Vorcaro Testifies on Banco Master Sale Talks

In a deposition provided to the Polícia Federal (Federal Police) at the end of 2025, Daniel Vorcaro detailed his interactions with the governor. Vorcaro stated that he held institutional meetings with Ibaneis Rocha between January 2024 and 2025. These meetings reportedly took place in private settings, specifically at Vorcaro's residence and the governor's home in Brasília.

The core subject of these discussions, according to Vorcaro, was the proposal to sell Banco Master to the BRB. The BRB is controlled by the government of the Distrito Federal, placing the governor at the center of the transaction. The testimony suggests a coordinated effort to facilitate the acquisition before regulatory intervention halted the process.

"Em momento algum nas quatro vezes que o encontrei tratei de assuntos relacionados ao BRB/Master. Entrei mudo e saí calado."

The transcription of Vorcaro's statement was reportedly generated using artificial intelligence technology, a method increasingly used to process large volumes of investigative data. The document provides the most detailed account yet of the negotiations that preceded the bank's liquidation.

On the same day the testimony details emerged, Governor Ibaneis Rocha addressed the media. He confirmed that he had indeed met with Daniel Vorcaro on four separate occasions. However, he categorically denied that the sale of Banco Master or the BRB was ever discussed during these meetings.

Rocha attributed his connection to Vorcaro to his former secretary, Paulo Henrique Costa. In a statement regarding the controversy, the governor expressed regret over his trust in Costa, suggesting that the secretary may have been the link to the alleged improper dealings.

"O único erro meu foi ter confiado demais no Paulo Henrique [Costa]."

This defense shifts the focus of the narrative from the governor's direct involvement to the actions of his subordinates. The governor maintains that his meetings were strictly institutional and that he remained silent on business matters, entering and exiting meetings without engaging in the alleged negotiations.

Throughout 2025, the BRB attempted to acquire a significant portion of Banco Master. This operation received substantial backing from the Distrito Federal government, which acts as the controlling shareholder of the public bank. The deal was valued at R$12.2 billion for the sale of credit card portfolios alone.

Despite the local support, the Banco Central (BC) intervened and blocked the transaction. The regulatory body determined that the sale posed systemic risks and later ordered the extrajudicial liquidation of Banco Master. The BC cited suspicions of fraud in the sale of credit portfolios as the primary reason for the intervention.

The timeline of the deal's collapse highlights the tension between state-level ambitions and federal regulatory oversight. The BRB's attempt to expand its portfolio through the acquisition was ultimately thwarted by the Central Bank's stringent requirements for financial stability.

The financial implications of the failed transaction are substantial. Between 2024 and 2025, the BRB injected R$16.7 billion into Banco Master. These massive transfers were intended to stabilize the institution and likely facilitate the eventual takeover.

However, the Ministério Público (Public Prosecutor's Office) is now investigating these transfers. Prosecutors have identified strong indications of fraudulent management regarding the movement of these funds. The investigation focuses on whether the capital injections were handled legally or if they constituted a misuse of public banking resources.

• R$12.2 billion: Value of the credit portfolio sale proposal.
• R$16.7 billion: Total capital injected by BRB into Master.
• 2024-2025: Period of intense financial activity.
• Extrajudicial liquidation: Final regulatory action taken.

The scale of these financial movements has drawn intense scrutiny. As the liquidation process continues, the focus remains on recovering funds and determining accountability for the losses incurred by the public banking system.

The conflicting accounts between Daniel Vorcaro and Governor Ibaneis Rocha set the stage for a complex legal and political battle. While Vorcaro claims discussions took place, the governor insists he was unaware of the specifics, placing the blame on his former secretary, Paulo Henrique Costa.

With the Banco Central having already ordered the liquidation of Banco Master, the immediate future involves the ongoing investigation by the Polícia Federal and the Ministério Público. These bodies will determine if the alleged conversations translated into illegal actions and if the R$16.7 billion in transfers violated financial regulations.

Ultimately, this case serves as a critical test of transparency within the intersection of state-controlled banking and private financial institutions. The outcome will likely influence how similar transactions are regulated and scrutinized in the future.