Vorcaro’s Defense Rebuts Alleged R$12 Billion Fraud as BRB Reports Replacing Over R$10 Billion in Master Deals

Overview

• BRB said more than R$10 billion of the R$12.76 billion in questioned portfolios tied to Banco Master have been liquidated or substituted, with the remainder not a direct exposure, and reported the process to the Central Bank.
• Daniel Vorcaro’s lawyers released contracts and correspondence to argue there was no R$12 billion fraud, saying the credits came from third‑party originators, were registered at B3, and were later swapped or repurchased when documentation fell short.
• The defense contends the Federal Police action derailed a proposed sale to Fictor that it claims could have avoided liquidation costs, while investigations by the PF, MPF and Central Bank continue.
• Vorcaro remains in preventive detention along with several Master executives, while two businessmen linked to originator firms were freed after temporary detention expired.
• Operational fallout continues at BRB, where the president and finance chief were removed and Nelson Souza was named to lead the bank, and in Rio de Janeiro, where consignations tied to Credcesta were suspended following Master’s liquidation.