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Brazil Arrests Banker Daniel Vorcaro in Probe of Suspect Fund Chain Behind R$300 Million Atlético‑MG SAF Stake

Operation Compliance Zero targets alleged fake credit instruments, with prosecutors separately scrutinizing layered funds tied to his Galo Forte stake.

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Overview

  • The Polícia Federal detained the Banco Master owner on an order from the Justiça Federal de Brasília as part of a case into the issuance of false credit titles.
  • CVM filings show about R$300 million was injected into Atlético‑MG via the Galo Forte FIP, with R$100 million in 2023 and R$200 million in 2024 for roughly a one‑fifth stake and a board seat.
  • MP‑SP says the structure repeats models associated with money‑laundering schemes linked to the PCC, tracing flows through Olaf 95 and Hans 95 and other vehicles in a fund‑of‑funds chain.
  • Reag appears across the chain as administrator or manager in records cited by reporters, and those funds have been subject to search warrants in related investigations.
  • Atlético‑MG says the FIP is duly registered and administered by Trustee, Reag says it only provides administration services, Banco Master denies ties to Olaf 95 and Hans 95, and reporting notes the club’s SAF is not a PF target.