The Brazilian Securities Commission (CVM) has disclosed a list of internal proceedings concerning Banco Master and Reag, two financial institutions that were liquidated by the Central Bank following police operations targeting financial fraud. The announcement, made on Tuesday, includes eight processes with formal accusations and six still under investigation. Not all cases are directly tied to the Federal Police operations that led to the arrest of former banker Daniel Vorcaro, who is currently monitored through an electronic ankle bracelet.

One of the accusations originates from a 2020 case involving irregularities in the issuance and distribution of investment fund quotas associated with Banco Master and Viking Participações. Vorcaro, who was the owner of Banco Master, is a key figure in this ongoing process, which is currently awaiting judgment. The CVM has not provided further details on the allegations, leaving considerable uncertainty regarding the extent of the infractions.

In an investigation accessed by Folha, the accusations against Reag and its former owner, João Carlos Mansur, include claims of inflating share prices of the former Besc (Banco de Santa Catarina). This development reflects the ongoing scrutiny of financial institutions in Brazil as regulatory bodies like CVM strengthen their oversight amid rising concerns about financial misconduct and the importance of ensuring market integrity.