President Luiz Inácio Lula da Silva stated in an interview that during a December 2024 meeting with Daniel Vorcaro, he promised a technical investigation by the Central Bank into Banco Master without political interference. However, documents indicate the formal probe into credit portfolio frauds only began in March 2025. The Presidency clarified that the meeting addressed Vorcaro's complaints of persecution.
In a UOL interview on February 5, 2026, President Lula described the Palácio do Planalto meeting on December 4, 2024, requested by former Finance Minister Guido Mantega. Attendees included Augusto Lima, then CEO of Master, Ministers Rui Costa and Alexandre Silveira, and Gabriel Galípolo, future Central Bank president. Lula stated: "What I said to him? There will be no political position for or against Banco Master. What there will be is a technical investigation by the Central Bank." He noted receiving other banks like Itaú and Bradesco, and that Vorcaro complained of persecution.
Central Bank documents, accessed by Folha, show the probe into frauds in credit portfolio sales to BRB began in March 2025. A March 17 ofício questioned R$12.2 billion transactions. Master responded on March 25, citing Bahia public servant associations like Asteba and Asseba. Later, Tirreno Consultoria emerged, created on November 4, 2024, and renamed on December 2, with changes registered on April 15, 2025. Agreements with Cartos and Master occurred on December 3 and 5, 2024, respectively.
The BC filed with the MPF on July 15, 2025, and the PF opened an inquiry on August 18. Vorcaro was arrested on November 17 and released by the TRF-1; the case is in the STF. Master entered extrajudicial liquidation on November 18.
The Presidency's press office explained that Lula's statements refer to Vorcaro's persecution complaints, referred to the BC for technical review. Meanwhile, Vorcaro plans to testify in the INSS CPI on February 26, 2026, limiting responses to retiree deductions and avoiding political or Master business topics.
