Federal Investigations Target Financial Fraud Allegations Involving Vorcaro, Tanure and Associates
Investigations reveal alleged financial fraud involving prominent businessmen Vorcaro and Tanure manipulating stock values and business dealings.
- • Polícia Federal probes fraud linked to Banco Master involving Vorcaro and Tanure.
- • CVM investigates collusion to inflate Ambipar’s stock by 800%, aiding Tanure’s bid for Emae.
- • Tanure lost control of Emae due to non-payment despite winning auction.
- • Vorcaro sold Light shares to BTG Pactual generating R$ 1.5 billion in 2025.
- • Fabiano Zettel, a close associate of Vorcaro, arrested during the probe with investments in health sector.
- • Several companies including Gafisa and Ambipar linked to the investigations.
Key details
Federal investigations have intensified around alleged financial fraud connecting prominent Brazilian businessmen Daniel Vorcaro and Nelson Tanure, as revealed in Operation Compliance Zero and related probes by the Polícia Federal and the Comissão de Valores Mobiliários (CVM).
On January 14, 2023, the Polícia Federal exposed links between Vorcaro and Tanure in a new phase of the Compliance Zero investigation focusing on suspicious activities around Banco Master. The CVM further scrutinizes a scheme whereby funds connected to Banco Master and Tanure allegedly colluded with Ambipar’s founder to artificially inflate the environmental services firm's stock price by 800% within just three months. This surge strategically facilitated Tanure’s bid for control of the Empresa Metropolitana de Águas e Energia (Emae), where he offered Ambipar shares as collateral. Although Tanure initially won the auction, he lost control of Emae after failing to make required payments, while Emae itself invested about R$ 160 million in CDBs tied to Letsbank, part of Banco Master.
This article was synthesized and translated from native language sources to provide English-speaking readers with local perspectives.
