One of the central figures in the investigation into RioPrevidência's billion-dollar investments in Banco Master stated that he intends to reveal to the Federal Police who the "owner" of the pension fund was, as mentioned in conversations intercepted by investigators. The statement was made by financial consultant Ricardo Siqueira Rodrigues in an interview with Metrópoles.
Targeted in the 8th phase of Operation Compliance Zero, Rodrigues worked for banker Daniel Vorcaro in raising funds from state and municipal pension funds. The Federal Police investigation is looking into the allocation of billions of dollars invested by RioPrevidência in financial products linked to Banco Master.
According to a report by Metrópoles, the consultant decided to speak publicly after the operation that targeted, among others, the former governor of Rio de Janeiro, Cláudio Castro (PL). In an audio message sent to Vorcaro in 2023 and reproduced in the investigation, Rodrigues stated that RioPrevidência had an "owner" and that political maneuvering would be necessary to enable certain investments.
Now, he says he is willing to reveal to the authorities who that person might be.
"Regarding this specific owner, in relation to Rio de Janeiro, I am waiting here to be able to give a statement to the Federal Police or the Attorney General's Office within the next few days. I prefer that this information be released first in that statement," he told Metrópoles.
Influence beyond the governor
In the interview, Rodrigues stated that Cláudio Castro had natural influence over the institute because he was the state governor at the time of the investments, but maintained that other figures also had significant weight in decisions related to RioPrevidência.
“Cláudio Castro, with whom I never had any contact, clearly had enormous influence, since he was the governor of the state. But I understand that he wasn't the only one with significant influence regarding the possibility of approving these investments,” he stated.
Behind the scenes of Rio de Janeiro politics, the appointment of RioPrevidência (Rio de Janeiro's pension fund) directors during Castro's administration is frequently associated with the national president of União Brasil, Antônio Rueda. However, Rueda denies any influence over the agency.
When questioned about the matter, Rodrigues avoided mentioning names, but acknowledged having heard comments about possible political influences within the foundation.
Billion-dollar investments under investigation
According to information gathered by the Federal Police, RioPrevidência invested approximately R$ 970 million in financial instruments from Banco Master between October 2023 and July 2024. Subsequently, another R$ 2 billion was invested in funds linked to the financial institution.
The Federal Police describe Rodrigues as an organizer responsible for bringing the bank closer to pension fund managers. Investigators claim he received a commission on the funds raised.
The consultant disputes some of these conclusions. Speaking to Metrópoles, he denied acting as a political lobbyist and stated that his involvement was limited to providing technical consulting services. He also said that he never received funds from RioPrevidência and that payments for services rendered were made through a third-party company.
New front in the investigation
Rodrigues also reported that he was hired in 2023 to assist Banco Master after the institution received authorization to expand its fundraising from its own pension schemes.
According to him, the professional relationship with Vorcaro ended in September 2024, amidst increasing controversies involving the bank and negotiations that culminated in the transaction with Banco de Brasília (BRB).
The expectation now is that the testimony promised by the consultant to the Federal Police and the Attorney General's Office may bring new elements to one of the most sensitive investigations involving RioPrevidência, Banco Master, and influential figures in Rio de Janeiro politics.
⚠️ OPERATION | Under investigation in Operation Compliance Zero, a consultant who worked for Daniel Vorcaro claims he will reveal to the Federal Police who had decisive influence over RioPrevidência's investments in Banco Master.
— Agenda of Power (@agendadopoder) May 31, 2026
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