Entre Investimentos, a company that would have been used by (), is a shareholder in seven funds in the . In total, these funds have R$2.9 billion in assets.
Two of these, central to the Master’s fraudulent web. The information is in documents from the CVM (Securities Commission).
According to an investigation by , Entre Investimentos e Participações functioned as an operational arm of Vorcaro, helping to transfer resources defined by the banker.
Reports from Coaf (Financial Activities Control Council), referring to transactions carried out from 2022 to 2025, list movements of resources by Entre with suspected irregularities.
In a statement, the Entre group stated that it carries out its operations in accordance with financial sector standards. “The company reinforces its commitment to integrity, transparency and compliance with current legislation, remaining available to the competent authorities whenever necessary.”
Vorcaro’s defense said he would not comment on the matter.
Coaf documents contain communications made by banks and other financial institutions, mandatory by law when there are large amounts or signs of irregularities. Coaf is a federal body responsible for preventing and detecting money laundering.
One of these statements, described in a Coaf report, states that Entre had a share capital of R$17.4 million and revenue of R$345.5 million. The statement then points out “points of attention”.
One of these points is “significant receipts” from funds. Another, the allocation of large amounts to a financial institution and fuel distributor suspected of operations related to the criminal faction PCC, investigated in Operation Hidden Carbon.
There was also a “relevant” shipment of resources to lottery outlets, totaling R$2.8 million, according to the Coaf report. The way this was done indicates the use of the account as a pass-through channel, according to the document.
The transactions include Super Empreendimentos e Participações, another operational arm of Vorcaro.
Operations with a fund called Gold Style, managed by Reag, sought to hide beneficiaries and parties involved, as communicated to Coaf. The fund “concentrated transactions of amounts involved” to companies such as Entre Investimentos, according to the report, which cites debts of R$20 million.
Reag was decisive in the organization organized by Master for fraud in credit portfolios, according to the PF, and is being investigated by Carbono Oculto. The administration unit was liquidated by the Central Bank on January 15, less than two months after Master’s liquidation.
Entre and Master appear as holders in a statement to Coaf about transfers (of properties, shares or equity interests) worth R$203.8 million, in August 2024, another indication of the relationship between the two companies.
The group Entre belongs to Antônio Carlos Freixo Junior, known as Mineiro. Close to Vorcaro, Mineiro was the target of search and seizure in January in the second phase of Operation Compliance Zero, which investigates fraud at Master.
Entrepay Instituição de Paço was ordered to be liquidated on March 27 after a domino effect that began with the liquidation of Master last November.
The company also had an exclusive contract with Banco do Nordeste to supply card machines to beneficiaries of the financial institution’s productive microcredit.
The contract, which began in 2021, was terminated in March, after Entre began delaying payments to business owners.
When contacted, Banco do Nordeste said that it monitors, with priority and a sense of institutional responsibility, developments related to Entrepay and the impacts reported by customers who carried out transactions with the company.
The bank said it has intensified contact with credit card brands “with the aim of enabling solutions that ensure the correct identification of amounts owed and their full refund to impacted customers”. The bank added that it is acting diligently, proactively and continuously in the defense of customers, raising the reported cases and adopting all appropriate measures.
Entre also has links with Credcesta, a payroll credit card that emerged from the privatization of Ebal, the state-owned Bahian company responsible for , which operated with a purchasing card.
Entrepay was a partner of Consiglog, one of the companies that make up the Credcesta network. Furthermore, one of the funds in which Entre is a shareholder, Gardenia, is a partner via another fund, Diamond, of PKL One. It is the holder of Credcesta.
