The family of Daniel Vorcaro, a banker linked to Banco Master, controls 80% of a carbon credits project on public lands in the Amazon, which irregularly inflated investment funds by over R$ 45.5 billion. Documents reveal the involvement of Alliance Participações, managed by Vorcaro's father and sister, in a scheme under Police Federal investigation. Meanwhile, BRB plans to sell assets recovered from Master to bolster its financial position.
The Banco Master scandal has new details revealing that Daniel Vorcaro's family holds majority ownership of a carbon credits project on Fazenda Floresta Amazônica in Apuí (AM), a public Union land intended for agrarian reform. Alliance Participações, controlled by Henrique Moura Vorcaro, Daniel's father, and Natália Bueno Vorcaro Zettel, his sister, acquired 80% of the carbon units rights in August 2022 through an option purchase contract signed with farmer Marco Antônio de Melo and intermediary José Antônio Ramos Bittencourt. Bittencourt received 2.5% of New Jade 2 fund shares and 7.5% of Biguaçu as payment, both managed by Reag and linked to fraudulent funds identified by the Central Bank. A 2023 Unesp report estimated 168.872 million tons of CO₂ on the property using a market-unapplied method, allowing Global Carbon and Golden Green to inflate to R$ 31 billion and R$ 14.5 billion, respectively, without actual credit sales. These fictitious values sustained a financial Ponzi scheme that diverted Master resources, enabling CDB sales. The Federal Police investigates via Operation Carbono Oculto, launched in 2025, for suspected money laundering to PCC. Henrique and Natália, via lawyers, deny irregularities and claim good faith. Daniel Vorcaro stated the bank does not manage the mentioned funds or companies. Meanwhile, BRB, which acquired fraudulent Master credit portfolios valued at R$ 12.2 billion by PF, plans to sell recovered assets like funds, CCBs, and CRIs to strengthen its capital. The DF-controlled bank asserts patrimonial sufficiency and that BC and independent auditor investigations continue, with possible capital recomposition via local government if losses are confirmed. The BC rejected BRB's Master purchase in September 2025.
