Overview
- Coaf records released in Thursday’s reporting detail R$27.2 million from Banco Master to Metrópoles and immediate debits to companies tied to owner Luiz Estevão.
- The watchdog labeled the transfers unusual and said the flows did not match the site’s typical monthly revenue.
- Another Coaf memo logs at least R$9.9 million from Master to Leo Dias’s firm plus R$2 million from LD Produções, a company that largely received funds from Master.
- Coaf notes the Leo Dias accounts paid bills for third parties, moved more than the firm declared it could, and cleared credits right after they landed.
- Metrópoles and Leo Dias cite Will Bank advertising, yet many payments started months before Série D streams and naming-rights branding appeared in July 2025.