operating address”.

It is also stated that the company receives invoices from outside its parent company, issues B invoices to foreign clients to justify income and performs internal billing with other companies in the same group. These practices could allow them to avoid the obligation to settle foreign exchange generated by the export of services.

Argentine Customs, led by Guillermo Michel, has expressed its evaluation regarding the possibility of notifying the SEC through the United States embassy in Buenos Aires, with the purpose of denouncing the alleged fraud.

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