On Wednesday morning (11/18), the Federal Police (PF) launched Operation Compliance Zero, which targets a scheme for the issuance and trading of counterfeit credit securities involving financial institutions of the national financial system, including the Banco de Brasília (BRB), where police officers are conducting searches.
The article found that among those detained was Daniel Forcaro (Featured image), of Banco Master, detained on remand on suspicion of direct participation in the fraud, and banker Augusto Lima, partner at Banco Master and currently married to Flávia Peres (formerly Arruda). PF searched the couple’s mansion in Parkway.
In total, federal police officers issued five preventive detention orders, two temporary arrest warrants, and 25 search and seizure warrants in five federal units: Federal District, Rio de Janeiro, São Paulo, Minas Gerais, and Bahia. The court orders were issued by the Federal Court after representation from the National Police and with the support of the Federal Public Ministry (MPF).
The launch of the operation comes one day after a group of investors from the United Arab Emirates, in partnership with Victor Holding Group, announced the purchase of Banco Master, with an initial investment of R$3 billion.
the Capitals Activate BRB and MA. The field remains open for demonstrations.
How the scheme worked
The investigation began in 2024, at the request of the MPF, after the Central Bank discovered irregularities in the composition of credit portfolios used as collateral in financial operations.
According to investigators, one institution artificially manufactured credit securities without real backing, portfolios considered “non-existent” or “non-persistent,” and subsequently sold them to another financial institution, including BRB.
After inspection by BC, the fraudulent securities were replaced with other assets, also without technical evaluation or compatible support. For the police forces, the maneuver demonstrates an attempt to cover up the first crime and indicates an organized fraud mechanism involving the top management of the institutions concerned.
The investigation targets crimes such as fraudulent management, reckless management and criminal organisation, as well as possible crimes against the financial system and capital market.
According to PF, the name “Zero Compliance” refers to the “complete disregard for basic compliance rules” demonstrated by those investigated, and is a direct criticism of what agents classify as a deliberate action to defraud internal and external controls.
Next steps
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).
The police must also deepen the analysis of the source of the transferred resources and the potential ultimate beneficiaries of the fraudulent operations.
BRB and the other financial institutions mentioned have not yet commented publicly on the process.
The investigation remains confidential.
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