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Huge Brazil police raid targets $2.5-bn pension fraud

Brazilian Federal Police personnel are pictured during a raid in Brasilia, on June 23, 2016Brasília (AFP) – Brazilian police staged a massive raid Monday to crack down on what they described as rampant fraud in the pension system, one of the world’s most generous — and most over-stretched. In the latest graft sting for corruption-weary Brazil, more than 500 officers across eight states seized 90 buildings, impounded more than 100 cars and froze a total of eight billion reals ($2.5 billion) in assets allegedly linked to fraudulent schemes at the country’s largest public pension funds. “The operation was based on 10 cases that we uncovered in examining the reason for the pension funds’ multi-million-real deficits.

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