A company registered with just R$100 in capital, with no employees and no effective banking activity, was used by Banco Master, the bank founded by Daniel Vorcaro, to simulate the origin of R$7.155 billion in payroll loans, the credits Brazilians repay through automatic deductions from salaries or pensions. That is the conclusion of a Federal Police forensic report detailed by G1 on Saturday (12) and by Poder360 on Friday (11). According to the police, the money for the credit assignments never reached the company, named Tirreno: the amounts were booked internally by the bank, which entered more than 1 million contracts into its own systems under the company's name.
The company was incorporated on October 1, 2024 as SX 016 Empreendimentos e Participações, with R$100 in capital, of which only R$10 had been paid in, R$5 from each of the two founding partners. In December 2024 it was renamed Tirreno Consultoria Promotora de Crédito e Participações, took credit promotion as its stated activity and had its declared capital raised to R$30 million, to be paid in within 12 months. The forensic team says it found no evidence or document showing the R$30 million were ever deposited.
Between December 24, 2024 and May 14, 2025, Master and Tirreno signed 28 credit assignment contracts worth a combined R$7.155 billion. Twenty-five of them, about R$5.96 billion, were signed before the changes to the company's name and management were registered with the São Paulo commercial registry on April 15, 2025. André Felipe de Oliveira Seixas Maia signed all 28 contracts on the company's behalf even though he only formally appeared as a director later. The signatures on a batch of 26 contracts worth R$6.34 billion were notarized in a single round on May 13 and 14, 2025. The Federal Police called it late notarization and said the document chain needs validation.
Investigators found unusual patterns in the contracts, employers with inconsistent registration data and documents produced at scale inside the bank itself. On May 22, 2025, when Master requested registration data from Tirreno, revenue, net worth, clients and suppliers came back blank or at zero. The company's first bank account was opened only on May 23, at Banco Master itself, and it remained without balance or movement, the police said.
Sale to BRB and the "document factory"
The credits were resold to Banco de Brasília (BRB), a state-owned bank that initially bought the portfolios without proper checks and only later began demanding documents, according to the police. On June 23, 2025, Seixas Maia sent BRB a storage link with 1,785 document kits on the receivables. On July 4, Master's anti-money-laundering committee decided to close the irregularity alerts and not to report the case to COAF, Brazil's financial intelligence council. By October 2025, the credits attributed to Tirreno accounted for 64% of all payroll loan receivables managed by Master in the Função 13 system.
According to G1, the Federal Police also described a "document factory" set up by bank employees. A PowerPoint presentation found on a corporate hard drive, handed over by Master's liquidator on November 27, 2025, details the extraction of real client data from the CredCesta credit program, processing in dedicated software and the industrial-scale generation of bank credit notes, consent forms and powers of attorney, with dates and signature pages removed. The findings are part of a police analysis report concluded on March 23, 2026.
What each side says
The Federal Police called the R$7 billion operation "completely atypical". According to Poder360, BRB's president told the Supreme Federal Court (STF) in testimony that Tirreno never received the funds, a version the police say is corroborated by Vorcaro, an investigated party in the case. Vorcaro reportedly admitted the deal with Tirreno was canceled and that no money was delivered either to the company or to BRB. "How can a company that received nothing at all (Tirreno) and had the operation canceled have committed to buying back portfolios worth 7 billion reais", the police asked in its filing.
Cartos, the direct credit company identified by the police as Tirreno's controller, denied in a statement having any contractual, commercial or operational relationship with the company and said it did not originate, structure, market, broker or assign any credits in the case. BRB did not respond to Poder360. The Master case is before the STF under rapporteur Edson Fachin, who scheduled for September 23 the session in which he will examine petitions related to the inquiry, according to G1. The investigation is ongoing and no one named in the report has been convicted.