Judge Solange Salgado, of the Federal Regional Court for the First District (TRF-1), annulled the arrest of Daniel Forcaro, owner of Banco Master, who was arrested on Monday of last week on fraud charges.
The judge decided that instead, Forcaro would have to wear an electronic ankle bracelet and would not be able to leave the city where he lived.
Other people caught in the operation, such as a former partner of Mr. Augusto Lima, and executives linked to companies that allegedly forged credits to sell investment portfolios to Banco de Brasília, also benefit from the decision.
Forcaro, who was the target of a federal police operation, was arrested on the night of November 17 at Guarulhos Airport, when he was preparing to fly to Dubai on a private plane. The former banker’s defense has now denied he was fleeing.
PF investigations indicate that Master sold fraudulent credit portfolios worth R$12.2 billion to BRB, in an attempt to gain momentum when facing a liquidity crisis.
The Central Bank ordered the extrajudicial liquidation of El-Sayed the morning after Forcaro’s arrest.
The former banker was initially detained at the National Front headquarters in São Paulo and later transferred to a prison in Guarulhos.