Businessman is investigated for being the central member of an alleged financial fraud scheme involving Banco Master
Walfrido Warde, lawyer for , left the defense team for the businessman accused of fraud in the Banco Master case. The information was confirmed by Young Pan. Vorcaro is investigated for financial fraud involving the bank.
Daniel Vorcaro’s defense denied the existence of any proposal or negotiation for a plea bargain, which could be one of the reasons for Warde’s departure. In a statement, the defense reaffirmed the businessman’s innocence and stated that “he continues to fully exercise his right to defense, collaborating with the authorities within the legal limits and trusts in the clarification of the facts through the regular instruments of due legal process.”
On the morning of January 14, the Federal Police launched the second phase of Operation Compliance Zero, which investigates an alleged financial fraud scheme involving Banco Master. The action targets addresses linked to the businessman, owner of the institution, as well as his relatives, in São Paulo.
The operation investigates the commission of crimes such as criminal organization, fraudulent management of a financial institution, market manipulation and money laundering. In total, 42 search and seizure warrants are being executed in the states of São Paulo, Bahia, Minas Gerais, Rio Grande do Sul and Rio de Janeiro. The court orders were issued by the Federal Supreme Court ().
In addition to the searches, the Court ordered measures to kidnap and block assets and values in excess of R$5.7 billion. According to the Federal Police, the actions aim to interrupt the activities of the investigated group, guarantee the recovery of assets and continue investigations into the suspected financial scheme.
What the defense says
In response to the operation, Daniel Vorcaro’s defense stated, in a statement, that they were aware of the search and seizure measures and highlighted that the businessman has collaborated fully and continuously with the authorities. According to lawyers, all court orders will be complied with with complete transparency.
1st Phase of Operation Compliance Zero
The Federal Police arrested, at Guarulhos Airport, on the 17th, the owner of the Master bank, Daniel Vorcaro, who was trying to leave the country.
According to a note from the Federal Police, the investigations began in 2024, after the Federal Public Ministry requested that an investigation into the possible manufacture of false credit cards by a financial institution be carried out.
Understand the case of Banco Master
In November 2025, the Central Bank decreed the extrajudicial liquidation of Banco Master after identifying a serious liquidity crisis and signs of financial irregularities.
The decision, considered extreme, turned the episode into one of the most complex and most debated cases in the Brazilian financial system, involving investigations by the Federal Police, institutional clashes between bodies such as the Federal Audit Court (TCU) and the Federal Supreme Court (STF), in addition to the expectations of more than 1.6 million customers who are waiting for their investments to be reimbursed by the Credit Guarantee Fund (FGC).
