Federal Police conclude that not a single credit in the R$ 12.2 billion portfolios Master sold to BRB could be confirmed

1. 01

   Verified fact · material

   The Federal Police forensic report, released on September 11 after the Supreme Court ordered secrecy lifted, concluded that not a single credit in the portfolios Banco MasterBanco MasterOrganizationBrazilian mid-sized bank at the center of regulatory probes into asset valuation and funding, whose stress spread to counterparties such as BRB.Open in the Market Map ↗ sold to BRB could be validated with real backing, with the Central Bank pointing to strong signs of non-existent portfolios originated by Tirreno, per CNN Brasil and Poder360.

   It is the conclusion that defines the event.

   Sources[01][02][03]
2. 02

   Verified fact · material

   BRB transferred R$ 12.2 billion to MasterBanco MasterOrganizationBrazilian mid-sized bank at the center of regulatory probes into asset valuation and funding, whose stress spread to counterparties such as BRB.Open in the Market Map ↗ in credit assignments between December 2024 and May 2025, R$ 4.05 billion of it after Central Bank questioning and despite formal warnings, risk reports and contrary opinions from technical areas, per Poder360 and CNN Brasil.

   Sizes the hole and the negligence alleged.

   Sources[02][03][01]
3. 03

   Verified fact

   The Federal Police describe 182,000 operations concentrated in just 12 standardised amounts and more than 290,000 of 358,000 clients repeated from earlier assignments, aimed, per the report, at providing MasterBanco MasterOrganizationBrazilian mid-sized bank at the center of regulatory probes into asset valuation and funding, whose stress spread to counterparties such as BRB.Open in the Market Map ↗ with artificial liquidity, per Poder360.

   Evidence of the fraudulent pattern.

   Sources[03]
4. 04

   Verified fact

   g1 reports the Federal Police concluded there was fraud in R$ 17.5 billion of MasterBanco MasterOrganizationBrazilian mid-sized bank at the center of regulatory probes into asset valuation and funding, whose stress spread to counterparties such as BRB.Open in the Market Map ↗ portfolio purchases by BRB, and O Globo that BRB came to have 90.3% of its credit book concentrated in MasterBanco MasterOrganizationBrazilian mid-sized bank at the center of regulatory probes into asset valuation and funding, whose stress spread to counterparties such as BRB.Open in the Market Map ↗, cuts of total examined and book composition accessible only as headlines; Cartos denied any link to Tirreno and those investigated deny wrongdoing, per Poder360 and CNN Brasil.

   Other cuts and responses.

   Sources[04][05][02][03]
5. 05

   Verified fact

   BRB estimates a R$ 12 billion loss and is negotiating a R$ 6.6 billion injection to shore up capital, per CNN Brasil.

   The bank's position after the forensic report.

   Sources[01]
6. 06

   Verified fact · material

   The Federal Police report totals about R$ 17 billion in fictitious or materially unsupported operations between MasterBanco MasterOrganizationBrazilian mid-sized bank at the center of regulatory probes into asset valuation and funding, whose stress spread to counterparties such as BRB.Open in the Market Map ↗ and BRB and puts BRB's transfers into incompatible operations at R$ 20 billion, cuts distinct from the R$ 12.2 billion in CCBs; MasterBanco MasterOrganizationBrazilian mid-sized bank at the center of regulatory probes into asset valuation and funding, whose stress spread to counterparties such as BRB.Open in the Market Map ↗'s technology team generated 2,700 powers of attorney automatically, 1,785 of them sent to BRB, and batch CCBs via scripts using CPFs from old databases, per InfoMoney and Seu Dinheiro on September 13.

   Material update: the total examined exceeds the R$ 12.2 billion in CCBs.

   Sources[06][07]
7. 07

   Verified fact · material

   The Federal Police point to R$ 146.5 million in bribes to Paulo Henrique Costa, BRB's former president, executed through purchases of high-end property, a figure known since his arrest in April and now consolidated in the report, per InfoMoney and Seu Dinheiro; the defences of Vorcaro and Costa did not comment.

   Links the hole to corruption at the bank's top.

   Sources[06][07]
8. 08

   Verified fact

   BRB issued a note calling itself a victim of criminal acts, asking not to be confused with former managers and citing a renewed executive board and an independent forensic audit with Machado Meyer and Kroll, per Seu Dinheiro; declassified technical notes show the Central Bank imposed on BRB, on October 15, 2025, a suspension of portfolio purchases and liquidity controls, with a plan due in 30 days and completion in six months, about a month before liquidating MasterBanco MasterOrganizationBrazilian mid-sized bank at the center of regulatory probes into asset valuation and funding, whose stress spread to counterparties such as BRB.Open in the Market Map ↗, per CNN Brasil.

   The bank's response and the supervision record.

   Sources[07][08]

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Direction is an explanatory hypothesis, not a forecast or recommendation.