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Brazilian Police Target Rio Fund as Banco Master Probe Grows

An unmarked Federal Police car leaves the Banco Master headquarters in Sao Paulo, in November. — An unmarked Federal Police car leaves the Banco Master headquarters in Sao Paulo, in November.
Photographer: Victor Moriyama/Bloomberg

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By Matheus Piovesana and Daniel Carvalho

January 23, 2026 at 11:47 AM UTC

Updated on

January 23, 2026 at 3:20 PM UTC

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.

Leia em português.