Illustration of R$1.1M bank transfer from Banco Master to firm owned by father of Lula's ex-ports minister, amid Senate organized crime probe.
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Banco Master transferred R$1.1 million to firm of Lula's ex-minister's father

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Kiswahili

Banco Master transferred R$1.1 million to RI Consulting, the firm of former deputy Silvio Costa, father of ex-ports minister Silvio Costa Filho. The data, provided by the Federal Revenue to the Senate's CPI on Organized Crime, was obtained by a news column.

Banco Master made transfers totaling R$1.1 million to RI Consulting Assessoria e Consultoria Empresarial e Governamental Ltda throughout 2025. The firm lists Silvio Costa, former federal deputy from Pernambuco and father of Lula government ex-ports minister Silvio Costa Filho, as a partner. The administrator is Carlos Antônio da Costa Cavalcanti Neto.

RI Consulting is registered with the Federal Revenue as providing consulting services in information technology, advertising, organization of fairs, congresses and exhibitions, as well as fundraising.

The data was forwarded by the Federal Revenue to the Senate's CPI on Organized Crime and obtained by the column. The report sought comment from ex-minister Silvio Costa Filho on the matter but received no response as of publication.

Banco Master, under investigation, has faced scrutiny amid probes into its operations.

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Illustration of Brazilian Congress gaining broad support across parties for CPIs investigating Banco Master scandal, featuring signed requests and deliberating leaders.
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Banco master cpi gains broad support in congress

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Requests to create CPIs to investigate the Banco Master scandal have support from opposition, centrals, and even Lula government allies. There are three requests with sufficient signatures, but installation depends on Congress presidents' decision. The focus includes BRB negotiations and irregularities in investment funds.

Banco Master investigations advance with depositions and blockages

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.

Lula clarifies 2024 meeting with Banco Master owner

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President Luiz Inácio Lula da Silva stated in an interview that during a December 2024 meeting with Daniel Vorcaro, he promised a technical investigation by the Central Bank into Banco Master without political interference. However, documents indicate the formal probe into credit portfolio frauds only began in March 2025. The Presidency clarified that the meeting addressed Vorcaro's complaints of persecution.

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Banco Master handled R$2.8 bi in exchanges for PCC-linked firm

Banco Master, formerly known as Máxima, conducted remittances of US$531 million, equivalent to R$2.8 billion, to One World Services (OWS), a firm probed for money laundering for the PCC and Hezbollah. The deals took place from December 2018 to April 2021, showing signs of documentation flaws. The bank reached an agreement with the Central Bank, closing the administrative probe without acknowledging wrongdoing.

Central bank liquidates banco master after pf arrests

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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.

Vorcaro defense denies R$ 12.2 billion fraud at Banco Master

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.

CPMI request on Banco Master reaches required signatures

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Deputy Carlos Jordy announced that the request for a Joint Parliamentary Inquiry Commission on Banco Master has 205 signatures, exceeding the required 198. Signed by 177 deputies and 28 senators, the document will only be filed in February after the legislative recess. The move comes amid probes into a billion-dollar fraud involving rotten bonds at the bank.

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