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yesterday

Master Scandal Deepens With Federal Police Influence Probe and New Details on R$11.5 Billion Fund Scheme

Central Bank files spotlight a R$459 million loan that drove rapid fund transfers producing extreme paper gains in Reag-run funds.

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Overview

  • Regulatory dossiers sent to prosecutors describe structured lending and rapid intra-fund trades estimated at R$11.5 billion between July 2023 and July 2024 used to inflate illiquid assets and simulate capital at Banco Master.
  • In an April 22, 2024 sequence, Brain Realty borrowed R$459 million from Master and routed the money through Reag vehicles that revalued Besc certificates to R$10.8 billion, yielding a reported 10,502,205% return in one fund.
  • Six Reag-administered funds — Astralo 95, Reag Growth 95, Hans 95, Olaf 95, Maia 95 and Anna — are cited by the Central Bank and also appear in Operation Carbono Oculto inquiries into PCC-linked money laundering.
  • The Federal Police opened an inquiry into alleged payments to influencers; councilman Rony Gabriel says agency UNLTD offered a contract with an R$800,000 confidentiality penalty and verbally named Daniel Vorcaro as the client.
  • Vorcaro denied hiring influencers in a filing to STF Justice Dias Toffoli, as the TCU president publicly backed the Central Bank’s decision to liquidate Master and a push for a congressional CPI gained signatures but encountered resistance.