Federal Police Launch Second Phase of Banco Master Probe With R$5.7 Billion in Asset Freezes

Overview

• Officers executed 42 Supreme Court–approved search warrants across São Paulo, Rio de Janeiro, Minas Gerais, Bahia and Rio Grande do Sul, including addresses on Avenida Faria Lima, while freezing assets exceeding R$5.7 billion.
• Targets include owner Daniel Vorcaro, his relatives, investor Nelson Tanure and former Reag chief João Carlos Mansur; Vorcaro’s brother-in-law Fabiano Zettel was stopped at an airport and released shortly after.
• Investigators detail alleged issuance of fake credit instruments and CDBs promising returns up to 40% above market, with potential losses estimated at about R$12 billion.
• Police seized luxury cars, watches, cash and a firearm as part of efforts to secure assets and advance evidence collection.
• Broader fallout persists as BRB says it may require a capital injection from the Federal District over suspected losses tied to Master, and the FGC readies roughly R$41 billion in depositor payouts subject to the R$250,000 guarantee cap.