On Wednesday, Brazil’s Federal Police executed search and seizure orders on businessman and investor Nelson Tanure as part of the second phase of Operation Compliance Zero, a broad investigation into alleged financial irregularities involving Banco Master and related entities.
Tanure is well-known in Brazil’s corporate environment, particularly for his investments in financially distressed enterprises.
According to local media outlet InfoMoney, the most recent police action places him among the principal figures being investigated by authorities for potential criminal organisation operations, fraudulent financial institution management, market manipulation, and money laundering.
Airport seizure and release
Tanure’s phone was seized on Wednesday morning at Galeão International Airport in Rio de Janeiro’s North Zone, as reported by TV Globo.
He was prepared to travel to Curitiba for a brief trip and was not carrying any bags at the time of the approach.
Police officials seized his cell phone and paperwork. Tanure readily agreed to the request and was soon released, although he did not catch the trip. The operation did not lead to his arrest.
The Federal Police also served warrants at homes associated with Daniel Vorcaro, the owner of Banco Master, as well as assets owned by his relatives.
Investigators are looking into the suspected issuing of fraudulent loans by Master as part of a larger scheme under investigation.
Scope of the operation
In total, agents are carrying out 42 search and seizure warrants issued by Supreme Court Justice Dias Toffoli.
The justice also ordered the seizure and freeze of assets and funds totalling 5.7 billion reais.
The size of the court orders emphasises the scope of the inquiry, which has moved beyond a single individual or institution to include several people and business organisations associated with Banco Master and its operations.
Authorities have not revealed how the frozen assets are dispersed among the operation’s targets, nor have they divulged any additional operational procedures beyond the execution of the warrants.
Previous indictment and legal strategy
Tanure was indicted late last year by the Federal Public Prosecutor’s Office in São Paulo, prompting this police action.
Prosecutors accused him of using privileged knowledge to gain financial advantages in deals involving shares of Gafisa, a construction business in which Tanure is a key stakeholder.
Tanure denied any misconduct.
The case is currently being processed at the 5th Federal Criminal Court of São Paulo.
Tanure’s legal team, however, has requested that the proceedings be transferred to the Supreme Court, claiming that the matter is clearly related to Banco Master.
The request stems from the police investigation, which involved petitions for search and seizure warrants and the lifting of confidentiality for Master shareholders Daniel Vorcaro and Maurício Quadrado.
Investigators also looked into the responsibilities of the Planner and Trustee, as well as fund managers and administrators affiliated with the Master Group.
Links to Banco Master are under investigation
Tanure’s lawyers attempted to place the claims within a larger context involving Banco Master and its leadership.
“The facts evidenced in this criminal prosecution include, among other individuals and legal entities, the members of Banco Master S/A, the controller himself, Daniel Bueno Vorcaro, and also Master SA Corretora and Trustee,” the prosecution’s attorney wrote.
The Federal Police inquiry is still focused on whether coordinated actions by people and organisations within the Master group constituted criminal activity under Brazilian law.
Operation Compliance Zero continues, with authorities hinting by the breadth of Wednesday’s activities that additional investigation steps may be taken as they examine confiscated papers and financial information related to the case.
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