Understand how Rio invested R$3 billion in Master and where the money went

The new phase of Operation Compliance Zero, launched this Tuesday (26) by the Federal Police, investigates the application of R$ 2.01 billion by the State of Rio de Janeiro to investment funds from the Master bank.

In total, the action investigates the transfer of around R$3 billion from Rioprevidência to Banco Master, owned by Daniel Vorcaro, at the time when governor Cláudio Castro (PL) was in charge of the state of Rio.

According to an official statement from the PF, the new phase of the investigation is an offshoot of Operation Paper Boat. At the time, suspicious contributions from Rioprevidência were identified in Letras Financeiras from a private bank, totaling around R$970 million, between October 2023 and July 2024.

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Rioprevidência, as RPPS (Own Social Security Regime), has the right, until the latest resolution of the CMN (National Monetary Commission), to invest financial resources in private investments - such as the fixed income securities contributed by the RPPS of Rio de Janeiro since October 2023 at the Vorcaro bank.

This pension system is exclusive to public servants from the Union, States, Federal District and municipalities. The regime guarantees retirement and death pensions, managed independently by each federative entity.

"It is different from the INSS, which serves workers in the private sector and part of civil servants. In the case of permanent civil servants from states, municipalities, the Federal District or the Union, there may be their own regime", explains Bruno Perri, economist and founding partner of Forum Investimentos.

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However, the critical point for this type of investment carried out by the RPPS of Rio de Janeiro is that investments made by these entities are not guaranteed by the FGC (Credit Guarantee Fund), as their protection is limited to deposits and credits from the private financial system.

Perri emphasizes that these amounts did not "evaporate", but were transformed into financial assets. In simple terms, the expert confirms that the money went to the bank's debts and to funds that invested in third-party debts.

However, Pierre emphasizes that, for those who depend on Rio's social security system, this does not necessarily mean not receiving their pension tomorrow. "But the system becomes more fragile", he says.

Without the presence of the FGC, investors will only know how much is possible to redeem from investments during the asset liquidation process, a procedure that usually drags on for years, or via legal disputes and real capacity for recovery.

The existence of the FGC opened up space for Master, says Schwartsman | MARKET OPENING

"The problem is not that the RPPS invests, it needs it to preserve and monetize its assets over time. The question is where it invests, how much it concentrates, what risk is assumed and whether that makes sense for a public pension, which needs to pay retirements and pensions for many years", says the economist.

Rio de Janeiro was not the only state to contribute Master assets. According to data from the MPS (Ministry of Social Security) until February 2026, 19 federal entities, including states and municipalities, made investments in the bank liquidated in November last year.

Amprev (Amapá Previdência), for example, invested R$400 million, while among the municipalities, Maceió (AL) has the largest contribution, informing the Ministry that it invested R$97 million. The capital is followed by São Roque (SP), with R$93.1 million, and Cajamar (SP), with R$87 million.

Perri explains that, due to Banco Master, a lot has changed in the rules for investment contributions. "The case ended up accelerating a regulatory tightening that was already being discussed," he says.

According to the economist, in practice, many RPPS now have less freedom to invest outside of federal public bonds, unless they prove a high level of governance, risk control and technical capacity.

Today's operation also stands out due to the former governor of Rio de Janeiro, who received two visits from the Federal Police in less than two weeks.

Castro and the owner of Refit, Ricardo Magro, were the targets of search and seizure warrants in Operation Sem Refino on May 15.

According to the PF, the operation on the 15th investigates the activities of an economic conglomerate in the fuel sector, suspected of using corporate and financial structure to hide assets, conceal assets and evade resources abroad.

Daniel Vorcaro, owner of Banco Master, is arrested by the Federal Police

Source: CNN