The Federal Police is conducting a series of operations against Banco Master, owned by Daniel Vorcaro, on suspicions of financial fraud, money laundering, and irregular use of public resources. The probes include the sale of credits without backing and pension fund investments in the bank's securities. Meanwhile, vacancies in the CVM directorate are delaying related judgments.
Banco Master, controlled by Daniel Vorcaro, is at the center of one of Brazil's largest banking scandals, with Federal Police (PF) investigations starting in 2025. Operation Compliance Zero, launched on November 18, 2025, probes the creation of nonexistent credit portfolios, totaling R$12.2 billion sold to BRB (Banco de Brasília). In its second phase in January 2026, the focus was on funds buying bad assets, such as certificates from the extinct Besc.
Operation Carbono Oculto, from August 2025, investigates links to PCC through Reag Investimentos, owned by João Carlos Mansur, and funds like Astralo 95, totaling R$102.4 billion. Reag denied ties to organized crime and stated it is cooperating with authorities.
Another inquiry examines Vorcaro's hidden shareholding in BRB, using funds like Borneo and Deneb, which could indicate conflicts of interest in Master portfolio purchases. Vorcaro's defense claims the stake was properly registered.
Operation Zona Cinzenta targets pension fund investments in Master securities, such as R$400 million from Amprev (Amapá) and R$970 million from Rioprevidência (Rio de Janeiro). At least six states have ongoing probes.
BRB investigations point to fraudulent management after a Master acquisition proposal denied by the Central Bank in September 2025. Fictor, which also attempted to buy the bank, faces inquiry for financial crimes and filed for judicial recovery with R$4.2 billion debt in February 2026.
Vorcaro denies crimes, attributing issues to a liquidity crisis from regulatory changes. Meanwhile, CVM, with three of five director seats vacant since late 2024, has a backlog of 828 processes, including Master and Reag cases, delaying judgments. The Senate has not scheduled hearings for nominees, such as Otto Lobo, whose appointment is questioned for pro-bank decisions.
