The defense of banker Daniel Vorcaro, arrested last week while attempting to flee to Abu Dhabi, denied the existence of a R$ 12.2 billion fraud involving Banco Master. Lawyers claim the bank acted in good faith, substituting problematic credit portfolios sold to BRB and registering operations with B3. The Federal Police and Central Bank, however, point to evidence of forged payroll loans, leading to the institution's extrajudicial liquidation.
Daniel Vorcaro, owner of Banco Master, was arrested by the Federal Police on November 17, 2025, at Guarulhos Airport while trying to board a private jet to Abu Dhabi. Hours earlier, the bank announced its sale to the Fictor group, a consortium of UAE investors with over US$ 100 billion in assets, which the PF suspects was a smokescreen to facilitate his escape.
The next day, November 18, Operation Compliance Zero led to asset seizures and the Central Bank's extrajudicial liquidation of the bank. BC, Federal Public Prosecutor's Office, and PF investigators claim Master sold BRB forged payroll loan portfolios worth R$ 12.2 billion, equivalent to over 20% of BRB's credit operations. These portfolios allegedly originated from third parties like Tirreno Consultoria, showing signs of insubstantiality.
In a statement released on Saturday (22), Vorcaro's defense contested the allegations, stating 'there is no R$ 12 billion fraud.' Lawyers emphasized that Credit Bank Bills (CCB) were generated and registered with B3, and that Master, upon identifying non-standard documentation, substituted the portfolios and began repurchasing the remaining balance. A May 2025 notification to BRB warned of pending documents, proposing immediate resolution.
BRB, in a November 21 note, stated that of the R$ 12.76 billion gross exposure, over R$ 10 billion was liquidated or substituted, with the rest not constituting direct exposure. Contractual guarantees of R$ 22.3 billion protected the buyer. The defense argues Vorcaro was not under administrative BC investigation and that the PF operation thwarted a legitimate sale filed the same day, avoiding liquidation costs to the financial system.
The Credit Guarantee Fund (FGC) will pay R$ 41 billion to depositors, its largest indemnity ever. The controversy highlights sector vulnerabilities, with prior warnings ignored about Master's deals.
