RIO DE JANEIRO, June 27 (Reuters) - Brazilian police

said on Thursday they had raided the houses of two former

Americanas executives as part of an investigation

into alleged accounting fraud at the retailer, which filed for

bankruptcy protection last year.

Americanas, one of Brazil's biggest online and

bricks-and-mortar retailers, was thrown into crisis in January

2023 when it revealed billions of dollars in accounting

inconsistencies.

"Those being investigated are responsible for the biggest

fraud in the history of the Brazilian financial market," the

federal police said, adding that the scandal had an estimated

impact of 25.3 billion reais ($4.58 billion).

A Rio de Janeiro judge had ordered two arrest and 15 search

warrants, but police did not make the arrests because the

targets are currently abroad, local prosecutors said.

The court also ordered a freeze on some 500 million reais in

assets owned by the former executives.

A source with direct knowledge of the operation told Reuters

that one of the targets of the arrest warrants was former

Americanas CEO Miguel Gutierrez, who led the firm for more than

two decades until December 2022 and now lives in Spain.

Gutierrez, who has previously denied any knowledge of

accounting irregularities during his time running the retailer,

did not respond to Reuters requests for comment on Thursday.

Americanas, long controlled by three Brazilian billionaires

who founded 3G Capital - Jorge Paulo Lemann, Marcel Telles and

Carlos Alberto Sicupira - last year accused Gutierrez and half a

dozen other former employees of taking part in a fraud scheme.

"Americanas reiterates its trust in the authorities

investigating the case and reinforces that it was the victim of

results fraud by its former management, which intentionally

manipulated existing internal controls," the company said.

"Americanas believes in justice and awaits the

investigations to be concluded to hold everyone involved legally

responsible," it added in a statement.

Brazil's federal police said their investigations found that

former executives "committed accounting fraud related to

operations in which the retailer was able to advance payment to

suppliers through bank loans".

"The investigation also showed strong evidence of the crime

of market manipulation, insider trading, criminal association

and money laundering," they added.

Since the scandal was uncovered, Americanas has filed for

bankruptcy protection, swapped key executives, revised its 2021

results and agreed a capital injection of up to 12 billion reais

from its controlling investors, aiming for a 2025 recovery.

($1 = 5.52 reais)