The federal judge who authorized the arrest of Banco Master’s owner, Daniel Forcaro, and other members of the institution is Ricardo Leite.
In the 10th Federal Court of Brasilia, the judge was responsible for the suspension of the activities of the Lula Institute, in Operation Lava Jato, and the confiscation of the passport of President Luiz Inacio Lula da Silva (Workers’ Party).
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Operation Compliance Zero targets a scheme for the issuance and trading of counterfeit credit securities involving financial institutions of the national financial system, including the Bank of Brasilia (BRB), with police officers carrying out inspections
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In total, federal police officers execute five preventive arrest warrants, two provisional arrest warrants, and 25 search and seizure warrants in five units in the federation.
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The launch of the operation comes one day after a consortium of investors from the United Arab Emirates, in partnership with Victor Holding Group, announced the purchase of Banco Master, with an initial investment of 3 billion Brazilian riyals.
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The investigated persons will be interviewed by the Federal Police and may face criminal proceedings and administrative sanctions from the Central Bank and the Securities and Exchange Commission (CVM).
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The police must also deepen the analysis of the source of the transferred resources and the potential ultimate beneficiaries of the fraudulent operations.
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A federal judge also blocked JBS from selling its subsidiaries in Argentina, Paraguay and Uruguay in a $300 million deal linked to Minerva. The judge was responsible for Operation Bullish, which investigated deviations at the National Bank for Social Development (BNDES) for JBS.
In 2017, Light was mentioned in a JBS statement, in connection with Operation Greenfield, by a lawyer who claimed to be close and friendly with the judge.
Federal Judge Ricardo Light
Master Bank
On Tuesday (11/18), with Lite’s permission, the Federal Police issued five preventive arrest warrants, two provisional arrest warrants and 25 search and seizure warrants in Rio de Janeiro, São Paulo, Minas Gerais, Bahia and the Federal District. Forcaro was arrested in Guarulhos when he tried to board a flight to Dubai.
The head of the BRB, Paulo Henrique Costa, has been removed from his position. In March, BRB announced the acquisition of Master. The deal, with an initial value of R$2 billion, was blocked by the central bank.
Operation Compliance Zero investigates the issuance of counterfeit credit bonds by financial institutions that are part of the national financial system. The investigation began in 2024, after the Federal Public Ministry (MPF) pointed out the possible production of unsustainable credit portfolios. Crimes such as fraudulent management, reckless management and criminal organization are investigated.
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