Banco de Brasília (BRB) has appointed the law firm Machado, Meyer, Sendacz, Opice e Romano Advogados (Machado Meyer Advogados) to conduct an independent investigation, with the assistance of Kroll Associates Brasil, into alleged irregularities in business with Banco Master.
The facts discovered are related to the Operation Compliance Zero investigations, which point to an alleged fraud worth R$12 billion in credit portfolios sold by Master to the BRB.
In a related fact sheet published to the market on Tuesday evening (2/12), BRB said the office “will only report to an independent investigative committee, established on 28 November 2025, which was constituted by executives who had no role in BRB during the period assessed.”
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The testimony of Paulo Henrique, former president of the BRB, has been postponed at the National Front
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Federal District
Ibanes appoints Nelson Souza as new president of BRB
The 10th Federal Court of Brasilia ordered the dismissal of the then president of BRB, Paulo Henrique Costa, and CFO Dario Oswaldo Garcia Jr., in the context of the investigation into suspicious business with Banco Master. Subsequently, Governor Ibanes Rocha (MDB) appointed former Caixa president Nelson Souza to head the BRB.
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Wide angle
The BRB says a major audit is in the “final stage” of the installation
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Wide angle
The testimony of Paulo Henrique, former president of the BRB, has been postponed at the National Front
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Federal District
Ibanes appoints Nelson Souza as new president of BRB
The Federal Court ordered the arrest of the owner, Mr. Daniel Forcaro, and other executives linked to the bank. They were detained for 12 days.
The 10th Federal Court in Brasilia also ordered a comprehensive review of BRB by the central bank. In a decision issued on November 24, the court considered information provided by the Federal Public Ministry (MPF) indicating that the institution “does not present a liquidity crisis.”
Operation Compliance Zero is investigating the purchase of Banco Master credit portfolios by the BRB. The Federal Police noted that although the BRB describes the existence of a formally structured process for obtaining portfolios – including eligibility filters, appearances from different regions, collective approval and registration with B3 – “it appears that these mechanisms were not effective in detecting the serious irregularities subsequently highlighted by the Central Bank, such as the presence of unsustainable credits, overlapping of mutual funds, creation by a newly founded company with no history (Tirreno) and lack of documentary evidence of the underlying assets.” Contracts.
PF noted that BRB accepted a refund of R$6.7 billion directly from Tirreno, the front company. Tirreno signed an agreement to pay the amount in six months – from June to December 2025. According to investigations, the amount of R$6.7 billion that Master paid to Tirrino for the credit portfolios, before transferring it to BRB, remains available in the escrow account, but BRB did not demand an immediate return.