Brazilian Court Unseals Records of Banker's Seized Assets
Brazil's Supreme Court lifted secrecy on the investigation file of Daniel Vorcaro, founder of Banco Master, revealing that federal police searched four properties across São Paulo, Brasília, Belo Horizonte, and Nova Lima. The searches found about R$290,000 in cash, watches, armored cars, and a Renoir painting. Police estimate missing funds near R$12 billion, but Vorcaro has not been convicted.
The searches spanned four cities, with the Brasília property alone covering nearly 1,700 square metres and purchased for R$36 million in mid-2024. Banco Master entered extrajudicial liquidation in November 2025, and police allege a structure where newer deposits covered earlier obligations.
Documents seized included items on letterheads of the Chamber of Deputies and Banco de Brasília, the state-owned lender that has provisioned over R$5 billion against losses. The central bank's liquidation order and the scale of potential missing funds, estimated at R$12 billion, place this among Brazil's largest financial fraud investigations.
The unsealing could affect public trust in Brazil's financial oversight, particularly among the estimated 1.6 million potential victims. It may also pressure regulators and state-linked institutions like Banco de Brasília to explain their exposure, while Vorcaro's lack of conviction means the case's outcome remains uncertain.