Federal Police confirm $24 billion fraud scheme between Master and BRB banks
Federal Police concluded a R$ 17 billion fraud involving two Brazilian banks, resulting in the arrest of top executives.
Brazil's Federal Police confirmed that fraudulent operations between Banco Master and the Banco do Brasil (BRB) totaled approximately R$ 17 billion. Authorities stated these fictitious transactions were structured using mass production of falsified documents and an umbrella company. Data analysis by investigators identified over R$ 20 billion in transfers from BRB to deals deemed incompatible with the bank's integrity. Daniel Vorcaro, owner of Master, is currently imprisoned. Paulo Henrique Costa, former president of BRB, is also held on remand. The investigation revealed explicit corruption practices involving high-level management at BRB. Vorcaro defended operations were not fictitious. He accused investigators of ignoring the bank's financial performance. Police investigations continue to examine additional transactions.
