Billion-Dollar Scandal Rocks Banco Master: CEO Denies Fraud Amidst Liquidation Chaos
Brazil's Banco Master SA was placed into liquidation last Tuesday, following accusations of fraud against its chief executive officer, Daniel Vorcaro. This event marks one of the largest bank liquidations in the country, with Vorcaro's attorneys vehemently denying the allegations of fraudulent operations that spurred the lender's collapse.
Vorcaro was arrested last Monday by Brazil's federal police, based on accusations that his bank had fabricated false credit operations, which were subsequently sold to Banco de Brasilia SA. Local media reported on allegedly fraudulent credit portfolios amounting to 12.8 billion reais ($2.4 billion). However, Vorcaro’s lawyers stated that the fundamentals behind the probe were
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