Among those investigated who will testify are directors of Banco Master and BRB, as well as businesspeople and former executives of financial companies
The Federal Police (PF) begins listening this Monday, 26th, to eight people being investigated in the Compliance Zero operation, which investigates possible irregularities in the attempt to purchase Banco Master by BRB. Testimonies will be made via videoconference or at the headquarters of the Federal Supreme Court (STF). The hearings run from 8am to 4pm and will continue until Tuesday, 27th.
Among those investigated who will testify are directors of Banco Master and BRB, as well as businesspeople and former executives of financial companies. The PF must address the R$12.2 billion in false credit portfolios sold to BRB and a web of inflated funds and assets to increase the bank’s equity, in operations with the manager Reag DTVM, which total another R$11.5 billion, according to the Central Bank (BC).
Banco de Brasília announced, on March 28, 2025, a proposal to purchase Banco Master with the aim of forming a new conglomerate, controlled by the state-owned company. The process, however, raised controversy, given the distrust over the quality of Master’s assets and, on September 3, the Central Bank disapproved the deal.
From then on, investigations into Banco Master and its owner, Daniel Vorcaro, indicate that a structure based on irregular, fraudulent or misleading operations, as shown in this report. In practice, all the operations that are under investigation had the apparent objective of trying to show the solidity of the bank’s numbers, so that it could continue doing business.
In recent years, Banco Master has shown exponential growth by issuing Bank Deposit Certificates (CDBs) that paid returns to investors above the market average – with sales advertising based on the Credit Guarantee Fund (FGC). Investigations indicate that Master’s balance sheet shows artificially inflated assets via funds suspected of being boosted or with apparently fragile payroll loans, while liabilities were much larger.
See who will be heard by the PF in Operation Compliance Zero:
- Dário Oswaldo Garcia Junior, director of Finance and controlling at BRB;
- André Felipe de Oliveira Seixas Maia, businessman;
- Henrique Souza e Silva, businessman;
- Alberto Felix de Oliveira, treasury superintendent at Master bank;
- Robério Cesar Bonfim Mangueira, superintendent of BRB;
- Luiz Antonio Bull, former executive director of Master;
- Angelo Antonio Ribeiro da Silva, executive at Master bank;
- Augusto Ferreira Lima, former executive at Master bank.
The first stage of the operation came to arrest former banker Daniel Vorcaro on November 17, 2025, one day before the BC ordered Master’s liquidation. He is accused of leading the scheme that sold fictitious credits to BRB. Vorcaro, however, was released.
After Banco Master, CBSF Distribuidora de Títulos e Valores Mobiliários, the new name of Reag Trust, were liquidated on the 15th, and Will Bank, on Wednesday the 21st.
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