Income Tax Declaration indicates that banker purchased a partner’s stake for R$650 million without payment in 2024
The banker increased his shareholding in Banco Master by around 29% by purchasing the stake of one of the institution’s main partners for R$650 million, according to information from his 2025 Income Tax declaration (base year 2024).
The document indicates that the operation was carried out entirely in installments. There was no payment in the year of the transaction. It was, in this way, on credit. The data is contained in documents, to which the Poder360 had access, delivered by the Federal Revenue to the CPMI (Joint Parliamentary Commission of Inquiry) of the INSS (National Social Security Institute), after Vorcaro’s breach of banking and tax secrecy.
The purchase involves DV Holding, a company that belonged to businessman Maurício Quadrado and which holds shares in Banco Master.
According to the data declared to the Tax Authorities, the acquired holding had:
- 39,644,804 common shares (ON) of the bank
- 496,131 preferred shares (PN)
In total, around 40.1 million shares of the financial institution.
Before the operation, Vorcaro already controlled 140,182,057 shares, which were paid in July 2024 into Master Holding Financeira, a corporate structure used to consolidate his stake in the bank.
With the incorporation of the shares present in DV Holding, the number of shares under the banker’s influence increases to approximately 180 million.
This represents an increase of around 29% in the number of bank shares under its control, considering only the numbers reported in the Income Tax declaration.
NO PAYMENT
The statement also indicates that the deal was made without disbursement in 2024.
The asset appears recorded at the value of R$650 million, with an indication of acquisition of the equity interest, but with no payments made in the base year.
In practice, the record suggests that the purchase was structured with deferred payment, a common model in corporate transactions in which the buyer assumes the debt and settles the value in future installments.
MASTER CASE
Daniel Vorcaro was arrested for the first time on November 17, 2025 at Guarulhos Airport, when he was boarding a flight to the United Arab Emirates. The Federal Police suspected him of being a flight risk. The arrest was made during the 1st phase of Operation Compliance Zero, carried out in conjunction with the MPF, and which also resulted in the arrest of banker Augusto Lima.
According to the PF, Banco Master issued CDBs (Bank Deposit Certificate) with the unrealistic promise of paying 40% above market rates. One day after Vorcaro’s arrest, the Master had him extrajudicially prosecuted by the Central Bank.
In March 2026, Operation Compliance Zero reached its 3rd phase, with the 2nd arrest of Vorcaro and a group suspected of monitoring and intimidating opponents of the former banker. Read more about the 2nd and 3rd phase of the operation.
