{"id":98272,"date":"2026-04-22T12:06:43","date_gmt":"2026-04-22T15:06:43","guid":{"rendered":"https:\/\/murray.adv.br\/?p=98272"},"modified":"2026-04-22T12:06:43","modified_gmt":"2026-04-22T15:06:43","slug":"former-brb-chief-tied-to-alleged-fraud-benefiting-banco-master","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/former-brb-chief-tied-to-alleged-fraud-benefiting-banco-master\/","title":{"rendered":"Former BRB chief tied to alleged fraud benefiting Banco Master"},"content":{"rendered":"
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Lawsuit cites irregular capital increases, links to distressed asset deals under investigation<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n
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Messages sent by\u00a0Paulo Henrique Costa<\/strong>, former president of\u00a0Banco de Bras\u00edlia (BRB)<\/strong>, indicate he may have acted improperly to benefit Daniel Vorcaro\u2019s\u00a0Banco Master<\/strong>\u00a0by allowing capital increases that enabled the purchase of loan portfolios from the bank. The conclusion is part of a lawsuit filed by BRB on February 23 against Banco Master, Vorcaro, Jo\u00e3o Carlos Mansur, of Reag, and investment funds.<\/p>\n<\/div>\n

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The filing points to signs of fraud, including \u201ccorporate restructuring, rapid shifts in shareholdings, and risk of asset dissipation by third parties directly or indirectly involved in Operation Compliance Zero.\u201d It also states that BRB acquired R$26 billion in credit portfolios from Banco Master and Will Bank between July 2024 and October 2025.<\/p>\n<\/div>\n

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The lawsuit alleges \u201cserious irregularities in these transactions,\u201d including approximately R$13 billion in distressed securities originated by Tirreno. It seeks to freeze BRB shares held by defendants linked to Banco Master.<\/p>\n<\/div>\n

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Messages attributed to Costa suggest he personally selected three funds linked to Master and Reag to participate in capital injections into BRB. \u201cIt will be split into three vehicles. Please proceed with a new [subscription] of R$250 million,\u201d one message reads.<\/p>\n<\/div>\n

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The exchange refers to BRB\u2019s capital increase carried out in May 2024, when the bank raised R$290 million from private investors connected to funds within the Master\/Reag ecosystem, under Costa\u2019s direct oversight.<\/p>\n<\/div>\n

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According to the lawsuit, these actions enabled investors tied to Banco Master or mentioned in investigations to hold approximately 23.5% of BRB\u2019s share capital by the end of 2025.<\/p>\n<\/div>\n

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\u201cThrough capital increases carried out irregularly\u2014featuring participation by parties that were not shareholders at the record date and involving triangulated share transactions\u2014particularly to facilitate the acquisition of Banco Master\u2019s credit portfolios, approximately 23.5% of BRB shares were acquired by individuals and entities with direct or indirect ties to the Master\/Reag ecosystem,\u201d the filing states.<\/p>\n<\/div>\n

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\u201cThe funds in question ultimately have beneficiaries linked to the Master\/Reag ecosystem, which justifies freezing these holdings to enable potential compensation to BRB for damages caused by the alleged fraud,\u201d it adds.<\/p>\n<\/div>\n

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The lawsuit further argues that funds linked to Banco Master should not have participated directly in the capital increase because they were not part of BRB\u2019s shareholder base at the relevant record date. \u201cUnder the rules governing private capital increases, only shareholders as of May 17, 2024\u2014the record date\u2014were entitled to exercise preemptive rights and participate in subsequent rounds,\u201d the filing states.<\/p>\n<\/div>\n

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Costa was\u00a0arrested last week during the fourth phase of Operation Compliance Zero<\/a>. According to the Federal Police, there is evidence that he received bribes to facilitate fraudulent transactions involving Banco Master.<\/p>\n<\/div>\n

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Investigators allege he was to receive six properties valued at R$146 million. These payments were allegedly halted after Vorcaro was improperly informed about confidential investigations involving Banco Master. Even so, authorities traced payments to Costa exceeding R$74 million.<\/p>\n<\/div>\n

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Brazil\u2019s Federal Supreme Court (STF) Second Panel began reviewing on Wednesday a decision by Justice Andr\u00e9 Mendon\u00e7a ordering Costa\u2019s arrest. During the same phase of Operation Compliance Zero, lawyer Daniel Monteiro\u2014who acted on behalf of Banco Master\u2014was also detained.<\/p>\n<\/div>\n

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Valor\u00a0<\/strong>contacted Costa\u2019s legal defense, but no response was provided by the time of publication.<\/p>\n

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  • By Tiago Angelo, Valor\u00a0\u2014 Bras\u00edlia<\/li>\n
  • Source: Valor International<\/li>\n
  • https:\/\/valorinternational.globo.com\/<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Lawsuit cites irregular capital increases, links to distressed asset deals under investigation       04\/22\/2026 Messages sent by\u00a0Paulo Henrique Costa, former president of\u00a0Banco de Bras\u00edlia (BRB), indicate he may have acted improperly to benefit Daniel Vorcaro\u2019s\u00a0Banco Master\u00a0by allowing capital increases that enabled the purchase of loan portfolios from the bank. The conclusion is part […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[26875,26874],"class_list":["post-98272","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-benefiting-banco-master","tag-former-brb-chief-tied-to-alleged-fraud"],"yoast_head":"\nFormer BRB chief tied to alleged fraud benefiting Banco Master - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/former-brb-chief-tied-to-alleged-fraud-benefiting-banco-master\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former BRB chief tied to alleged fraud benefiting Banco Master - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Lawsuit cites irregular capital increases, links to distressed asset deals under investigation       04\/22\/2026 Messages sent by\u00a0Paulo Henrique Costa, former president of\u00a0Banco de Bras\u00edlia (BRB), indicate he may have acted improperly to benefit Daniel Vorcaro\u2019s\u00a0Banco Master\u00a0by allowing capital increases that enabled the purchase of loan portfolios from the bank. 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