Brazil’s Pension Funds Investigated for R$8 Billion in Fraud

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The Federal Police in Brazil issued 147 warrants and ordered the seizure of assets of persons accused of mismanagement of funds in four of the country's largest pension funds: Funcef (Caixa Economica), Petros (Petrobras), Previ (Banco do Brasil) and Postalis (Brazilian Postal Service). The losses to these funds are said to be over R$8 billion.

The operation dubbed Greenfield was started Monday morning and police have already seized R$350,000, US$100,000 and €$50,000, as well as works of art, jewelry and luxury vehicles.

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