The Federal Police carried out the second phase of Operation Compliance Zero on Wednesday (14), with 42 search and seizure warrants against targets linked to Banco Master, including owner Daniel Vorcaro and businessman Nelson Tanure. The operation led to the temporary arrest of Vorcaro's brother-in-law and the seizure of assets worth millions. STF Justice Dias Toffoli, the case rapporteur, criticized the PF for delays but reconsidered decisions on the evidence.
The second phase of Operation Compliance Zero, launched on January 14, 2026, probed billion-dollar frauds at Banco Master, deemed by Finance Minister Fernando Haddad as possibly the largest in Brazil's history. Authorized by STF Justice Dias Toffoli, the operation executed 42 search and seizure warrants in São Paulo, Bahia, Minas Gerais, Rio Grande do Sul, and Rio de Janeiro, targeting Daniel Vorcaro, the bank's owner liquidated extrajudicially, businessman Nelson Tanure, João Carlos Mansur from Reag asset manager, and 39 other targets.
Fabiano Zettel, Vorcaro's brother-in-law, was temporarily arrested while attempting to board a jet to Dubai. The PF seized R$645,000 in cash, 23 vehicles valued at R$16 million, 39 cellphones, 31 computers, and 30 weapons, plus blocked assets worth R$5.7 billion. The probe focuses on investment funds used to inflate the bank's assets through a financial daisy chain, including rotten assets like Besc cartulas from the defunct state bank.
Toffoli, who took over the rapporteurship on December 3, 2025 after Vorcaro's appeal citing a deputy's privileged forum, imposed secrecy on the inquiry and criticized the PF for delays, demanding explanations within 24 hours from director-general Andrei Rodrigues. The PGR requested the measures on January 6, authorized on the 7th, but the operation only occurred on the 14th due to operational preparations like address updates and risk assessments, per the PF. Initially, Toffoli ordered the evidence sealed in the STF, but reconsidered and mandated delivery to the PGR at Paulo Gonet's request, enabling immediate analysis.
Tanure's ties involve Maurício Quadrado, former Master partner and owner of Trustee DTVM, mentioned in market manipulation probes on Upcom/Gafisa and Ambipar. Tanure-linked companies had a mixed day on the stock exchange: Gafisa and Alliança fell, while Light and Prio rose. Post-operation, Central Bank President Gabriel Galípolo met with Rodrigues to strengthen institutional cooperation.
The case highlights tensions between STF, PF, BC, and TCU, with criticisms of Toffoli's conduct for alleged inaction, but insiders see the action as a signal of ongoing investigation.
