Brazil's Federal Police suspects that Supreme Court Justice Dias Toffoli may have been the final beneficiary or de facto owner of the Arleen fund, an investment vehicle that received at least 35 million reais from banker Daniel Vorcaro, owner of Banco Master, and whose assets were moved to a holding registered in the British Virgin Islands, a Caribbean tax haven. The finding was published on Thursday (10) by Revista Piauí, in a story by Breno Pires based on a confidential police report sent to the court, and was detailed by Folha de S.Paulo and Correio Braziliense.
How the money reached the Caribbean
The document, identified as Judicial Police Information of Analysis no. 893171/2026, runs to nearly 200 pages, was signed by four federal police delegates and was built from the contents of Vorcaro's phone, seized in late 2025, according to Correio Braziliense. It reached the STF, Brazil's top court, about seven months ago, handed to Chief Justice Edson Fachin and opened to the other ten members of the bench.
"Several elements of information were identified which, analyzed together, point to the possibility that Justice José Antonio Dias Toffoli figured as the final beneficiary or de facto owner of the FIP Arleen, as well as of its assets."
According to the reports, the Arleen fund bought part of the quotas of Maridt, a company controlled by the justice's brothers and tied to the Tayayá resort in Ribeirão Claro, and in which Toffoli has acknowledged holding a stake. The fund then passed to businessman Alberto Leite, owner of FS Security and a friend of the justice; Folha dates the purchase to February 2025. One month later its rules were changed to allow investments abroad, and in December the assets went to the holding Egide I, in the British Virgin Islands. Messages from Vorcaro's phone cited by Correio Braziliense show concern over delays in the transfers: the banker mobilized his brother-in-law Fabiano Zettel and former communications minister Fábio Faria to unblock the funds and, after speaking with Toffoli, said the delay had left him in a bad position. In messages from late 2025 he arranged the formal transfer of the fund to Leite and asked for a draft contract "without a name".
What is fact and what is hypothesis
The financial movements are laid out in the report: the contribution of at least 35 million reais from Vorcaro, the rule change and the shipment of assets to the Caribbean over the course of 2025. The link between the fund and Toffoli, by contrast, is presented as a hypothesis. The same document records at least 12 in-person meetings between the justice and the banker between late 2023 and early 2025, plus 167 calls over messaging apps between the two phones, and concedes the case needs deeper analysis, with no definitive conclusions. In a closed-door session, the justices concluded the report led nowhere and shelved it; Toffoli's office says that decision is final and unappealable.
Contacted by Revista Piauí, the justice's office denied any wrongdoing. In a statement, it said Toffoli "has never held or had, directly or indirectly, resources abroad" and "has never carried out any operation, directly or indirectly, in the British Virgin Islands", and that he was never a friend of Vorcaro. The same report also supports the previously reported suspicion that the banker tried to sway a Toffoli vote in a case on precatórios, the court-ordered government debt payments at issue in the wider Banco Master investigation.
For readers tracking the case, two practical points. The report behind the Arleen suspicion is part of the sealed Master case files: this week the court lifted secrecy on only part of the record, and according to Piauí, of the two reports on ministers' ties to Vorcaro only one was made public. With the case shelved, that line of inquiry can only resume if new evidence emerges, a call that belongs to the court itself. A police suspicion is not a conviction.