In a news conference following Nuzman's arrest, federal prosecutor Fabiana Schneider said the investigation had uncovered evidence Nuzman paid an additional $450,000 to $500,000 to secure the games.
The IOC also announced that head of the Brazil Olympic Committee, Carlos Nuzman, has been suspended as an honorary member and that all payments to the body have been frozen.
Authorities allege that former Rio de Janeiro governor Sergio Cabral, who is serving a 14-year prison term for bribery and money laundering, masterminded the plot.
The decision came hours after Brazilian authorities investigating a 2016 Olympic vote-buying case asked for help from prosecutors in Switzerland.
Nuzman was arrested on Thursday by the federal police in connection with a case on bribing to bring the 2016 Summer Olympics to Rio de Janeiro.
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It also suspended the Brazilian Olympic Committee (BOC), although it said the country's athletes were unaffected and would be allowed to take part in next year's Pyeongchang Winter Olympics in South Korea and would continue to receive scholarship funds.
After police raided Nuzman's home in September, they accused him of paying a $2 million bribe to the son of Lamine Diack, a former International Olympic Committee member from Senegal.
The gold is stored in a depository in Geneva, Switzerland.
The move, however, is not expected to have any effect on Brazilian athletes, as they can still compete in the worldwide events, including the 2018 Winter Olympics.
Carlos Arthur Nuzman, head of Brazil's Olympics committee, has made a decision to step away from the games' governing body, according to a statement by the National Olympics Committee on Saturday. He was an International Olympic Committee executive board member in October 2009 when he got a $300,000 payment linked to Brazil and the Diack family on the day Rio won.