Brazil's federal police launched an operation on Monday to investigate fraud at pension funds of major state-run companies, carrying out seven arrest warrants, over a hundred search warrants and freezing assets worth 8 billion reais ($2.46 billion), police said in a statement.

 

The pension funds under investigation are those of state-run banks Caixa [CEF.UL] and Banco do Brasil, oil company Petrobras and postal service Correios, the police said.

 

The funds did not immediately respond to requests for comment.

 

The warrants were issued by a judge in the capital of Brasilia, with police operations being executed in eight states as well as the federal district of Brasilia.

 

Police said the investigation was focused on 10 cases which had racked up losses worth billions of reais (dollars). Of these, eight were related to reckless or fraudulent investments made through connected investment funds, police said.