Daniel Vorcaro Under Federal Investigation Over Banco Master Sale and Political Ties

Daniel Vorcaro, owner of Banco Master, is under intense scrutiny following his testimony to the Federal Police regarding the controversial sale of Banco Master to Banco de Brasília (BRB) and his connections with political figures. Vorcaro denies leveraging political influence despite admitting to personal relationships with leaders from the centrão bloc, PT, and MDB. He testified that if he had political allies facilitating his business, the Banco Master acquisition would not have been blocked, nor would he be under house arrest with an electronic ankle monitor.

The ongoing investigation centers on the acquisition attempt of Banco Master by BRB, which involved approximately R$ 12.2 billion in credit portfolios suspected to be false. The Central Bank liquidated Banco Master in November 2025, citing a liquidity crisis and numerous regulatory breaches. Authorities are probing whether BRB’s leadership knowingly approved these dubious transactions, with emerging evidence suggesting they were aware of the fraudulent nature.

Vorcaro admitted continuing to do business with BRB after being alerted to missing documentation on these portfolios. He confirmed that despite the Central Bank's requests for clarification on asset origins, negotiations proceeded. Vorcaro and the then BRB president, Paulo Henrique Costa, were reportedly involved in negotiating financial terms, while operational duties were managed by technical staff. Vorcaro also referenced a change in the Central Bank's internal processes affecting oversight but emphasized that supervisory scrutiny remained constant.

Regarding his political connections, Vorcaro claimed these were personal friendships, not transactional relationships tied to his banking operations. Although he had limited, institutional discussions with Federal District Governor Ibaneis Rocha about the sale, he denied making political donations from 2022 to 2025 and said the bank only sponsored debate events. The investigation is examining whether political pressure influenced BRB's decision to buy Banco Master and the extent of knowledge BRB leaders had about the false credit portfolios.

Vorcaro’s defense highlights a purported lack of political facilitation, juxtaposed against strong suspicions by regulators and prosecutors of collusion and misconduct in one of Brazil’s high-profile banking controversies.