Operation Compliance Zero, which investigates fraud involving the Banco Master, completes five months this Saturday (18). Since the launch of its first phase, the investigation has already resulted in the blocking of around R$29 billion and the execution of 14 arrest warrants.
The fourth phase, launched last Thursday (17), focused on BRB’s performance. The focus, according to investigators, is on suspicion of corruption related to operations between the state bank and Master. Two preventive arrest warrants and seven search and seizure warrants were served. .
After his arrest, the former head of the BRB was transferred from the PF Superintendence (Federal Police) to the Papuda Penitentiary Complex, in Brasília. Now,
According to investigations, Cunha had received six properties paid by Vorcaro as bribes to enable the acquisition of cards considered fraudulent.
Throughout the four phases, the Master Case investigation progressed from initial suspicions about irregular financial operations to signs of corruption by public agents, obstruction of justice and violent threats.
Four phases
The first phase, launched on November 18, 2025, focused on fraud in credit purchase and sale operations between Master and BRB. According to investigations, non-existent or fraudulent assets were used as collateral to justify the purchase of Vorcaro’s bank by the institution linked to the Government of the Federal District.
At the time, five preventive arrest warrants were issued. Vorcaro was detained while trying to leave the country for Dubai. There were also two temporary arrest warrants, 25 search and seizure warrants and the blocking of R$1.3 billion.
In the second phase, researchers assigned to the management of the bank, using complex structures involving investment funds at different layers.
42 search and seizure warrants were executed, in addition to the temporary arrest of Fabiano Zettel, Vorcaro’s brother-in-law, also detained when trying to travel to Dubai. The blocking of values at this stage reached R$5.7 billion.
All phases of the operation must be authorized by the STF, which also faced turbulence in handling the case. Shortly after the start of the second stage, the minister after internal pressure on the Court and one of the court’s biggest credibility crises.
Toffoli had been the target of criticism for decisions such as the imposition of maximum secrecy and successive changes in the storage of evidence. In one of the episodes, it ordered that all seized material be sealed and sent directly to the Supreme Court, a measure contested by the Federal Police and later reviewed. Information about financial connections between the minister’s family members and a fund linked to Banco Master also came to light, which increased the strain.
In February, the minister of the case. Shortly afterwards, . This stage, according to the PF, was a direct result of the evidence obtained from the material seized in the previous stages.
The focus at that time was suspicions of obstruction of justice, corruption of public agents and violent threats by Vorcaro against journalists. Four preventive arrest warrants were issued. Vorcaro, who at that time had already had his first prison sentence transferred to milder precautionary measures, was arrested again, this time in a maximum security federal prison.
Zettel, who had only been temporarily arrested, was also detained preventively at this stage.
Another Vorcaro ally, Luiz Phillipi Mourão, was also arrested at that time. , he is considered by the PF to be responsible for monitoring people who acted contrary to the banker’s interests. On the same day of the arrest, .
Still at this stage, 15 search and seizure warrants were also carried out on suspicion of passing on privileged information and providing “informal consultancy” to the bank. The volume blocked that day jumped to R$22 billion.
The investigation into fraud in the financial system continues and could be leveraged with a possible denunciation of Daniel Vorcaro. As shown by the CNNthe former banker’s defense signaled to the STF that, involving characters from the Three Powers. The expectation is that the material will be presented to the Supreme Court in May.
