Rioprevidência accelerated multimillion-dollar investments in Banco Master.
Investigation indicates that nearly R$ 1 billion was invested in an unusual timeframe, without approval from the investment committee and with evidence of irregularities.
247 - Investigations by the Federal Police reveal that the top management of Rioprevidência (Rio de Janeiro's state pension fund) approved, in an atypically short timeframe, the accreditation of Banco Master and the release of multimillion-dollar investments in financial instruments, totaling almost R$ 1 billion. The process took place in less than a month in 2023 and allegedly involved the direct action of the fund's then-CEO, Deivis Marcon Antunes, who was arrested this week during a Federal Police operation. This information comes from an investigation analyzing possible irregularities in the management of the pension fund's resources for state employees in Rio de Janeiro, according to Malu Gaspar of the newspaper... The Globe.
According to the Federal Police, Antunes signed the authorization that allowed Banco Master to offer bonds to Rioprevidência on October 19, 2023, just 15 days after the formal accreditation request. On the same day, the fund's investment director, Eucherio Lerner Rodrigues, was replaced; he had also become a target of the investigation in a previous phase of the operation. Less than two weeks later, on November 1st, the first investment of R$ 100 million was released, followed by another R$ 20 million on November 10th.
The Federal Police highlight that the funds were transferred without prior analysis by the Rioprevidência investment committee, which only met on November 30th of that year, when the funds had already been invested. Between November 2023 and July 2024, the fund allocated R$ 970 million to Master's financial instruments in nine transactions. This amount corresponds to almost half of everything the bank raised in this modality. Considering other securities of the conglomerate, the total invested by Rioprevidência reached R$ 1,2 billion.
The timeline considered suspicious was presented to the Court of Auditors of the State of Rio de Janeiro (TCE-RJ), which concluded, in an audit released last December, that there was a "scenario of administrative disorder," with risks to the fund's assets and non-compliance with pension legislation. Rioprevidência is responsible for paying pensions to approximately 235 state employees.
Despite recommendations from the TCE-RJ (Rio de Janeiro State Court of Auditors), Antunes remained in office until January of this year, when he was the target of a search and seizure warrant while abroad. He was eventually dismissed by Governor Cláudio Castro (PL), who stated that he had appointed him because of his "curriculum" and his "proven technical competence." In a previously released statement, Deivis Marcon Antunes denied any irregularities and declared that he had managed the fund with "public spirit, integrity, and within the highest ethical precepts."
The arrest of the former president of Rioprevidência occurred on the Via Dutra highway, after he disembarked at Guarulhos International Airport in São Paulo, upon returning to Rio de Janeiro. The 6th Criminal Court authorized the detention after identifying evidence of obstruction of justice and concealment of evidence. According to the Federal Police, after the first phase of the operation, suspicious activity was detected in his apartment in the South Zone of Rio, including the removal of documents, manipulation of digital evidence, and the transfer of luxury vehicles to third parties.
The financial instruments acquired by the fund are considered risky investments, as they are not covered by the Credit Guarantee Fund (FGC). With the subsequent liquidation of Banco Master by the Central Bank, there is no guarantee of reimbursement of the invested amounts. The TCE-RJ (Rio de Janeiro State Court of Auditors) had already prohibited new investments in the bank in October 2025, and the institution was liquidated the following month. An attempt by Rioprevidência (Rio de Janeiro State Pension Fund) to exchange the securities for state and federal debt securities was rejected by the liquidator shortly before the Federal Police operation.
According to the Federal Police, Deivis Marcon Antunes acted to facilitate an "accelerated accreditation" for Banco Master, failed to comply with determinations from the TCE-RJ (Rio de Janeiro State Court of Auditors), maintained investments considered excessive despite formal warnings, and acted in collusion with others involved. The corporation maintains that those investigated should be held accountable for crimes such as fraudulent management of a financial institution, criminal association, passive corruption, embezzlement, fraud against oversight, and inducing error in a public office.
