Master Scandal: What We Know About Daniel Vorcaro
Understand the operation that led to the liquidation of Banco Master and the arrest of its controller
The presidential debate on September 23 brought the Master case to light, when candidate Renan Santos mentioned the possibility of a pardon for Daniel Vorcaro, controller of Banco Master. The political fallout increased the search for information about the scandal.
Compliance Zero Operation and the Fraud Discovered
The Federal Police launched the Compliance Zero Operation to investigate fraudulent management, money laundering, corruption and organized crime in the National Financial System. The investigation pointed to the issuance of unsecured credit portfolios and the artificial inflation of assets in investment funds.
How Banco Master Raised Funds
Banco Master attracted investors by promising returns of up to 140% of the CDI and marketed irregular securities to Banco Regional de Brasília (BRB). The funds were allocated to portfolios such as Hans 95 and Brain Cash, managed by Reag Investimentos, and then transferred to offshore accounts in the Cayman Islands and Delaware.
Arrest of Daniel Vorcaro and Other Investigated Individuals
On November 18, 2025, the first phase of the operation arrested Daniel Vorcaro at Guarulhos International Airport. In subsequent phases, former BRB president Paulo Henrique Costa, businessman Henrique Vorcaro, Daniel’s father, and brother‑in‑law Fabiano Zettel were detained. The founder of Reag Investimentos, João Carlos Mansur, and businessman Nelson Tanure were also investigated.
Extrajudicial Liquidation of Banco Master
After the irregularities were discovered, the Central Bank decreed the extrajudicial liquidation of Banco Master in November 2025. The Central Bank’s brokerage initiated internal inquiries to assess its role in oversight and the liquidation decision.
Political Impacts of the Master Case
The case was mentioned in the presidential debate, sparking discussions about possible pardons and the influence of political groups in the investigations. Columnists note that the fraud could affect alliances and electoral strategies, especially in the Federal District where BRB was involved.
With information from Terra, Folha de S.Paulo.
Source: Terra, Folha de S.Paulo