A report by the Financial Activities Control Council identified transfers totaling more than R$700 million in assets linked to Banco Master to an offshore company based in the Cayman Islands in which banker Daniel Vorcaro is a partner. The information was released this Wednesday (11) by the newspaper The Globe.
The transfers occurred throughout 2025 and were allocated to Titan Capital Holding, a company registered in the Cayman Islands in September 2024.
The offshore company has Vorcaro as a shareholder and also has the participation of Angelo Antonio Ribeiro da Silva and Luiz Antonio Bull, both previously linked to the bank’s corporate structure.
The movements are part of the material analyzed by the authorities within the scope of Operation Compliance Zero, conducted by the Federal Police of Brazil, which investigates suspected billion-dollar fraud involving securities considered high risk and other financial irregularities.
According to the Coaf report based on bank records, the first operation took place on January 31, 2025. At that time, the Quiron Fund, managed by Reag Investimentos, transferred shares previously belonging to Banco Master to Titan Capital Holding in the amount of R$85 million.
Less than a month later, on February 28, the Saint German Fund, also managed by Reag and with participation from Titan itself, received assets that were from Banco Master valued at R$66 million.
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The biggest movement occurred in April. On the 2nd of that month, GSR Fundo de Investimento, whose sole shareholder is the Astralo 95 fund, transferred R$555.7 million to the Krispy Fund, whose sole shareholder is Titan Capital.
Combined, the three operations total R$707.1 million in assets transferred offshore.
