Banco Master, controlled by Daniel Vorcaro, received R$ 39 million from the Brazilian Army between August 2024 and October 2025 for military loan installments. A Coaf report sent to the CPI do Crime Organizado flagged maneuvers to hide the funds' final destination. The Army stated the transfers were legitimate payroll deductions.
The Coaf report showed the R$ 39 million was transferred to a Banco Master account at Banco Itaú and quickly moved to other accounts within Master itself. This pattern over 14 months made tracking the funds' destination difficult, preventing identification of potential other beneficiaries. The document also noted indications of 'concentration of resources ordered by the Army Command'.
The Army said the bank was accredited in February 2023 to offer payroll loans to military personnel after meeting tender requirements. It unilaterally rescinded the contract in November 2025, shortly after the Central Bank's extrajudicial liquidation of Banco Master. 'Since then, the bank has been barred from formalizing new loan contracts,' the Army stated in a note.
The transfers happened amid Banco Master's crisis, which ended in its November 2025 liquidation. The institution faced liquidity issues, risk management failures, and thousands of complaints about payroll loans, per the disclosed timeline.
