Iprev pension fund investment investigation

Authorities are investigating suspected irregularities involving R$ 97 million from the Maceió Public Servants Pension Institute (Iprev). The funds were reportedly invested in Banco Master, a financial institution that underwent extrajudicial liquidation by the Central Bank in November 2025 due to liquidity crises and regulatory violations.

Federal Police and the Office of the Comptroller General (CGU) are examining potential crimes, including fraudulent management, embezzlement, money laundering, and criminal organization. Investigations suggest the consultancy firm Crédito & Mercado may have improperly assumed administrative duties to facilitate these investments. Supreme Court Minister André Mendonça has authorized search and seizure warrants and the freezing of assets belonging to six suspects.

In response to the investigation, JHC, the former mayor of Maceió, denied personal responsibility for the investment decisions. He asserted that Iprev maintains autonomy over its fund management and stated he never issued orders regarding the Banco Master bonds. While authorities allege the investments lacked adequate technical analysis, Iprev maintains that all procedures followed legal requirements.