Brazil's Federal Police found, on a corporate hard drive handed over by Banco Master's liquidator, a PowerPoint presentation that describes, step by step, a "document factory" run by bank employees to give an appearance of legitimacy to 7.155 billion reais in credits sold to Banco de Brasília (BRB). The finding appears in an analytical police report (IPJ-A 1390980/2026) concluded on March 23, and was detailed by g1 on Saturday (12), after secrecy over documents in the Master case was lifted.
According to the report, the file "Revisão - processos e documentos.pptx" was stored on the bank's SharePoint, had 26.7 MB and 30 slides, one of them hidden. Technical records show it was created on October 23, 2025, at 12:09 p.m., and last modified the next day at 5:45 p.m. The presentation described a flow that began with the extraction of real client and contract data from CredCesta, the bank's payroll lending program, ran that data through software built for the task and ended in what police classify as an "industrial generation of financial documents".
The papers included Cédulas de Crédito Bancário (CCBs), bank credit notes used in Brazil to formalize debts, along with consent forms and powers of attorney, the latter generated by direct mail. The presentation also records changes to documents: removal of dates from consent forms, extraction of specific pages and separation of signature pages. Employees also requested proof of financial transfers that lacked information allowing the operations to be traced. Police concluded that the activities involved several departments in a "coordinated operation".
How the papers reached BRB
The documents backed a simulated credit assignment involving Tirreno Consultoria, a company created in October 2024 with 100 reais in share capital, no employees and no operational capacity, according to forensic experts. Between December 2024 and May 2025, Master and Tirreno signed 28 credit assignment agreements, with more than 1 million contracts entered into the bank's systems. Forensic analysis found no real financial settlement: Tirreno's account, opened later, remained inactive, and the amounts were limited to internal bookkeeping entries in a reserved account at Master itself. The papers were then passed to BRB, a bank controlled by the government of Brasília's Federal District, which accepted the credits despite the irregularities, g1 reported.
The case so far
Master, controlled by Daniel Vorcaro, who is under investigation in the case, is now in liquidation. It has been a target of Operation Compliance Zero since its first phase in November 2025. Unable to copy all the data during the searches, the Federal Police asked the liquidator for the equipment, and the hard drive was handed over on November 27, 2025. The main facts established so far:
- October 1, 2024: SX 016 is created, later renamed Tirreno, with 100 reais in share capital.
- December 24, 2024 to May 14, 2025: Master and Tirreno sign 28 credit assignment contracts totaling 7.155 billion reais.
- June 23, 2025: André Seixas Maia, who signed the contracts for Tirreno, sends BRB a link with 1,785 document kits.
- October 23 and 24, 2025: the presentation on document production is created and modified on Master's SharePoint.
- November 27, 2025: the liquidator hands the hard drive to the Federal Police, which locates the file.
- March 23, 2026: the Federal Police concludes report IPJ-A 1390980/2026.
The findings are investigative conclusions, not court rulings, and everyone named remains presumed innocent. The g1 report includes no statement from Banco Master, BRB or defense lawyers about the presentation. Valor Econômico also reported on the document on Saturday. The Master case now sits with the Supreme Federal Court (STF), where it has fed a crisis among the justices. The next step is Tuesday's session (September 15), which court president Fachin kept limited to the case of Justice Alexandre de Moraes; on September 23 the court meets on a petition by Justice André Mendonça, the case's rapporteur, g1 reported.