Brazil’s Bank Master collapsed in November 2025 when the Central Bank liquidated it following serious regulatory violations. President Daniel Vorcaro was arrested shortly thereafter, attempting to flee the country after orchestrating a Ponzi‑style scheme that siphoned new investors’ capital to cover old debts and channel funds through shell companies. The investigation later expanded to uncover political corruption, an armed enforcement wing, and alleged connections to Brazil’s largest criminal organization, the PCC.
The Bankers
Top executives at Bank Master recruited small investors with seemingly lucrative opportunities, while also directing funds from other lending institutions that underpinned the fraud. Their network extended across related financial entities.
Daniel Vorcaro: The bank’s president, Vorcaro was alleged to be the mastermind behind the complex money‑laundering and fraud network, overseeing both a private militia and the bribery of politicians. He facilitated the transfer of illicit proceeds to hide assets and launder earnings.
Paulo Henrique Costa: President of Banco de Brasilia (BRB), Costa was arrested and charged with collaborating with Vorcaro to fabricate and sell approximately R$12.2 billion ($2.4 billion) in fake credit portfolios. Two weeks before Bank Master’s demise, he attempted to acquire Bank Master using BRB—an effort thwarted by Brazil’s Central Bank.
Vorcaro and Costa established front companies and acquired real estate properties to conceal and shift illicit proceeds.
SEE ALSO: Brazil’s Biggest Banking Fraud Scheme Explained
Augusto Ferreira Lima: As Bank Master’s chief executive, Lima is accused of bribing senators and deputy lawmakers to secure favorable legislation, award public contracts to the bank, and receive protection when authorities grew suspicious.
The Politicians
These individuals allegedly enabled Bank Master to achieve its criminal objectives.
Ciro Nogueira: Former vice‑president Ciro Nogueira, serving as Jair Bolsonaro’s chief of staff, was suspected of receiving roughly R$300 000 (≈$58,000) monthly from Vorcaro in exchange for promoting legislative changes favoring the bank.
Jaques Wagner: Senator Jaques Wagner, once the top ally of President Luiz Inácio Lula da Silva in the Federal Senate, faces accusations of deep personal ties to the bank’s CEO. The senator allegedly pressured Wagner’s associates to pass legislation aligned with Bank Master’s interests.
Cláudio Castro: Former governor of Rio de Janeiro, Castro was tied to Banco Master through RioPrevidência, which invested around R$2.01 billion (US$385 million). Even as the bank’s liquidity crumbled, he remained a beneficiary. After resigning as governor on March 23, 2026, he was barred from office for eight years pending prosecution for vote‑buying and illegal fundraising related to the 2022 election.
The Gangsters
Investigations revealed links to criminal actors spanning hackers, militias, and Brazil’s largest organized crime group.
The Crew
Police allege Vorcaro headed a criminal outfit called “The Crew” (A Turma) composed of active and retired officers tasked with surveilling and intimidating perceived opponents.
Henrique Moura Vorcaro: Daniel’s father, Henrique Moura Vorcaro, is accused of running the crew alongside his son to execute threats, in‑person intimidation, coercion, forced abductions, theft of classified information, and unauthorized intrusion into government systems. He also functioned as the financial operator for the operations.
Luiz Phillipi de Moraes Mourão: Nicknamed “Sicário,” Mourão was the crew’s leader and was killed in custody after his arrest as part of Operation Zero Compliance in March 2026.
Marilson Roseno da Silva: A retired federal police analyst, Silva is alleged to have accessed and monitored sensitive databases such as ePol, the central repository for ongoing Federal Police and Public Prosecutor’s Office investigations. He leveraged contacts among active‑duty officers to gather intelligence on prospective defendants.
Manoel Mendes Rodrigues: Rodriques led a well‑armed paramilitary wing and additionally controlled the Jogo do Bicho family clan—a historic illegal gambling operation dating back decades. As investigations intensified, he and other Crew members reportedly pursued key witnesses under threat of violence should they cooperate.
The Boys
The “Boys” (Os Meninos) are charged with conducting cyber‑operations targeting the bank’s probe.
David Henrique Alves: According to court records, Alves managed technical operations, recruiting hackers to take down social media platforms, penetrate communications, conduct cyberattacks, and perform illegal intercept‑telco surveillance.
SEE ALSO: Cryptocurrency Money Laundering Is on the Rise in Brazil
The First Capital Command
Bank Master’s saga intersects with Brazil’s most powerful criminal organization—the First Capital Command (PCC). Police have identified at least two vehicles through which PCC moneylaundered.
The main link appears to be Reag Trust DTVM, an investment vehicle believed to serve as a front for the PCC. The firm allegedly injected over US$1.2 billion into Bank Master’s deposit certificate portfolio. Concurrently, Vorcaro employed numerous shell companies to issue fictitious investments via Reag, artificially bolstering the bank’s perceived strength.
A parallel fund, the Galo Forte Multi‑Strategy Equity Investment Fund, has been investigated for processing PCC finances; reports indicate Vorcaro funneled resources into Atlético‑MG through this entity. Additionally, the PCC specialist Dante Felipini (alias “Cryptoboy”) utilized Bank Master for his drug trafficking networks and was convicted in 2025 for laundering PCC funds linked to the Calabrian ‘Ndrangheta cartel.
This is the second part of a three‑part series examining the massive Bank Master fraud case in Brazil. Read the first and third parts here and here.
