Federal Police Raid Targets Rio Pension Fund Over Banco Master Investments as President Resigns

Overview

• Operation Barco de Papel executed court-authorized searches at Rioprevidência and addresses linked to its leadership, seizing luxury vehicles, cash, electronics and documents.
• Deivis Marcon Antunes left Brazil on January 15 for the United States with no arrest warrant outstanding, then submitted his resignation and was formally removed by Governor Cláudio Castro.
• The probe examines nine transactions from November 2023 to July 2024 that put about R$970 million into Banco Master letras financeiras maturing in 2033–2034, investments not covered by the deposit insurance fund.
• A TCE-RJ report flagged a “notable coincidence” between leadership changes and the start of the purchases and described a fast-tracked accreditation, with director Eucherio Lerner Rodrigues and former manager Pedro Pinheiro Guerra Leal also cited.
• In the broader Master case, the STF authorized 42 searches and asset freezes exceeding R$5.7 billion, and President Lula publicly rebuked defenders of controller Daniel Vorcaro, referencing an alleged near R$40 billion loss.