By Brazil Stock Guide – Justice Dias Toffoli of Brazil’s Supreme Federal Court ordered the freezing of assets belonging to businessman Nelson Tanure on Jan. 6, in a decision that remained under seal until Friday, Jan. 16. The ruling is part of the second phase of Operation Compliance Zero, a federal investigation into alleged financial frauds involving Banco Master, executed by the Federal Police on Jan. 14.
The decision authorizes the seizure and freezing of assets from 38 individuals, with potential values reaching R$ 5.77 billion. With Supreme Court approval, investigators also lifted banking and tax secrecy for 101 individuals and legal entities linked to the case, covering transactions carried out between Oct. 20 and Oct. 21, 2025. The measures were granted at the request of the Office of the Prosecutor General, which alleges the existence of coordinated and complex financial schemes centered on the bank’s operations.
In the ruling, Toffoli states that Tanure is identified by investigators as the ultimate beneficial owner of Lormont Participações, whose R$ 73.7 million in bank credit notes accounted for 97% of the FIDC Maranta’s portfolio in related-party transactions. The justice also notes indications that Tanure acted as a shadow partner of Banco Master, exerting influence through funds and layered corporate structures. On that basis, Toffoli determined that the freezing of Tanure’s assets should occur in the same amount applied to Daniel Vorcaro, cited in the investigation as a central figure in the bank’s structure.
According to the decision, investigators have identified indications of crimes including fraudulent management of a financial institution, misleading investors, insider trading, market manipulation and money laundering. The case has intensified judicial and regulatory pressure on Banco Master and its alleged de facto controllers, adding to broader scrutiny of governance practices and risk structures in Brazil’s financial system.
Tanure did not comment on Toffoli’s decision as of the publication of this report. On Thursday, Jan. 15, however, the businessman issued a separate note denying any equity or control ties to Banco Master. “I was neither nor am I a controlling shareholder of the defunct Banco Master, nor its partner, even as a minority stakeholder, directly or indirectly,” Tanure said.
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