Brazil’s Federal Police searched addresses linked to former Rio de Janeiro governor Cláudio Castro on May 26 in the eighth phase of Operation Compliance Zero, an investigation into suspected financial crimes tied to Banco Master and RioPrevidência, the state pension fund for public servants.
The warrants were authorized by Justice André Mendonça of Brazil’s Supreme Federal Court (STF). The operation also targeted Ricardo Siqueira Rodrigues, former and current Rioprevidência officials, Planner Corretora de Valores and Mídias Promotora Ltda., according to BBC News Brasil and Poder360.
What Police Allege
The investigation focuses on investments by Rioprevidência in Banco Master, the private bank controlled by Daniel Vorcaro. Federal Police say the fund invested about R$970 million (roughly USD 180 million at recent rates) in financial notes issued by the bank between late 2023 and July 2024.
Investigators are also examining later investments in funds linked to the same bank. Poder360 and BBC report that those applications reached R$2.01 billion (roughly USD 375 million), bringing the total to about R$3 billion. Tribuna do Sertão and Irecê Líder report a higher figure, about R$3.7 billion, when financial notes and investment funds are counted together. The discrepancy is not resolved in the source material.
Mendonça’s decision, cited by BBC, said there was an “elevated probability” that the investigated people were part of a structured corruption and money-laundering scheme designed to divert a billion-real sum from RioPrevidência. The people under investigation are presumed innocent.
The Political Link
According to BBC, the court decision says the probe examines possible action by Vorcaro involving RioPrevidência “through an alleged political arrangement” with Castro, who governed Rio de Janeiro at the time of the investments. Castro, a member of the Liberal Party (PL), resigned in March 2026 before Brazil’s Superior Electoral Court made him ineligible in a separate case.
Investigators cite messages and meetings that they say preceded or accompanied the pension-fund investments. BBC reported that Mendonça described signs of personal proximity between Castro and Vorcaro, including private and overseas meetings paid for by the banker. Irecê Líder reported that Vorcaro paid for a whisky tasting dinner attended by Castro in New York, with a bill of about R$66,000 (roughly USD 12,000).
Poder360 reported that Federal Police listed Castro, Siqueira and four Rioprevidência officials among the targets of search-and-seizure warrants. Planner said in a statement to Poder360 that its activities were within its corporate purpose and regulatory authorizations, and that it had already provided documentation related to the operations. Poder360 said Castro’s defense did not respond before publication. BBC quoted Castro’s lawyer, Carlo Luchione, as saying he was following the searches and had not yet accessed the decision.
The Role of Ricardo Siqueira
The investigation identifies Ricardo Siqueira Rodrigues, known in the market as “Ricardo Gordo,” as a key intermediary. BBC described him as an “articulator, fundraiser and lobbyist” who allegedly worked to bring Rioprevidência money into Banco Master.
Tribuna do Sertão reported that one phrase attributed to Siqueira is central to a Federal Police request for bank and tax-record breaches. In a message to Vorcaro, Siqueira allegedly said the pension system had an “owner” and that this owner needed to authorize people internally. Investigators interpret the phrase as a reference to Castro, according to the report.
The sources also describe Siqueira’s past legal history. Irecê Líder reported that Brazil’s securities regulator, the CVM, fined him R$53.3 million (roughly USD 10 million) in December 2024 over a transaction it considered fraudulent in a fund linked to the former Trump hotel project in Rio de Janeiro. Siqueira appealed. His defense was not reached by Irecê Líder.
Wider Banco Master Case
Operation Compliance Zero began in 2025 and has expanded through several phases involving Banco Master, its executives and political figures. Vorcaro has been arrested in the case and, according to Poder360, submitted a plea-bargain proposal now under review at the STF.
The Rioprevidência strand grew out of material seized from Vorcaro’s phone, according to BBC. Federal Police say the evidence points to administrative changes inside the pension fund, alleged irregularities in Banco Master’s accreditation and investment decisions that may have violated prudence and governance requirements.
For Rio’s retired civil servants and pensioners, the case matters because Rioprevidência is not an abstract fund. BBC reported that the system serves about 241,000 people and pays roughly R$13 billion (about USD 2.4 billion) a year in benefits. The investigation now asks whether money meant to support those obligations was steered into a troubled bank through political influence rather than technical judgment.