São Roque pension fund investigation

The São Paulo State Court of Accounts (TCE-SP) ruled the 2024 accounts for the São Roque Social Security Institute (São Roque Prev) irregular, ordering former president Vanderlei Massarioli to reimburse R$ 93.15 million. The ruling follows high-risk investments in Banco Master financial letters that fell below the institute’s required minimum credit rating.

Following these findings, the Brazilian Federal Police launched ‘Operação Entressafras’ to investigate alleged financial irregularities occurring between 2022 and 2024. The investigation focuses on approximately R$ 100 million in irregular investments, including real estate funds, which authorities claim lacked technical justification and failed to follow diversification standards.

Police have executed search and seizure warrants in São Roque and Pernambuco. The total estimated loss to the fund is R$ 121 million, an amount currently blocked against suspects. Potential charges include fraudulent management, money laundering, embezzlement, and crimes against public administration.