The Federal Police launched an operation against Amprev, the Amapá public servants' pension fund, over irregular investments in Banco Master, liquidated for frauds. The entity's president-director, appointed by Senate President Davi Alcolumbre, was targeted in searches. The action highlights political connections in the scandal costing billions to public coffers.
On Friday (6), the Federal Police carried out Operation Zona Cinzenta, executing four search and seizure warrants in Macapá to probe Amprev's R$ 400 million investments in Banco Master's financial letters, controlled by Daniel Vorcaro. The state fund suffered a R$ 25 million loss on Ambipar shares tied to the fraud scheme that led to the bank's liquidation on November 18, 2025.
Amprev's president-director, Jocildo Silva Lemos, appointed by Alcolumbre (União Brasil-AP) and former treasurer of his 2022 campaign, was the main target. The raid follows a similar operation at Rioprevidência (RJ) in January, where a director was arrested for ignoring warnings on the risky investments. In total, 19 public pension funds from states and municipalities invested R$ 1.8 billion in Master securities, uncovered by the Credit Guarantee Fund (FGC), exposing retirees to losses.
The scandal involves BRB (Banco de Brasília), which attempted to buy R$ 12.2 billion in fake Master portfolios, costing around R$ 50 billion to the FGC, ultimately borne by the public. Suspicions point to regulatory failures by the Central Bank and CVM. Politicians across the spectrum express discomfort, with pressures to hush the case, but President Lula ordered investigations to the end. The Joint INSS CPI scheduled Vorcaro's testimony for February 26, requesting STF approval for jet transport on security grounds.
"The PF operation showed the opposite [of hushing the case]", a Brasília source commented, noting probes advancing to betting firms and congressional ties. The TCU concluded an inspection favorable to the Central Bank's conduct in the liquidation.
