SAO PAULO (Reuters) – Brazil’s federal police opened an investigation into incoming Economy Minister Paulo Guedes for alleged fraud tied to the pension funds of state-run companies, the Folha de S.Paulo newspaper reported on Friday.

According to the report, the probe will check if Guedes, a University of Chicago-trained economist credited with nudging President-elect Jair Bolsonaro toward market-friendly policies, mismanaged millions of reais that public pension funds put in his investment vehicles starting in 2009. Guedes lawyers denied any wrongdoing, the paper said.