The Federal Police launched the second phase of Operation Compliance Zero this Wednesday, January 14th, investigating one of the biggest recent financial scandals in Brazil.
With authorization from Justice Dias Toffoli of the Supreme Federal Court (STF), the Federal Police are executing 42 search and seizure warrants in five states – São Paulo, Bahia, Minas Gerais, Rio Grande do Sul, and Rio de Janeiro. The courts also ordered the freezing and seizure of assets and funds exceeding R$ 5.7 billion.
According to the investigation, the criminal organization is accused of fraudulent management, market manipulation, money laundering, and racketeering. The first phase of the operation, in November 2025, had already led to Vorcaro's arrest and the extrajudicial liquidation of Banco Master by the Central Bank.
The target is a sophisticated fraud scheme involving Banco Master, controlled by businessman Daniel Vorcaro, which allegedly moved billions of dollars to artificially inflate the institution's assets.
According to the Federal Police, the core of the fraud involved the creation of fictitious credit portfolios to inflate Master's balance sheet and enable its sale to BRB (Banco de Brasília). It is estimated that the irregularities reached R$ 12 billion. Suspicious investment funds were also allegedly used to back the transactions.
Besides Vorcaro, who is under house arrest, the targets of this operation include Fabiano Zettel, Vorcaro's brother-in-law, arrested while trying to board a flight to Dubai; Nelson Tanure, a businessman with a history of investing in companies in crisis; and João Carlos Mansur, former president of the asset management firm Reag, which is already under investigation for connections with the PCC (Primeiro Comando da Capital).
Henrique Vorcaro, Daniel's father, would also be one of the targets, according to UOL . He came under the investigators' scrutiny due to evidence suggesting he transferred assets to his family to conceal Master's assets.
By early morning, the Federal Police had seized cash (R$ 200,000 and R$ 97,000 at different addresses), as well as luxury cars, watches, and weapons. The court orders also target real estate and corporate holdings.
Another aspect of the investigation is the hiring of digital influencers to attack the Central Bank and authorities involved in the liquidation of Master. At least 46 profiles are believed to have participated in a coordinated campaign on social media.
The case exposes weaknesses in the governance and compliance mechanisms of the Brazilian financial system. BRB, which attempted to acquire Master, announced an external audit to investigate the facts.
