BRASILIA, June 28 (Reuters) - The former chief executive

of Brazilian retail giant Americanas, who is wanted

in Brazil for a $4.5-billion alleged accounting fraud, was

arrested in Madrid on Friday at the request of Brazilian

authorities, three sources familiar with the matter said.

Miguel Gutierrez had been included in Interpol's wanted list

on Thursday after a Rio de Janeiro court issued an arrest

warrant against him, but Brazil's federal police did not manage

to make the arrest as he was living abroad.

Gutierrez's defense lawyer said in a statement on Thursday,

after news of the arrest warrant, that his client had never

participated or known about any fraud during his time running

the retailer.

Spain's national police declined to confirm or deny the

arrest. But Brazilian sources told Reuters extradition

proceedings will now begin to bring the former executive to

trial in Brazil.

One police source, however, said extradition could be

difficult because Gutierrez has dual Brazilian and Spanish

citizenship.

Gutierrez, who led Americanas for more than two decades

until December 2022, is being investigated in Brazil for a 25.3

billion-real ($4.5 billion) alleged accounting fraud that led

the firm to file for bankruptcy in January 2023.

Federal police investigators have called it "the biggest

fraud in the history of Brazil's financial market".

Americanas, one of Brazil's biggest online and

bricks-and-mortar retailers, has long been controlled by three

Brazilian billionaires who founded 3G Capital.

($1 = 5.5825 reais)