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Brazil police investigate Caixa over purchase of Panamericano shares
April 19, 2017 / 10:34 AM / 7 months ago

Brazil police investigate Caixa over purchase of Panamericano shares

SAO PAULO, April 19 (Reuters) - Brazil’s federal police said they had launched raids on Wednesday as part of an investigation into the allegedly fraudulent purchase of shares of Banco Panamericano SA by Caixa Participações SA, parent company of national savings bank Caixa Econômica Federal.

The investigation will seek to determine whether Caixa Econômica Federal managers committed a fraud which may have caused losses to clients of the bank, the police said in a statement.

The federal court which authorized the raids also froze 1.5 billion reais ($483 million) of assets belonging to the targets of the probe, the police said.

$1 = 3.1070 reais Reporting by Ana Mano

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