The second phase of Operation Compliance Zero , launched by the Federal Police this Wednesday, January 14th, reached Fabiano Zettel, brother-in-law of banker Daniel Vorcaro. He was arrested by agents in Guarulhos while attempting to board a flight to Dubai.
A partner at the private equity firm Moriah Asset, which invests in wellness and healthcare companies, he is the latest figure in the investigation into alleged fraud involving Banco Master.
In addition to being an investor and partner in Moriah and Pipe Participações, Zettel is a lawyer and pastor at the Lagoinha Church in Belo Horizonte. He is considered by political circles and those on Faria Lima Avenue to be Vorcaro's right-hand man and confidant – he is married to Natália, the sister of the owner of Banco Master.
Zettel was, for example, the director of Super Empreendimentos, a company that purchased a R$ 36 million property in Brasília, which Vorcaro used to hold meetings with businesspeople and politicians. The company belongs to the Termópilas fund, managed by Reag Investimentos, which was also targeted in Operation Hidden Carbon.
Moriah has been rapidly expanding its stake in businesses within the health and wellness segment. Zettel estimates that its asset management firm holds R$1.8 billion in market value from its portfolio companies. Investments in these companies total R$300 million.
Zettel's investment firm invests in the Oakberry açaí shop chain, which currently has over 750 locations in Brazil and 50 other countries. In 2024, Moriah invested R$ 100 million in the chain founded by Georgios Frangulis.
When contacted by NeoFeed , Oakberry stated that it would not comment on the matter.
In addition to the global açaí network, Moriah also has stakes in Desinchá, Frutaria São Paulo and Empório Frutaria, the Les Cinq Gym gym chain, Super Nutrition, Naturanic, Foone, BeOOH, Frutaria São Paulo and Empório Frutaria stores, Haoma, Push & Pow, Soon, Power Focus and Freeze.
In 2025, Moriah announced investments in two companies. In February, it directed a strategic investment (without revealing the amount) to Norte Media, a Brazilian startup linked to the creative economy segment.
The invested funds were directed towards the expansion of Norte, owner of the Guday brand, a creatine in gummy form, launched by influencer Manuela Cit, which has been on the market since October 2023.
In March, Zettel's private equity fund invested R$ 2.6 million in Solo Snacks, a São Paulo-based company specializing in the manufacture of natural and healthy snacks. With this investment, Moriah acquired a 30% stake.
Among Zettel's partners is entrepreneur Felipe Titto, owner of several franchise networks and former member of the Shark Tank program. Both are part of the corporate structure of Truth Performance Holding, a company with a share capital of R$ 5 million, according to data from the São Paulo Commercial Registry (Jucesp) – Moriah is also officially a partner.
In a statement to NeoFeed , the businessman informed that Truth "was a cosmetics company whose shareholders included Felipe Titto, and the three founders of Desinchá, a company in which he is also a partner, and Moriah as an investor."
“The company’s products went into testing, and not all of them made it to the final phase. Initially, Felipe Titto was to be the face of this new brand, however, in the meantime, he signed a contract with a competing brand, so the company decided to hold off on the launch. It remains open, but inactive,” Titto informs.
However, Truth Performance appears as an active company in the Commercial Registry.
In August 2024, Zettel became a partner in the fitness clothing brand Army. At the time, Moriah invested R$ 10 million in the company, securing a 20% stake. At the end of that year, he opened a physical store for the chain in Shopping Morumbi, in São Paulo.
In São Paulo, Moriah's headquarters are in the same commercial building as Vorcaro's Viking Participações. The main office is located on Raja Gabaglia Avenue in Belo Horizonte.
In a statement to NeoFeed , Zettel asserted that he has known and legitimate business activities, unrelated whatsoever to the management of Banco Master.
"Despite not having had access to the content of the investigations, he is fully available to the responsible authorities to cooperate with any information that is within his reach," the text says.
"In order to avoid frustrating the diligences to be carried out this morning, the decision of Minister Dias Toffoli, which granted measures for personal search and seizure and temporary detention, was based on the fact that Fabiano had a previously scheduled trip (strictly in the interest of his business), with tickets issued for a one-way trip to Bahrain and a return trip to Brazil on February 6th," the statement concludes.
