The Supreme Federal Court released depositions in the Banco Master inquiry, revealing serious irregularities such as only R$ 4 million in cash despite R$ 80 billion in assets. Meanwhile, INSS blocked R$ 2 billion in payments due to unproven loan contracts, and the Credit Guarantee Fund continues reimbursements to investors.
The Banco Master, liquidated by the Central Bank in November 2025 on suspicion of fraud, remains at the center of investigations. Supreme Court Justice Dias Toffoli released excerpts from Police Federal depositions, keeping the inquiry under secrecy. The BC's supervision director, Ailton Aquino, stated that the bank had only R$ 4 million in cash, a negligible amount compared to the declared R$ 80 billion in assets. Daniel Vorcaro, the banker linked to the case, mentioned ties to figures from all three branches of government, specifically citing Distrito Federal Governor Ibaneis Rocha. Toffoli stated he will handle the case as long as there are indications of involvement by those with forum privileges.
Meanwhile, INSS refused to pay R$ 2 billion to Master and BRB for about 300,000 unproven consigned loans, lacking details like interest rates, total effective cost, and signatures. The blockage happened on November 19, right after liquidation, with installments still deducted from benefits but withheld. INSS President Gilberto Waller Júnior explained: “I cannot transfer these values to them because I do not have proof that this credit exists.” A 15-day deadline was set in a January 23 meeting for regularization; otherwise, deductions will be suspended and amounts returned to retirees.
For investors, the FGC reported that 80,000 creditors (10% of 1.6 million total) have not yet registered for reimbursement up to R$ 250,000 per CPF or CNPJ, covering CDBs and LCIs. By January 29, R$ 32.5 billion was paid to 580,000 beneficiaries, representing 80% of the R$ 41 billion total. The process requires app registration for individuals. Additionally, liquidator Eduardo Félix Bianchini was temporarily replaced by Sebastião Marcio Monteiro from January 31 to February 15 for health reasons, also taking over other conglomerate entities.
Vorcaro's defense denies irregularities, stating the bank followed INSS norms. The case, seen as the country's largest banking fraud, poses no risk to the financial system, per FGC, which holds R$ 122 billion in reserves.
