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2h ago

Reag Liquidation and Zettel Arrest Spotlight Fund Chain to Toffoli Family’s Tayayá Stake

Fresh records tie a nested fund structure to a R$6.6 million slice of the Paraná resort once held by relatives of Minister Dias Toffoli, reflecting escalating regulatory probes.

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O ministro Dias Toffoli, do STF.

Overview

  • Documents show Fabiano Zettel was the sole investor in the Leal fund, which was the sole cotista of the Arleen fund used in 2021 to buy part of the Tayayá resort from Toffoli’s brothers, a stake valued at R$6.6 million.
  • About R$20 million was injected through Leal and Arleen, both managed by Reag Investimentos, making Zettel a business partner of companies controlled by Toffoli’s relatives at the time.
  • Zettel was arrested in the second phase of Operation Compliance Zero this week, his phone was seized, and Minister Toffoli later allowed four Federal Police experts limited access to the device after initially blocking it.
  • The Central Bank ordered the liquidation of Reag on Thursday, as funds managed by the firm face scrutiny over ties to Banco Master and suspected use of money linked to organized crime, with audits citing missing documents and valuation issues.
  • Zettel says he exited the Leal fund in 2022 and that it was liquidated in 2025, Vorcaro denies involvement, and the Tayayá resort is now fully owned by lawyer Paulo Humberto Barbosa after a 2025 purchase.