A businessman who signed a plea agreement with Brazil's Prosecutor General's Office (PGR), Antonio Carlos Freixo Júnior, known as Mineiro, told prosecutors he made seven transfers to the US-based Havengate fund between January and September 2025, at the request of Daniel Vorcaro, owner of the now-defunct Banco Master. The transfers, booked as quota subscriptions, totaled US$ 12.333 million, about R$ 62.8 million at the September 2025 exchange rate, according to news site G1. Portal Poder360, drawing on a report by the newspaper O Globo, puts the same amount at roughly R$ 69 million. The details were published on Wednesday (9).
According to G1, the payments had been requested from Vorcaro by Senator Flávio Bolsonaro of the PL party, now a presidential candidate. The senator had said the banker's last payment came in May 2025; the plea statement records a US$ 1.666 million transfer that September. The account is part of a plea deal Mineiro signed with the PGR on August 8. It now sits with Justice André Mendonça of the Supreme Federal Court (STF), who oversees the Master case, for review.
How the transfers worked
Mineiro, owner of investment firm Entre Investimentos, said he did not know the fund until Vorcaro contacted him on WhatsApp between late 2024 and early 2025. In January 2025 his company signed a "Letter of Agreement" with the fund's trustee, lawyer Paulo Calixto, who represents former congressman Eduardo Bolsonaro in the United States. The document provided for more than ten subscriptions. Shortly before each operation, Vorcaro messaged him to formalize the subscription and make the payment, the businessman said, according to G1.
"Daniel Vorcaro's initial request was to send about US$ 24 million, to be carried out in more than ten subscriptions, between January 2025 and January 2026"
Only seven transactions were completed. Vorcaro was first arrested in November 2025. Mineiro said he handed authorities proof of the transfers and his email exchange with Calixto, and stated that he did not know where the money ended up.
In the same statement, the businessman said he made other payments abroad, also at Vorcaro's request, through Entre Investiments and Arbitrage Ltd., based in Nassau, the Bahamas. In those cases Vorcaro sent "invoices" to be paid; the beneficiaries were not detailed. The Federal Police is investigating whether all the money wired to Havengate went to Dark Horse, a biopic of former president Jair Bolsonaro, as Flávio and the production company Go Up maintain, or whether part of it bankrolled Eduardo Bolsonaro's stay in the US. Investigators are also checking whether funds parked in tax havens such as the Bahamas reached the fund or people connected to it.
A timeline of the case
Vorcaro was first arrested in November 2025, the same month the Central Bank placed Banco Master into extrajudicial liquidation. He remains in custody and is under Federal Police investigation on suspicion of financial system crimes and corruption. This year, the outlet Intercept Brasil published chats between Flávio and the banker suggesting a deal of about R$ 134 million to finance the film. The senator first denied any financing and later admitted raising R$ 61 million from Vorcaro. The magazine piauí reported an additional transfer eight days after the senator's conversation with the banker, bringing the total tallied to about R$ 65 million. In June, a private audit hired by Go Up said the film's books were in order, at a cost of R$ 75 million paid by Havengate, but it did not release the spending documents.
Mineiro's lawyer, Marco Petrelluzzi, said he would not comment because of a court secrecy order. Flávio Bolsonaro's office said information about the financing comes from Go Up, which has already presented the film's accounts. Eduardo Bolsonaro denies receiving money from Vorcaro through the fund. Flávio says the money was used entirely on the production and that there is "absolutely nothing wrong" with the financing, as reported by Poder360.
On Tuesday (8), Mineiro's defense attended a hearing with an auxiliary judge from Mendonça's chambers, a step that verifies the voluntariness, regularity and legality of the deal before the justice decides. Mendonça must now rule on whether to approve the plea agreement. No date has been set.