Vladimir Timerman, summoned to the CPI for reporting evidence of fraud at Banco Master, said that Nelson Tanure was one of the true controllers; the two have a history of conflict
Investment fund manager Vladimir Timerman, from Esh Capital, said that Daniel Vorcaro, founder of Banco Master, was “stick-mandated” e “an errand boy” of the real owners of the institution. The testimony was given this Wednesday (18 March 2026), as a witness at the Parliamentary Commission of Inquiry into Organized Crime, in the Senate.
According to Timerman, the businessman was the true commander of the financial institution. Tanure’s office denied the report.
“My feeling is that he [Vorcaro] This is a person who really didn’t even know what was going on. She was placed to be the face of the Master to make political connections”said Timerman at the Organized Crime CPI.
According to the application of the CPI that requested the businessman’s testimony, Vladimir Timerman worked for years as “important” whistleblower of Master fraud, “mapping links between investment funds and offshore companies when such warnings were treated as mere eccentricities”.
The deponent told the senators that he analyzed the and sought to correlate dates of important transactions by the bank with his communications. Timerman mentioned debts allegedly assumed by Vorcaro worth R$3 billion.
“Another issue that has been talked about a lot is the suspicion that Mr. Nelson Tanure is the owner of Banco Master. I have put together 3 elements to show that this is the case. A lot of attention has been paid to the messages that were leaked from Mr. Daniel Vorcaro. I did an exercise to look for the dates on which important issues in relation to the bank, important transactions and debts allegedly assumed by Daniel Vorcaro, amounting to R$3 billion, to see if there was any mention of this with his girlfriend. Very much It was surprising that there wasn’t, there wasn’t a single mention”he stated.
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Timerman criticized what he called “capture” of the CVM (Securities Commission). He also said that the Federal Police and the Central Bank took time to analyze the signs of fraud. “My complaints about Gafisa SA (of which Tanure is a shareholder) began in 2019, until 2021. Gafisa SA is the laboratory for everything”, stated the manager of Esh Capital, a company that works with investment management.
Tanure He has been a member of the Board of Directors of the real estate construction company Gafisa since 2019. The Federal Police identified him as a possible “hidden partner” of Master in investigations linked to Vorcaro. Leaked messages from the former banker indicate that Tanure thanked him for sending an imported Duomètre model, from the Jaeger-LeCoultre brand, valued at up to R$1 million.
Tanure denies
Tanure’s office released a statement stating that the businessman has decades of professional experience in the securities market. According to the note, Tanure “he had never been accused of any allegedly criminal practice in the context of the companies in which he is or was a shareholder”.
The advisor declared that the businessman was never a partner, controller or beneficiary, directly or indirectly, of Banco Master. Tanure would have maintained with the institution “only legitimate commercial relationships, as a client and investor, in the same way as it operates with several other financial institutions”. Here is the full note (– 45.2 kB).
O Poder360 contacted Daniel Vorcaro’s defense office via email, but has not received a response so far. In case of response, the text will be updated.
Conviction for crime of stalking
The conflict between Timerman and Tanure began in 2021. That year, Timerman accused Tanure of co-opting minority shareholders to take control of Alliar. The medical examination company, in which the businessman has a stake, is currently known as Alliança Saúde e Participações.
The São Paulo Court sentenced Timerman to 1 year, 10 months and 15 days in prison for persecuting Tanure, in a decision linked to the history of conflict between the two. The manager denies having made aggressive or threatening posts and the case is in the 2nd judicial instance.
Judge Eva Lobo Chaib Dias Jorge, from the 12th Criminal Court of the TJ-SP, replaced the sentence with the provision of community services, to be completed during the period of the sentence, with a workload of 8 hours per week, in addition to the payment of a 36-day fine.
