On Friday (13), the minister met with members of the PF to find out about the progress of the investigation and define the next steps in the investigation
Minister André Mendonça, of the Federal Supreme Court (STF), was selected on Thursday (12) to take on the role of rapporteur on the Banco Master case in the Court after the removal of Dias Toffoli. Since then, the magistrate has been informed of the progress of the investigation conducted by the Federal Police (PF).
Mendonça scheduled for Friday (13) . In a meeting lasting around two hours, the procedures that will be adopted in the next stages of investigation were defined.
A Young Pan found that the PF is gathering new information extracted from the cell phone of the owner of Banco Master, Daniel Vorcaro, to share with Mendonça.
In addition to learning about the investigation of the case, the minister will have to assess whether the case remains in the STF or whether it will be returned to the first instance. If the process continues under the responsibility of the Supreme Court, Mendonça must define the level of secrecy. Currently, the investigation is being carried out in secret by decision of the previous rapporteur, Dias Toffoli.
Change of rapporteur
Also on Thursday, the president of the STF, Edson Fachin, called a meeting with all ministers to discuss the PF report on the examination carried out on Vorcaro’s cell phone. . In other words, that he was declared a “suspect” to act in the process.
A Young Pan found out that but found himself isolated and decided to step away from the case. The assessment of the members of the Court is that the judge’s actions in the Banco Master process caused unnecessary strain on the Supreme Court.
After the meeting, in a note, the 10 ministers of the STF declared that the accusations were not “a case of justification for the allegation of suspicion” and recognized the validity of the acts carried out by Toffoli in the report. In this way, the judge’s decisions in the process remain valid.
Toffoli quoted in Vorcaro’s conversations
According to the PF report, Vorcaro and his brother-in-law Fabiano Zettel exchanged messages in which . Toffoli and his two brothers are partners in the company.
In the messages, Vorcaro and Zettel mention the surname Toffoli by name. The payments would refer to the purchase of Tayaya Resort, in which Maridt was part of the corporate structure. Details of the report were published by the newspaper Folha de S. Paulo and confirmed by Young Pan.
On Thursday, Toffoli’s office issued a new note about the minister’s links with Maridt Participações and alleged links with Vorcaro. In the statement, the judge denied having “any friendly relationship, much less an intimate friendship” with the banker. He also said he “never received any money” from the owner of Master or Zettel.
Regarding Maridt Participações, Toffoli declared that it was a “family company constituted as a privately held corporation”. Supported by the Organic Law of the Judiciary, the minister said that he is part of the company’s membership, but the administration is carried out by family members.
The judge also reported that the company was part of the Tayaya Ribeirão Claro group until February 21, 2025. In a note, Toffoli stated that this participation was terminated through “two successive operations, the first being the sale of shares in the Arllen Fund, on September 27, 2021” and the second, to PHD Holding, on the date of the end of the relationship with the resort.
“The action relating to the purchase of Banco Master by Banco de Brasília (BRB) was distributed to minister Dias Toffoli on November 28, 2025. In other words, when Maridt was no longer part of the Tayaya Ribeirão Claro group”, the office announced.
Understand the Master case
After identifying signs of financial irregularities and the serious liquidity crisis, the Central Bank determined, in November 2025, the extrajudicial liquidation of Banco Master S/A, Banco Master de Investimentos S/A, Banco Letsbank S/A and Master S/A Corretora de Câmbio, Títulos e Valores Mobiliários.
On January 21, Will Bank, the digital arm of the Vorcaro conglomerate, .
According to investigations, Banco Master offered Bank Deposit Certificates (CDB) with profitability well above the market. To sustain the practice, the financial institution began to take excessive risks and structure operations that artificially inflated its financial balance, while liquidity deteriorated.
The episodes of settled on January 15, are the most serious in the Brazilian financial system. The cases involve, in addition to fraud, tensions between the STF and the Federal Audit Court (TCU), as well as with the Central Bank and the PF.
On January 17, the Credit Guarantee Fund (FGC) began the from Banco Master, Banco Master de Investimento and Banco Letsbank. The total amount to be paid in guarantees amounts to R$40.6 billion.
