Renato da Cruz Costa, CEO of RC GROUP BR INC (Financial Group), based in New York, is accused of deceiving several startups in Brazil by pretending to invest in their companies and become a partner. He charged the startups for various fraudulent services, including the creation of a business plan, the opening of bank accounts, incorporation in the US, the provision of an US address, a physical office, and other fraudulent services. The expectation is that at least 10 startups were deceived. So far, only 5 have publicly commented.
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What factors contributed to the success of the scam?
According to victim reports, the alleged scheme followed a consistent and well-orchestrated pattern. An individual with a strong business background, an influential contact, or even a startup incubator would introduce Renato da Cruz Costa from RC GROUP BR INC, presenting documents later reported as forged, media content that editors subsequently removed, a company history that victims describe as fictitious, contracts that complainants allege were fraudulent, and other materials to build credibility.
Renato then posed as a legitimate partner and promised investments in the target companies. Once trust was established, the companies signed contracts and were charged upfront fees for supposedly essential services: business plans, international bank accounts, U.S. mailing addresses, media coverage, and more.
After payments were made, the promised investments never materialized, leading to repeated delays, new demands, and ultimately significant financial losses for the victimized startups.
