The Digimais trail: R$ 8.5 billion in CDBs, a loss of R$ 109 million, and billions in auditors' reservations.

Banco Digimais, an institution controlled by Bishop Edir Macedo and the target of Operation Mirage, launched on the morning of Tuesday, June 23, by the Federal Police, had R$ 8.54 billion in issued Certificates of Deposit (CDBs), according to the bank's financial statements for the second half of 2025.

This volume makes the institution the second largest issuer of term deposits among banks in the S4 segment (a category that includes smaller institutions in the national financial system).

Operation Mirage is investigating suspicions of manipulation of accounting statements and regulatory records to conceal the institution's true financial situation, create the appearance of solvency before regulatory bodies, and enable allegedly irregular operations, according to the Federal Police.

Part of the investigation involves the suspicion that operations with investment funds were used to transfer problematic assets off the bank's balance sheet and artificially improve its accounting indicators.

At Digimais, Certificates of Deposit (CDBs) represented the largest portion of a funding structure that totaled R$ 8.54 billion in CDBs, R$ 550 million in Subordinated Financial Letters, and R$ 40.8 million in Time Deposits with Special Guarantee (DPGE).

To attract investors through digital distribution platforms, Digimais offered an average return of 111.86% of the CDI (Brazilian interbank deposit rate) to the end customer, according to the institution's own documents. The total cost of raising capital through these platforms was equivalent, on average, to 115.70% of the CDI variation.

With protection of R$250,000 per CPF (Brazilian individual taxpayer registration number), the Credit Guarantee Fund ( FGC ) may have to deal with yet another billion-dollar problem involving CDBs (Certificates of Deposit). An estimate made by a highly qualified source to NeoFeed is that if the extrajudicial liquidation of Digmais is decreed, more than R$7 billion will go to the FGC – so far, counting the Master , Banco Pleno and Will Bank cases, the guarantee fund has already spent more than R$50 billion.

While high profitability served to attract resources, it also imposed a high funding cost: in the second half of 2025 alone, fundraising expenses in the market totaled R$ 702 million. For the year, they reached R$ 1.27 billion.

Despite the high cost of raising capital, Digimais ended 2025 with a net profit of R$ 31.3 million. However, the result lost momentum in the second half of the year: in the second semester, the bank recorded a loss of R$ 10.8 million, according to its financial statements.

The deterioration intensified at the beginning of 2026. Although Digimais only publishes financial statements on a semi-annual basis, data from the Central Bank obtained by NeoFeed shows that the institution recorded a net loss of R$ 108.7 million in the first quarter of this year. In the same period, funding expenses totaled R$ 340.2 million.

The 2025 financial statements themselves already included reservations from Clifton Larson Allen (CLA) Brazil, the independent auditor of the balance sheet, which stated that it had not obtained sufficient evidence to determine any necessary adjustments to investments in fund units totaling R$ 3.1 billion, due to audit limitations.

Related party transaction

The auditor also pointed out uncertainties regarding a transaction involving the sale of shares in the Hermon FIDC (Investment Fund in Receivables) for R$ 741 million, which generated a positive effect of R$ 126 million for the bank due to the reversal of a provision for impairment . According to the auditors of the balance sheet, the buyer of the shares, BA Empreendimentos, is a related party to the bank.

"As of the date of issuance of this report, we have not obtained sufficient appropriate audit evidence to enable us to conclude on the proper classification, measurement of the recognized asset, and reasonableness of the accounting effects arising from this transaction."

According to the institution's financial statements, Digimais is controlled by Digimais Participações, which, in turn, is controlled by BA, a holding company linked to Grupo Record, owned by Bishop Edir Macedo.

Data from the Federal Revenue Service obtained by NeoFeed indicates João Luiz Urbaneja as president of BA and Thiago Rodrigues Urbaneja as a director of the company. Both are also among the targets of the search and seizure warrants executed by the Federal Police this Tuesday.

According to the 2025 financial statements, Digimais is controlled by Digimais Participações, while BA Empreendimentos e Participações is identified as the holding company and indirect controller of the bank. In previous financial statements, from 2023, the bank described BA as a holding company for Grupo Record.

The reservation involving Hermon, however, was not the first warning related to how Digimais recorded investments in credit rights funds. The 2024 audit report itself recorded that the 2023 and first half 2024 financial statements had been examined by other auditors, with reservations related to the measurement of shares in credit rights investment funds.

In 2023, Grant Thornton raised an objection involving R$ 855.5 million classified as FIDC quotas. At the time, the auditor stated that it had been unable to conclude on the adequacy of the recorded values and the prudential provision recognized by the bank.

Hermon concentrates almost its entire portfolio in non-standardized credit rights. Managed by ID Corretora de Títulos e Valores Mobiliários and administered by Bless Capital, the FIDC (Investment Fund in Credit Rights) had, in May 2026, net assets of R$ 740.7 million, a portfolio of R$ 744.7 million and only one investor, a legal entity.

According to the fund's documents, the portfolio appears to have no overdue loans, no defaults, and no provision for losses. However, the quarterly report for the first quarter of 2026 states that the receivables were not registered and that the credit acquired by the fund was the subject of legal proceedings.

Hermon's financial statements for October 2025 received an unqualified opinion from the independent auditors. However, the report itself notes that the comparative financial statements for 2024 had received a disclaimer of opinion from another auditor due to a lack of conclusion regarding the existence of the asset and certain assumptions used in measuring the accounts receivable.