PF Confronts Vorcaro and Ex-BRB Chief as STF-Run Master Probe Enters Forensic Phase

Overview

• Federal police conducted a roughly 30-minute confrontation between Banco Master owner Daniel Vorcaro and former BRB president Paulo Henrique Costa after investigators noted divergent accounts.
• All three gave lengthy statements at the Supreme Court, but BC supervision director Ailton de Aquino, who is not a target, was deemed to have provided valuable technical information and was not confronted.
• Minister Dias Toffoli is overseeing the inquiry at the STF under elevated secrecy; after criticism of an early confrontation order, he allowed the PF to decide on the acareação’s necessity while retaining judicial control.
• Defense teams say there were no substantive contradictions, Vorcaro denied selling fake portfolios and criticized the liquidation, and he remains free under restrictions after his November detention.
• The case examines alleged sales of unsupported credit portfolios to BRB with an estimated exposure of about R$12.2 billion, and investigators now move to technical analysis as the TCU separately reviews the liquidation.