PF Indicts Vorcaro and 14 Other Investigated in Master Case

The Federal Police (PF) on Wednesday indicted the former banker Daniel Vorcaro and another 14 investigated for financial frauds at the Regional Bank of Brasilia (BRB). Irregularities were investigated in the first phase of Operação Compliance Zero.

According to the indictment report, Vorcaro had “personal, repeated and managerial participation” in the operations with irregular credit portfolios of Banco Master that cause damage to BRB.

"As the controller of Banco Master, Vorcaro was the decision-maker of the structure examined and was the main economic beneficiary of the operations aimed at obtaining liquidity for the institution," concluded PF.

Vorcaro was arrested in March of this year and is being held in the Papudinha prison in the Federal District.

In addition to Vorcaro, former BRB president Paulo Henrique Costa and Augusto Lima, a former partner of the Master, are also indicted.

All those investigated were charged with the crimes of fraudulent management of financial institution, criminal organization and money laundering.

Prejudice

According to the PF investigators, the loss already assessed is approximately R$ 2.7 billion. Part of the losses were caused by non-existent credit portfolios, which were on behalf of Tirreno, the front company operated by Master, and which made transactions with BRB.

"There is, therefore, approximately R$ 2.7 billion in losses already formalized and recognized, not being an abstract estimate or merely an eventual risk," said the PF.

After completing the first part of Operação Compliance Zero, the investigators sent the indictment report to the Attorney General’s Office (PGR) and requested Supremo Tribunal Federal (STF) to extend the investigations for another 60 days.

The deadline will be used for the completion of the pending expert examinations and the submission of a supplementary research report.

 

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