Investigated in the Master case, Reag has had its extrajudicial liquidation decreed by the Central Bank.

Less than three months after the extrajudicial liquidation of Banco Master was decreed, the Central Bank (BC) determined, on the morning of Thursday, January 15, the liquidation of CBSF Distribuidora de Títulos e Valores, the new name of Reag Trust Distribuidora de Títulos e Valores Mobiliários.

The company, which belonged to João Carlos Mansur and was the target of Operation Hidden Carbon, an investigation that is looking into alleged money laundering schemes, links to the fuel sector, the financial market, and involvement with organized crime.

"The decree of extrajudicial liquidation was motivated by serious violations of the rules governing the activities of institutions that are part of the National Financial System," says the statement from the Central Bank.

The decision also orders the freezing of assets belonging to the current controllers and former administrators of the financial institution.

The action, signed by the president of the Central Bank, Gabriel Galípolo, comes a day after the second phase of Operation Compliance Zero, which resulted in search and seizure warrants against Mansur.

Also as part of the investigation, Federal Police agents arrested businessman Fabiano Zettel, considered the right-hand man of Daniel Vorcaro, from Banco Master.

In December, the Central Bank detailed, in a report sent to the Federal Court of Accounts (TCU), the involvement of Reag Trust funds in a large part of the frauds associated with Banco Master, which occurred between July 2023 and July 2024.

In a statement sent to the market in September, after the start of the Federal Police operation, Reag reported that the Hans 95 fund had negotiated bank deposit certificates (CDBs) with Master.

The Management Ranking of the Brazilian Association of Financial and Capital Market Entities (Anbima), from November 2025, shows that the former Reg Trust had R$ 352.9 billion under its management.

The Central Bank's decision does not involve Arandu Investimentos, a company created from the acquisition of one of the asset management firms of the former Reag group by its own executives.