The Fit Group, formerly known as Refit and owned by businessman Ricardo Magro, has reported a default by Banco Master regarding foreign exchange transactions amounting to R$ 1.4 billion. The company, which operates in the oil sector, stated that these transactions were officially recorded with the Central Bank. However, they allege that Banco Master failed to fulfill part of these operations, prompting the company to seek legal recourse to recover the funds.

According to financial intelligence reports from COAF (Financial Activities Control Council), obtained by the report, companies within the Manguinhos group transferred R$ 1.4 billion to Banco Master between October 2024 and November 2025, but only received R$ 5 million in return. This stark disparity raises questions about the legitimacy of the operations and the accountability of Banco Master in these transactions. The Fit Group emphasizes that not all currency exchange operations were completed as expected.

Banco Master has not responded to the inquiries regarding this matter, and efforts to get a comment from the bank's representation have gone unanswered. This situation highlights ongoing concerns regarding risk management and operational transparency in Brazil's financial institutions, particularly in how they manage large transactions and client protections in the face of defaults.