Brazilian police launch another operation against former Banco Master executives for fraud

The Brazilian Federal Police launched a new operation this Wednesday against those responsible for Banco Master, a financial institution that was liquidated last year amid accusations of fraud. Agents executed 42 search and seizure warrants on properties located in five states across the country and linked to the former directors of the bank, whose owner, Daniel Vorcaro, is at the center of investigations into the issuance of false credit securities. In addition, the Supreme Court determined the blocking of 5.7 billion reais (about 1.05 billion dollars or 908 million euros) in assets and securities, in order to ensure "the recovery of assets", according to a police statement.

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In the first phase of the operation, launched in November, 12.2 billion reais ($2.301 billion) were already blocked, in addition to the seizure of luxury vehicles, works of art, high-value watches and cash. In that phase, Vorcaro was captured at Guarulhos airport in São Paulo, when he was trying to leave the country on a private plane, and spent several days in detention, before being released under precautionary measures such as the use of an electronic ankle bracelet. Police actions interrupted the sale of Banco Master to a consortium led by the Brazilian group Fictor Holding Financier. Investigations began in 2024 at the request of the Attorney General's Office, which asked to investigate the possible fabrication of credit portfolios without real backing.