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Report: Investigation discovers Panama-based FPB Bank operating illegally in Brazil

Brazil's ongoing "Lava Jato" inquiry, which is a corruptioninvestigation involving the state-run oil company Petrobras, has discovered thatPanama-based FPB Bank Inc.was operating in the country without permission from the Banco Central do Brasil, G1 reported.

The investigation found that FPB Bank was allegedly offeringunauthorized financial services to 44 offshore companies registered by Panama-basedMossack Fonseca, the law firm involved in the Panama Papers data leak.

Brazilian police launched raids to investigate the bank's localoperations in São Paulo, Santos and São Bernardo, but no arrest warrants were served,Reuters reported separately, citing Globo TV.