Brazilian Police Target Rio Fund as Banco Master Probe Grows (1)

Brazil police started probing a Rio de Janeiro civil servant pension fund and its investments in Banco Master SA, marking the newest phase of the investigation into what could be the country’s biggest bank fraud ever.

Federal police on Friday served four seizure warrants over allegedly irregular financial operations exposing the fund’s patrimony to elevated risk that was “incompatible with its purpose,” according to a statement.

An unmarked Federal Police car leaves the headquarters of Banco Master in Sao Paulo, Brazil, on Tuesday, Nov. 18, 2025.

Photographer: Victor Moriyama/Bloomberg

The police operation marks the latest twist in the downfall of Banco Master, which was liquidated by Brazil’s central bank in November and is facing accusations of fraud in its assets. The ...