PF points to exchange in Rioprevidência before investment of R$ 3.7 billion in Master

The PF (Federal Police) stated to the STF (Supreme Federal Court) that the then governor of Rio de Janeiro, Cláudio Castro (PL), promoted changes at the top of Rioprevidência shortly before the state fund made investments of R$3.7 billion in Banco Master. According to the corporation, the changes would have facilitated the release of contributions considered irregular and without adequate technical support.

The information is contained in a decision by Minister André Mendonça, of the STF, who authorized searches and seizures against Castro, directors of Rioprevidência, financial operators and companies linked to the case. The measure was taken as part of "Operation Compliance Zero", opened based on the analysis of former banker Daniel Vorcaro's cell phone.

According to the PF, between October 2023 and October 2025, Rioprevidência made contributions of around R$3.69 billion in Letras Financeiras and structured funds linked to Banco Master. The investigators maintain that the investments occurred amid liquidity difficulties faced by the financial institution and were made possible by "political alignment" with the then governor of Rio de Janeiro.

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The investigation points out that the change in the Rioprevidência board of directors took place immediately before the investments began. For the PF, the new managers began to adopt decisions at odds with the conservative policy previously practiced by the authority, allowing the accelerated accreditation of Banco Master and applications without consistent technical analysis of risk and market.

According to the decision, the PF identified signs of personal proximity between Vorcaro and Cláudio Castro, including frequent meetings, including abroad, paid for by the former banker. Investigators claim that conversations found on Vorcaro's cell phone indicate that certain investments depended on "political alignment" with the head of the state Executive.

The police representation also describes the actions of a supposed operational nucleus within Rioprevidência. Among the targets of the searches are the then director-president of the municipality, Deivis Marcon Antunes; the investment director, Eucherio Lerner Rodrigues; the operations and investments manager, Pedro Pinheiro Guerra Leal; and the internal control and audit manager, Fernanda Pereira da Silva Machado.

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For the PF, the directors would have authorized operations that did not comply with the rules of the social security system and ignored warnings from control bodies. The corporation also maintains that Planner Corretora de Valores and the company Mídias Promotora Ltda. were used to intermediate operations and distribute commissions related to fundraising.

In the order, Mendonça stated that the records present a "robust set of indicative elements" about the existence of a corruption and money laundering scheme aimed at the irregular capture of resources from Rioprevidência for the benefit of Banco Master. The minister also cited evidence of decisions "in non-compliance with investment policy, prudential regulation and managers' due diligence duties".

The PGR (Attorney General's Office) was in favor of the precautionary measures and stated that there were consistent elements of materiality and authorship. According to the opinion, those investigated may have been part of a criminal organization aimed at diverting social security resources through investments considered reckless and without technical justification.

CNN tries to contact the defense of former governor of Rio de Janeiro Cláudio Castro.

Source: CNN