Daniel Vorcaro, owner of Banco Master, used a diverted loan from the bank to purchase a R$36 million mansion in Brasília's Lago Sul. The acquisition was through a company connected to his brother-in-law, part of a fraud network probed by federal police. Experts highlight irregularities that may breach financial transparency rules.
Daniel Vorcaro, controller of Banco Master, acquired a R$36.1 million mansion in Brasília's Lago Sul using a diverted loan from the institution itself. The deal happened on May 8, 2024, through Super Empreendimentos e Participação, a company where his brother-in-law Fabiano Zettel was part of the ownership until July 23, 2024, serving as director.
Super is among 35 companies suspected of securing fraudulent loans from Master to support a network of funds that, per Central Bank investigators, diverted funds to straw men and looped back to the bank. The Termópilas fund, controlling Super since December 2023, has Astralo 95 as its sole investor, flagged by the BC in the fraud scheme. Super's share capital jumped from R$16 million to R$2.6 billion in July 2024.
On April 11, 2025, Super resold the mansion to Prime Aviation 4 Participações, part of the Prime You group where Vorcaro is a partner, at the same price, dodging taxable capital gains. Vorcaro's defense states the ties to Super are purely commercial, involving asset buys, sales, and rental contracts, noting Zettel's relation is public knowledge.
FGV Direito Rio researcher Layla McClaskey deems the deal problematic, breaching loyalty, diligence, and transparency in related-party transactions under CVM and tax rules. "The operation simulates an investment but isn't one, amounting to fraud," she summarizes. An anonymous ex-CVM official suggests the setup allowed extracting bank funds beyond dividend limits.
Zettel was targeted in the second phase of Operação Compliance, launched January 14, 2026, by federal police, and briefly arrested while attempting to fly to Dubai. Meanwhile, investor Nelson Tanure, also hit in the raid for R$2.5 billion investments in Master since 2020, downplays ties as commercial and cites bearable losses. The scandal extends to bodies like STF, BC, and TCU, bolstering congressional CPI calls.
