Federal Police Launch 'Operation Barco de Papel' Targeting Rioprevidência in Brazil

Federal Police Target Rioprevidência in 'Operation Barco de Papel'

The Federal Police in Brazil launched 'Operation Barco de Papel' (Paper Boat) on Friday, January 23, 2026, in Rio de Janeiro. The operation aims to investigate alleged crimes against the National Financial System involving Rioprevidência, the state pension fund responsible for the retirements and pensions of public servants in the state of Rio de Janeiro. The action led to the resignation of Rioprevidência's president, Deivis Marcon Antunes.

Investigation Details and Allegations

The investigation, which commenced in November 2025, focuses on suspicious financial operations that reportedly exposed Rioprevidência's assets to high and incompatible risks. Authorities are probing a series of nine financial operations conducted between November 2023 and July 2024, which involved the application of approximately R$ 970 million (or R$ 1 billion, according to some reports) of the autarchy's resources into Financial Letters issued by a private bank, identified as Banco Master. These investments are suspected of being irregular and not in line with the fund's purpose.

Crimes under investigation include:

• Fraudulent management
• Diversion of funds
• Misleading public departments
• Fraud against supervision or investors
• Criminal association
• Passive corruption

The operation involved the execution of four search and seizure warrants in Rio de Janeiro, targeting Rioprevidência's headquarters and addresses linked to its managers.

Key Individuals and Resignation

Among the individuals targeted by the search and seizure warrants were Deivis Marcon Antunes, the then-president of Rioprevidência; Eucherio Rodrigues, the former director of investments; and Pedro Pinheiro Guerra Leal, a former investment manager. Following the operation, Deivis Marcon Antunes submitted his resignation from the presidency of Rioprevidência. Governor Cláudio Castro subsequently issued an official exoneration. Antunes was reportedly in the United States since January 15.

Context and Impact

The investigation was prompted by an audit report from the Secretariat of Own and Complementary Regimes (SPREV/MPS), linked to the Ministry of Social Security. This is the third operation by the Federal Police related to the Banco Master, which was liquidated by the Central Bank in November 2025. The alleged irregular investments put at risk the pensions and retirements of more than 235,000 public servants in the state of Rio de Janeiro. Rioprevidência has stated that its assets are safeguarded by a judicial decision from December 2025, which ordered the retention of approximately R$ 970 million, along with interest and monetary correction, to protect the patrimony of active and retired public servants and pensioners.