PF points to 'Mineiro' in illegal scheme of Master

The Federal Police claim that the operator known as “Mineiro” has set up a structure to move money of illicit origin linked to the Banco Master. The information is contained in a report that bases investigations into money laundering and currency evasion. The case gained a new chapter after the approval of an award-winning collaboration agreement by Minister André Mendonça of the Supremo Tribunal Federal on September 9.

According to the document, “Mineiro” closed the agreement with the Attorney General’s Office. From there, PF detailed the operation of a scheme that would have used investment funds and offshore companies to hide the origin of resources. The report points out that the structure involved international remittances and contracts for financing audiovisual productions.

Award-winning collaboration approved by STF

The collaboration agreement of “Mineiro” was approved on September 9 by the minister André Mendonça, of the STF. The homologation took place after negotiations with the Attorney General’s Office. With this, the collaborator went on to provide information on the operation of the scheme.

The PF did not detail the full content of the collaboration, but indicated that it reinforces the suspicions that the assembled structure served to launder money. The report mentions that the operator would have acted in the creation of companies and funds abroad. The source did not detail the total values moved by the group.

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Remittances of $12.3 million to Havengate

In the case known as “Dark Horse,” PF identified remittances from Entre Investimentos to Havengate that totaled $12.3 million in 2025. The contract for financing the production provided for $ 24 million, and the amounts sent were almost corresponding to the installments provided for in the agreement. The first shipment related to the film, of $2 million, was made in February 2025.

Havengate had been set up for a real estate project in Texas that didn’t get off the ground. PF claims that the structure of the fund involved Altieres Santana and Paulo Sergio Camin Calixto, a lawyer named by the corporation as linked to Eduardo Bolsonaro. The source did not detail the exact role of each in the operation.

Coaf report points to 168 suspicious operations

Coaf’s Financial Intelligence Report gathered 168 communications of suspicious transactions directly or indirectly involving key investigators. The transactions analyzed were made from January 24, 2019 to May 24, 2026. The document was produced after Coaf identified evidence of money laundering or other related crimes.

The report cites Freixo as being called a “pioneer in the Bahamas” by offshore structures he would have set up in the country. On December 2, 2025, the CVM (Securities and Exchange Commission) rejected a proposal for a Term of Commitment submitted by Freixo, Entre Investimentos, Banco Master and Daniel Vorcaro. The rejection indicates that the regulatory body considered the proposal insufficient to close the case.

PF wants to deepen investigation

The PF asks for further research to clarify the origin of resources, the transit and the destination of values and the final beneficiaries. The corporation also wants to clarify the role of Freixo, Flávio Bolsonaro (PL), Eduardo Bolsonaro, Mario Frias (PL) and others involved in the structuring, collection, execution and destination of the contributions.

The request indicates that there are still gaps about how the money circulated between companies and who actually benefited. The PF has not made formal accusations against the aforementioned, but points to the need for new diligences. The case remains under secrecy and there is no deadline for completion.

Next steps of the counting

With the collaboration of “Mineiro” and the data of Coaf, the expectation is that the PF will advance in the identification of those responsible. The investigation could lead to new operational phases and testimonials. Involvement of public figures increases the pressure for quick responses.

The Banco Master has not publicly spoken about the case so far. The defendants’ defense was also not located. The Boca no Trombone portal keeps track of the developments and will bring new information as it becomes available.

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