According to the minister, elements of the investigation indicate that Vorcaro “maintained direct involvement in conducting financial and institutional strategies related to the institution”participating in decisions on fundraising and their application in structures linked to the economic conglomerate itself.
Mendonça also states that the banker would have participated in the “structuring a fundraising model through the issuance of bank securities with remuneration significantly higher than the market average”directing values towards higher risk and low liquidity assets.
The decision also mentions that Vorcaro would have maintained frequent dialogue with Central Bank employees responsible for banking supervision. According to the minister, messages and documents analyzed indicate discussions on regulatory topics and the sending of draft documents for prior analysis by members of the authority.
Read excerpts from conversations attributed to Vorcaro, reproduced by Mendonça in the decision based on messages obtained in the PF investigation:
- threat against journalist: “This guy, I want to have him beaten up. Break all his teeth. In a robbery.”
- journalist monitoring: “We had to get people following this guy. To take everything from him.”
- intimidation of people: “The best thing is to shake the chef first. The other one will scare you.”
- threatens the employee: “Employee Monique threatening me. Is it easy? You have to grind this slut.”
- order to collect information: “Address everything.”
- order to intimidate target: “Raise everything from both of them.”
ZERO COMPLIANCE OPERATION
In the 3rd phase of the operation, 4 preventive arrest warrants and 15 search and seizure warrants are being served in São Paulo and Minas Gerais. Vorcaro’s brother-in-law, Fabiano Zettel, is also the subject of an arrest warrant. The PF reported that the measures include removal from public positions and blocking of assets worth up to R$22 billion to stop the movement of assets linked to the group under investigation.
Operation Compliance Zero began in November 2025 and investigates crimes such as threats, corruption, money laundering and hacking of computer devices. In the previous phases, the PF received more than R$2.6 million in cash, a plane valued at around R$200 million, 30 weapons and vehicles totaling more than R$25 million. The investigations began in 2024, following a request from the MPF (Federal Public Ministry) to investigate signs of the manufacture and sale of false credit securities in the financial system.
Vorcaro had been arrested in the 1st phase of the operation, but was released by (Federal Regional Court of the 1st Region) in November 2025, when he began to comply with precautionary measures and wear an electronic ankle bracelet. The banker was scheduled to testify for this Wednesday (March 4) at the Senate’s Organized Crime CPI, but Mendonça withdrew the mandatory attendance on Tuesday (March 3). The president of the commission, senator (PT-ES), canceled the session after those convened were absent.
In a note, Contarato stated that the CPI will continue investigating the case and said that decisions that make the presence of those being investigated optional “end up allowing the person being investigated to choose whether or not they want to provide clarifications to society”.
