Brazil's Federal Police has found strong signs of irregularities in the transfer of R$ 7.15 billion in credit rights from a firm named Tirreno Consultoria Promotora de Créditos e Participações to Banco Master, a Brazilian bank, in 2024 and 2025. The conclusion appears in a police expert report unsealed on the night of Thursday, September 10, by Justice André Mendonça of the Supreme Federal Court (STF), who oversees the main investigations into the bank pending at the court.

According to G1, the examiners concluded that Tirreno had no capacity compatible with originating the credits, that is, with generating or granting the loans that made up the portfolio. In building the securities sold to Master, the report points to "recurring and unusual patterns in the distribution of values, replication of contracts and concentration of attributes, which are strong signs of artificiality".

The police also found no evidence that Master actually paid for the assignments. "The exams performed found no evidence of effective financial settlement of the assignments through the deposit of funds in a freely movable checking account held by Tirreno", the report says. The company's only checking account identified in the Customer Registry of the National Financial System (CCS) was opened on May 23, 2025, after all of the assignments examined had already taken place, and it showed no financial movement.

How the case got here

• November 2024: SX 016 Empreendimentos e Participações is created and later renamed Tirreno. One month later comes the first assignment of credits to Master, worth about R$ 280 million.
• 2024 and 2025: the assignments examined by police total R$ 7.15 billion. According to the force, part of these credit rights was later passed on to Banco Regional de Brasília (BRB).
• 2026: the Master crisis breaks open, the bank's former owner Daniel Vorcaro is arrested in Brasília, and BRB's current management links the crisis to a R$ 8.8 billion hole.
• September 10, 2026: at the request of STF President Edson Fachin, Mendonça lifts the secrecy on 14 proceedings, in addition to the main inquiry, and the report becomes public.

BRB, a bank controlled by the government of the Federal District, sits at the center of the investigation into the origin of the portfolio it acquired. According to the bank's current management, the crisis revealed a hole of R$ 8.8 billion tied to securities that were nonexistent, fraudulent or hard to recover. To cover the loss, the bank approved a capital increase of up to R$ 8.8 billion.

Vorcaro is jailed and under investigation for running what is believed to be Brazil's largest financial fraud, according to Folha de S.Paulo. The release of the documents followed a request made hours earlier by STF President Edson Fachin, with a carve-out to keep secret any police steps whose confidentiality is essential to the inquiry. Investigations into the film "Dark Horse" and into Senator Jaques Wagner (PT-BA), among other lines of inquiry, remain under seal, according to G1.

The report's conclusions carry, for now, the weight of evidence in an ongoing inquiry, and no person or company named has been convicted. The next expected step is a session of the full STF to discuss the police report on the relationship between Justice Alexandre de Moraes and Vorcaro, with no date set so far.