In a significant development in Brazilian politics and finance, the Federal Police (PF) launched a new phase of Operation Compliance Zero on Thursday, targeting Senator Ciro Nogueira. The operation, which investigates suspected financial fraud connected to Banco Master, saw search and seizure warrants executed at the senator's addresses in Brasília and Teresina.
The core of the investigation revolves around a constitutional amendment proposal, Emenda nº 11 to PEC 65/2023, which Senator Nogueira presented. The proposal aimed to significantly increase the coverage limit of the Fundo Garantidor de Créditos (FGC), the mechanism that protects depositors and investors if a financial institution fails, from R$250,000 to R$1 million per CPF or CNPJ.
According to the decision by Supreme Court Justice André Mendonça authorizing the measures, the Polícia Federal found strong indications that the text of this amendment was not drafted by the senator's office. Instead, investigators allege the proposal was elaborated by Banco Master's advisory team and then delivered in an envelope addressed to 'Ciro' at his private residence.
The investigation further alleges that the content was then "reproduced in its entirety" by the senator when he formally presented it in the Senate. The justification provided in the original amendment argued for greater public involvement in deposit guarantee schemes, citing international examples like the collapses of Silicon Valley Bank and Credit Suisse to support the need for a stronger, state-backed FGC.
Adding weight to the suspicions, the police decision cites messages attributed to Banco Master's chairman, Daniel Bueno Vorcaro, in which he allegedly celebrated the amendment's presentation. One message reportedly states the proposal "came out exactly as I ordered." The PF is investigating whether this legislative text was crafted specifically to benefit Banco Master's interests in the financial market.
Beyond the amendment, the investigation points to a broader alleged arrangement. The court decision mentions suspicions of monthly payments to the senator, ranging from R$300,000 to R$500,000, as well as other potential benefits like the acquisition of company shares at a significant discount, funding for international trips, and the use of a high-end property. The police describe this as a "functional arrangement oriented towards obtaining mutual benefits."
Justice Mendonça justified the need for these cautionary measures by highlighting the senator's considerable political influence. As the national president of the Progressistas (PP) party and a former Chief of Staff under President Jair Bolsonaro, Nogueira's "capacity for political and institutional articulation" presents a high potential to interfere with the ongoing investigation.
The senator's office has not yet responded to requests for comment from the media. This new phase of Operation Compliance Zero marks a major escalation in the scrutiny of Banco Master's activities and their intersection with high-level political figures in Brazil.
Based on reporting from g1.