The Federal Police (PF) broke the banking and tax secrecy of 101 people and entities investigated in the Banco Master case. The measure was authorized on January 6 by Minister Dias Toffoli, of the Federal Supreme Court (STF). The decision was removed from secrecy this Friday, the 16th.
The breaches of confidentiality covered movements in the period from October 20 to 21, 2025. The request was made by the Federal Police (PF) with approval from the Attorney General’s Office (PGR).
According to the decision, the investigation points to signs of crimes such as fraudulent management of a financial institution, misleading investors, use of privileged information, market manipulation and money laundering.
“I also verify that, in line with what was stated by the Attorney General of the Republic and the Federal Police, that there are sufficient elements that point to the ‘systematic exploitation of vulnerabilities in the capital market and the regulation and inspection system, notably through the use of investment funds and an intricate network of entities connected to each other by corporate, family or functional ties.’”, argued Toffoli.
The minister stated that the Attorney General of the Republic was correct in asking for the case to be sent to the Supreme Court, highlighting that the investigations conducted at the 8th Federal Criminal Court of São Paulo are broader than those of Operation Compliance Zero.
In the decision, Toffoli also ordered the kidnapping and freezing of assets of 38 people involved in amounts that could reach R$5.77 billion. The measures were complied with as part of the second phase of Operation Compliance Zero. Among the targets are the owner of Banco Master, Daniel Vorcaro, and his brother-in-law, the pastor and businessman Fabiano Zettel.
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As Estadão showed, Zettel is the owner of the investment funds that bought part of the Toffoli brothers’ stake in the Tayayá resort, in the interior of Paraná. At the time, the stake was worth R$6.6 million.
Documents with the financial movements of an investment fund called Leal showed that Zettel was its only shareholder between 2021 and 2025. It was through the use of this and another fund that the pastor became a partner in the Tayayá resort. The funds were used to contribute R$20 million to the project. Toffoli’s family members were the main shareholders of the venture.
When contacted, Minister Dias Toffoli, his brothers José Carlos and José Eugênio Dias Toffoli, the resort administration and Reag did not respond. The minister does not have direct participation in Tayayá, but frequents the resort.
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To Estadão, Zettel, Vorcaro’s brother-in-law, confirmed that he was a shareholder in the fund and said he left the investment in 2022; and that it was liquidated in 2025. Daniel Vorcaro’s defense stated that he does not have “any knowledge regarding the business of the aforementioned funds”. The minister’s cousin, Mario Umberto Degani, controller of the companies that received the contribution, was not located.
