Vorcaro and ex-BRB president face confrontation at STF

Daniel Vorcaro, owner of Banco Master, and Paulo Henrique Costa, former BRB president, underwent a confrontation at the Supreme Federal Court due to contradictions in their statements to the Federal Police. The procedure took place on the night of December 30 and lasted nearly seven hours in total. The Central Bank's director, Ailton de Aquino, was excused from the confrontation.

On the night of December 30, the Supreme Federal Court (STF) hosted a confrontation between Daniel Vorcaro, controller of Banco Master, and Paulo Henrique Costa, former president of Banco de Brasília (BRB), as part of the investigation into the bank's scandal. Individual statements, taken by Federal Police delegate Janaína Palazzo, began at 2 p.m. and revealed discrepancies that justified the joint confrontation.

Vorcaro was the first to testify, speaking for nearly three hours, while Costa and Ailton de Aquino, the Central Bank's (BC) Fiscalization Director, waited. Costa gave his statement from around 5:30 p.m. for about two hours, followed by Aquino until approximately 9 p.m. The confrontation, involving only Vorcaro and Costa, ended at 9:35 p.m., with an auxiliary judge from Minister Dias Toffoli's office, the case's rapporteur, present.

The process has been confidential since early December, under Toffoli's oversight. The probe examines the attempted sale of Master, which allegedly involved forging R$12.2 billion in payroll loan portfolios sold to BRB — R$6.7 billion in fake contracts and R$5.5 billion in premiums. The bank was liquidated on November 18, and Vorcaro was imprisoned for 12 days, now wearing an electronic ankle monitor.

Entities like Febraban and ABBC defended the BC's independence in a joint statement, emphasizing the role of technical regulators. Vorcaro's defense denies seeking to annul the liquidation, arguing the case reached the STF due to a deputy's privileged forum. Recently, court officials sought liquidator Eduardo Félix Bianchini, but Toffoli's office denied responsibility for the summons. A decision from Toffoli is expected soon.

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Daniel Vorcaro, owner of Banco Master, denied to the Federal Police having defrauded credit portfolios worth R$ 12.2 billion sold to BRB, claiming he did not know which were good or bad. The portfolios, acquired from Tirreno consultancy, allegedly originated from payroll loans via Bahia public server associations, but indications point to forgery to inflate the bank's balance. The testimony took place on December 30, 2025, at the STF, under the rapporteurship of Dias Toffoli.

Following the STF confrontation between Banco Master's controller Daniel Vorcaro and ex-BRB president Paulo Henrique Costa, the scandal deepens with TCU scrutiny of the Central Bank and new revelations of political ties and massive fraud risks. Experts urge full transparency to restore institutional trust.

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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.

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