Fraudes na construcao civil geram alerta em Itapema - Rocccoimob Imobiliária em Bombinhas

Fraud in civil construction in Itapema has put the city’s real estate market in the spotlight. The reason was the outbreak of Operation Black Flow, in September 2025. The investigation, conducted by GAECO with the support of the Public Prosecutor’s Office of Santa Catarina, investigates a scheme that would have moved around R$ 90 million. The offensive resulted in 28 search and seizure warrants and four preventive arrests in three states. Among the main targets is the construction company B•Fabbriani S.A., based in the municipality.

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What is under investigation

The group would have created 43 Special Purpose Companies (SPEs), but only 16 negotiated with customers. Many sold properties without the proper registration of incorporation, a practice considered illegal. The money received was diverted to other SPEs or even to personal accounts, leaving projects without resources for completion.

The investigations also point out that the scheme would have harmed at least 168 buyers in a single development, Coline Residencial, delivered with serious irregularities, such as absence of individualized registration and delays far beyond the schedule. A complex business structure was also identified, consisting of seven parent companies and a holding company in the United States, which reinforces the seriousness of the case and helps to understand the dimension of the frauds investigated.

What is the impact on the market

The case brought concern to the real estate market in Itapema, where the land exchange model is common, in which the owner receives units after the completion of the work.
Added to this, the facilitated payment terms, such as low down payments and installments of up to eight years, make the cash flow of construction companies dependent on sales. When there is an imbalance or deviation, investors and buyers are exposed.

How to reduce risk

Among the precautions are:

Check the documentation of the work and the construction company (incorporation registration, land registration and clearance certificates).
Research the company’s history, works already delivered and possible lawsuits.
Evaluate the physical and financial schedule of the construction.
Check that the payment terms are compatible with the execution.
Negotiate only with recognized real estate agents in the region.
Keep contracts, receipts and records of the negotiation.

What to expect going forward

The Operation exposes vulnerabilities in part of the sector, but also highlights the need for greater oversight and transparency in real estate developments.

The next developments of the investigation will indicate the effective impacts for the sector in Itapema and region. Meanwhile, Bombinhas, a nearby region, continues to be a reference for appreciation and safety. The combination of tourist demand, limited land supply, and constant appreciation keeps the region among the most sought-after destinations for real estate investments in the country.

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FAQs

1. What is Operation Black Flow?
Action by GAECO and the Public Prosecutor’s Office that investigates fraud in the civil construction sector in Itapema.

2. What is the value of the scheme?
Investigations point to a movement of about R$ 90 million.

3. How many victims have already been identified?
In Coline Residencial, at least 168 buyers were harmed.

4. Which construction company is in the crosshairs?
Among the main targets is B•Fabbriani S.A., headquartered in Itapema.