Off-Balance Operation investigates reckless management in financial investments considered high risk carried out between 2023 and 2024
The Federal Police (PF) launched, this Wednesday (13), Operation Off-Balance to investigate alleged irregularities in resource management Cajamar Servers Social Security Institute (IPSSC), in Greater São Paulo. The investigation involves financial investments considered high risk carried out between August 2023 and March 2024, in financial letters from Banco Master.
Nearly R$ 112 million of the assets of the Cajamar social security system were directed to four investments considered suspicious by the PF, being R$87 million linked to Banco Master e R$20 million to Banco Daycoval.
The report asked for a statement from the Cajamar pension system and Banco Daycoval, mentioned in the investigation. The space is open.
The main suspicion is reckless management of public pension resourcescom serious governance failures, lack of adequate technical analysis, deficiency in risk assessment e possible targeting of financial investmentsespecially in favor of Banco Master.
The investments took place during the administration of then mayor Danilo Joan (PP), appointed as an ally of senator Ciro Nogueira (PP-PI), target of the last phase of Operation Compliance Zero, which investigates Banco Master and its web of influence.
Federal police officers carried out this morning six search and seizure warrants in the municipalities of Cajamar, Boituva by you capital of São Pauloin addition to precautionary measures to removal from public service and of unavailability of goodsissued by the 9th Federal Criminal Court of São Paulo.
The main targets of Operation Off-Balance are members of the Cajamar pension fund leadership.
Among those investigated are:
- Luiz Henrique Miranda Teixeirawho held the position of executive director between July 2023 and December 2025;
- Marcelo Ribas de Oliveirapresident of the Investment Committee and director of Benefits;
- Milton Marques Diasadministrative and financial director, responsible for managing RPPS resources and member of the Investment Committee;
- Rafael Petroziellomember of the committee who participated in the deliberations and signed authorizations for financial investments linked to the contributions under investigation;
The report seeks contact with the defenses.
