Among the pieces that make up the case of Banco Mastersettled by BC (Central Bank), there are investment funds and even a resort that had a connection with Minister Dias Toffoli, of the STF (Supreme Federal Court), and his family.
The would be involved in a .
The resort already had direct links with the minister’s family, but in April 2025, it was acquired by the
The purchase of shares in the resort that belonged to the Toffoli family was structured through an investment fund managed by the financial company Reag, an institution mentioned in the Carbono Oculto operation due to suspected links to a money laundering scheme for the PCC, which is being investigated in the context of .
The transaction, however, came into the spotlight recently, amid questions surrounding the minister’s role in the Master case.
The investment fund managed by the company mentioned in the Master case carried out an investment to buy shares in Tayayá Resort.
According to the report sent by the Central Bank to the TCU, between July 2023 and July 2024, Banco Master and funds managed by Reag structured operations in violation of the rules of the National Financial Systemwith risk, credit and liquidity.
These operations are part of a set of structured transactions totaling R$11.5 billion, including funds linked to Reag.
Data from the Federal Revenue indicate that the resort already had Maridt Participações SA, which belongs to Igor Luiz Pires Toffoli e José Eugênio Dias Toffolibrothers from Toffoli. The minister also admitted to being a partner in the fund, although his name does not appear in the corporate structure declared to the Commercial Board of the State of São Paulo.
Arleen e Maridt
The investment for the purchase of part of the Tayayá Resort was made by Arleen Multiestratégia Participações Investment Fundaccording to CVM (Securities Commission) records from October 2025.
A CNN Brazil confirmed that Fabiano Zettel is the only shareholder of a fund that invested approximately R$20 million in the Arleen fund. This, in turn, acquired a stake in Tayayá Administração e Investimento, the company that owns the resort located in the interior of Paraná.
A Arleen is managed by Reagmentioned in the Hidden Carbon operation, and would have invested R$ 16.3 million in DGEP Empreendimentos, which also had Mario Umberto Degani, Toffoli’s cousin, on its corporate board.
The investment fund made a million-dollar contribution to buy shares in Tayayá Resort, a slice that previously belonged to Maridt Participações SAwhich has Dias Toffoli as part of the corporate structure.
I.e: Maridt sold its stake in the Tayayá Resort to the Arleen Fund, managed by Reag and linked to Banco Master’s business network.
The minister also claimed that Maridt completely left the Tayaya Ribeirão Claro group in February 2025 and that the transfer to the Arleen Fund was carried out in 2021, years before the action regarding the purchase of Banco Master by BRB was distributed to him in the Supreme Court.
Contacted in mid-January, Reag said it would not comment on the case. At the time, the CNN also contacted Minister Dias Toffoli’s office, Tayayá Resort, DGEP and others mentioned in the report.
In a statement, the defense of Daniel Vorcaro, owner of Master, denied any involvement with fraud, illicit funds or operations. He states that the bank was never a manager, administrator or shareholder of the aforementioned funds and says he trusts that the progress of the investigations will reestablish the truth of the facts.
It even approved, on Tuesday (18), the breaking of the confidentiality of the fund that purchased shares in Tayayá Resort.
This Thursday, Minister Gilmar Mendes, of the STF, annulled the approval of a request that broke the company’s tax and banking secrecy.
