Police Federal investigates 36 companies that took suspicious loans from Banco Master, totaling R$ 18.8 billion passed to funds managed by Reag. Of these, 23 operate in the real estate sector, linked to banker Daniel Vorcaro's background. Meanwhile, FGC starts paying R$ 40.6 billion to 800,000 creditors, facing app instability.
The list of 36 companies that secured loans from Banco Master and directed them to the DMais and Bravo funds, managed by Reag, emerged amid the Federal Police's Operation Carbono Oculto. In total, R$ 10.405 billion went to DMais and R$ 8.379 billion to Bravo, totaling R$ 18.8 billion in operations suspected of billion-dollar fraud. Among the companies, 23 are in real estate, hospitality, and construction – sectors tied to the family of Daniel Vorcaro, the bank's imprisoned president.
Vorcaro, who worked eight years at his father's Grupo Multipar, denies wrongdoing through his defense: "Banco Master underwent independent audits, permanent Central Bank supervision, and continuous inspection routines." The defense claims investigations will dispel unfounded premises.
Companies like Brain Realty, with R$ 2 million capital, raised nearly R$ 500 million without internal use, funneling it to the funds. Others, such as Malibu Construtora, Revee Real Estate, and WAM Hotéis, were contacted by Folha; some deny involvement. Daus Alimentos ended ties with Reag in October 2025. iFLY, in entertainment, and Lever Securitizadora, in securities, claim regular and independent operations. Revolution do Brasil and WAM deny illicit schemes, emphasizing market compliance.
Meanwhile, on January 17, 2026, the Credit Guarantee Fund (FGC) began guarantee payouts to creditors of Banco Master, Master de Investimentos, and Letsbank. With 140,000 simultaneous accesses, the app experienced instability, but FGC expects normalization. It benefits 800,000 people with R$ 40.6 billion – the largest redemption in the entity's history.
The probe progresses with Supreme Court Justice Dias Toffoli's rulings, placing evidence custody with the Attorney General's Office under Paulo Gonet. The ADPF criticized the measures as atypical, advocating PF autonomy. The CVM monitors the market without commenting on specific cases.
