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last mo.

FGC App Surges to No. 1 on Apple as Central Bank Liquidates Banco Master

FGC prepares to reimburse about R$41 billion to roughly 1.6 million creditors, with payments expected to begin in around 30 days after it receives the official list.

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Overview

  • Brazil’s Central Bank ordered the extrajudicial liquidation of Banco Master, triggering the FGC guarantee process for eligible deposits and investments up to R$250,000 per CPF or CNPJ.
  • The FGC app led Apple’s App Store downloads but did not appear among the top apps on Google Play, reflecting a rush by clients to register for reimbursement.
  • The fund says there is no legal deadline to start payouts and the app currently indicates it is awaiting the creditor base from the court-appointed liquidator EFB Regimes Especiais de Empresas.
  • Police detained founder Daniel Vorcaro during a federal operation probing alleged fraudulent management and a scheme tied to unbacked credit portfolios, with investigators citing R$12 billion in suspected fraud.
  • Authorities warn of scams promising early access or charging fees, stressing that claims are made only through the official FGC app or portal and that approved payments are deposited after the request is finalized, typically within two business days.