The Central Bank announced the extrajudicial liquidation of Banco Master and related institutions on Tuesday (18), due to a liquidity crisis. The Federal Police arrested owner Daniel Vorcaro and others in Operation Compliance Zero, investigating the issuance of fake credit titles involving BRB. The scheme includes R$ 16.7 billion transfers from BRB to Master, with at least R$ 12.2 billion in fictitious credits.
The liquidation of Banco Master, Banco Master de Investimento, Banco Letsbank, and Master Corretora de Câmbio was decreed by the Central Bank on November 18, 2025, due to a severe liquidity crisis in the conglomerate. The day before, a consortium of investors from the United Arab Emirates and the Fictor group announced the purchase of the bank with an initial investment of R$ 3 billion, but the operation was launched shortly after.
The Federal Police executed five preventive arrest warrants, two temporary ones, and 25 search and seizure warrants across five states, including the Federal District and São Paulo. Daniel Vorcaro was arrested on the night of November 17 in São Paulo while preparing to board a private jet abroad – his defense claims the destination was Dubai for a business meeting, while investigators point to Malta as evidence of flight. The Federal Justice upheld the arrest after a custody hearing, and the defense plans to file a habeas corpus. Other arrests include Augusto Lima (partner), Alberto Félix (treasurer), Luiz Antônio Bull (risk director), and Ângelo Antônio Ribeiro da Silva (partner).
The scheme involves BRB, which transferred R$ 16.7 billion to Master between July 2024 and October 2025, with R$ 12.2 billion in fictitious payroll loan credits (R$ 6.7 billion in fake contracts and R$ 5.5 billion in premiums). In March 2025, BRB announced its intent to acquire, blocked by the Central Bank in September. Paulo Henrique Costa, BRB's president, was removed for 60 days and issued a statement calling the PF operation 'legitimate' and noting the bank reviewed documentation and strengthened controls. Financial director Dario Oswaldo Garcia Júnior was also removed.
Emae, controlled by Sabesp since October for R$ 1.13 billion, disclosed R$ 140 million in Letsbank CDBs, equating to 5.88% of its R$ 2.4 billion assets in the third quarter, with a profit of R$ 287.5 million. The company states it has R$ 243.9 million in cash sufficient for normal operations and is taking measures to recover the values, with no operational impact.
The Credit Guarantor Fund (FGC) will honor R$ 41 billion for 1.6 million creditors, its largest payout ever, posing no systemic risk. Deputy Rodrigo Rollemberg (PSB) is pushing for a CPI to investigate frauds and regulatory omissions. Investigators suspect a leak of the arrest order, hastening the simulated sale.
