Lula Addresses Banco Master Founder Vorcaro's Political Persecution Claims Amid Tight Election Race

On October 15, 2026, President Luiz Inácio Lula da Silva publicly addressed claims made by Daniel Vorcaro, founder of Banco Master, who alleged political persecution in a December 2024 meeting. Lula recounted the meeting, noting that Vorcaro claimed persecution but stressed to him that the troubles stemmed from legitimate investigations by the Central Bank rather than political motives. Banco Master was liquidated in November 2025 after being implicated in a significant fraud case involving approximately R$ 12 billion.

Lula also discussed advising Vorcaro against selling Banco Master to BTG during their meeting, which followed an official audience with former chief of staff Marco Aurélio Santana Ribeiro. Earlier in January 2026, Lula criticized defenders of Vorcaro as lacking integrity. The controversy surrounding Vorcaro has become a focal point in the current presidential campaign, with Lula's team attempting to link Flávio Bolsonaro to Vorcaro’s financial dealings, particularly a disputed US$ 24 million payment connected to a film project.

This political scandal unfolds against the backdrop of an intensely close presidential race. According to a recent Datafolha poll conducted on October 13-14, Flávio Bolsonaro holds a narrow 51% to 49% lead over Lula in valid votes, representing a technical tie within the poll’s two-point margin of error. Flávio’s support has slightly decreased with a rise in undecided and null votes, while Lula maintains strong backing among women, lower-income voters, and Catholics. The political climate remains sharply polarized, with high rejection rates for both candidates. The upcoming live debate on October 18 is anticipated to be pivotal.

Lula’s administration continues to focus on economic measures such as aiding micro-entrepreneurs and tackling fuel taxes, aiming to bolster support. Meanwhile, Flávio Bolsonaro promotes institutional reforms and positions himself as a likely winner. The Banco Master case and its political reverberations illustrate the fierce contest shaping Brazil’s electoral landscape.