Central Bank Liquidates Reag as Investigators Unpack Alleged Scheme to Inflate Banco Master’s Assets

Overview

• The Banco Central ordered the extrajudicial liquidation of CBSF (Reag Trust) for grave violations, froze assets of its controllers and former administrators, and named APS Serviços as liquidator.
• Federal Police and regulatory records outline an April 2024 transaction in which a R$459 million Master loan to Brain Realty cycled through Reag funds, bought and massively revalued old Besc securities, and then returned to Master via CDB purchases within hours.
• CVM data show major Reag vehicles, including Hans 95 as well as Astralo 95 and Murren 41, placed substantial allocations in Banco Master CDBs in late 2024.
• Documents reported by O Globo indicate BMQ Mirage took a R$468.8 million Master loan with a clause to reinvest at least 90% in Reag-managed funds, and the firm’s registration used Spanish coach Juan Pedro Benali Hammou’s name, which he denies authorizing.
• A PF filing cites relatives of Reag founder João Carlos Mansur as declared beneficiaries of Astralo 95 and Growth 95, with flows traced from CDB redemptions to FIP Termópilas and then to Super Empreendimentos linked to Daniel Vorcaro’s family, as Operation Compliance Zero advances.