Santos owner faces fraud charges

Federal police have charged Brazilian banker Edemar Cid Ferreira - owner of intervened Banco Santos - with fraud, local news service Folha On Line reported. The police have charged a total of 27 individuals in what is called "operation Tango" and several of those are officials and directors of Banco Santos, Banco BVA and Banco Modal. The operation is called Tango because an Argentine led a group that allegedly committed fraud against the Brazilian federal revenue service and Brazil's social security agency, the INSS. The group used a trading company called Vale Couros for its fraudulent operations, and that company was acquired by Banco Santos in June last year. The police said it will continue its investigation into the alleged fraud and will present its findings to a federal judge in May. Banco Santos was intervened by Brazil's central bank in November last year on financial woes and alleged irregularities. The central bank has not yet said if the bank will be liquidated or not.