Central Bank orders liquidation of Reag DTVM after serious violations in investigations with Banco Master
Banco Central of Brasil announced this Thursday, January 15, 2026, the extrajudicial liquidation of CBSF Distribuidora of The measure was formalized by the president of the municipality, Gabriel Galípolo, and occurs one day after the second phase of Operação Compliance Zero, led by Polícia Federal.
The decision points to the compromise of the manager’s economic and financial situation and serious violations of the rules that regulate Sistema Financeiro Nacional. Essas irregularities include failures in risk management, compliance and internal auditing, as well as signs of facilitation of illicit practices.
Reag managed billions in investment funds and was among the largest institutions in the sector in the country. The intervention seeks to preserve market stability and protect creditors during the process of closing activities.
Detailed reasons for the intervention
Banco Central justified the liquidation based on analyzes that identified serious regulatory violations in the institution’s conduct. Essas infractions directly affect the integrity of Sistema Financeiro Nacional and expose risks to investors and the capital market.
Furthermore, Reag’s operating history revealed patterns that compromised its financial strength. The municipality highlighted that the measure aims to stop practices that could generate additional damage to the system.
Connections to the Banco Master
Banco Master granted loans to companies linked to Reag, which re-invested the resources in funds managed by the manager. Esses movements generated rapid transactions between funds, with asset revaluations that artificially inflated results.
In one of the operations identified, a fund recorded an appreciation of more than 10 thousand percent in a short period, without corresponding to the real market. Essas practices contributed to the formation of fictitious gains recorded in balance sheets.
Polícia Federal found that the resources circulated in a chain of funds made up of low net value securities. The scheme allowed the creation of high apparent wealth, masking the origin and quality of the assets.
Investigations revealed that Banco Master, liquidated in November 2025, maintained direct financial relations with Reag. Relatórios from Banco Central to Ministério Público Federal indicated non-existent credits in the order of billions of reais.
Suspicious operations identified
Authorities detected injections of resources followed by successive revaluations in Reag funds. Esses procedures increased registered assets without being based on real market transactions.
Another point involved the management of funds that received loans from Banco Master and directed them towards internal acquisitions. The cycle repeated itself, generating an escalation of values that were not supported by independent analyses.
The manager also appeared in previous investigations related to atypical movements in specific sectors. Essas occurrences reinforced the need for stricter supervision over its activities.
Profile of the manager and its size in the market
Reag positioned itself as one of the main fund managers of Brasil, with assets under management reaching hundreds of billions of reais in the latest Anbima rankings. The institution operated in the distribution of bonds and securities, serving investors of different profiles.
Founded by businessman João Carlos Mansur, the company grew quickly and incorporated other managers over the years. Sua structure included multimarket, participation and trust funds, focusing on large volume operations.
The manager maintained its headquarters in São Paulo and operated with broad powers in the management of outsourced resources. Seu size placed it among the leaders of the independent segment in the country until the investigations began.
Despite its growth, the institution faced questions from the market about the origin of part of its assets. The name change to CBSF occurred recently, but did not change control or main operations.
Timeline of investigations
The investigations involving Reag began in August 2025, with Operação Carbono Oculto launched by Polícia Federal against money laundering schemes linked to organized crime. At the time, funds managed by the manager entered the radar of investigators, who sought to hide illicit assets in sectors such as fuel. The company denied any irregularities, but the case generated alerts in the Brazilian financial market.
In November 2025, the first phase of Operação Compliance Zero deepened investigations and targeted Banco Master directly. Controller Daniel Vorcaro was arrested on suspicion of billion-dollar fraud, estimated at more than R$11 billion. Pouco later, Banco Central decreed the bank’s extrajudicial liquidation, identifying serious problems in its credit portfolio.
During December 2025, internal reports from Banco Central sent to Ministério Público Federal detailed failed attempts to sell Banco Master. The municipality blocked negotiations after detecting non-existent credits worth around R$12 billion. The documents also revealed financial connections between Master and funds from Reag, with operations that artificially inflated results.
On January 14, 2026, Polícia Federal carried out the second phase of Operação Compliance Zero, executing dozens of search, seizure and arrest warrants. Alvos included João Carlos Mansur, founder of Reag, businessman Nelson Tanure and family members of Vorcaro. The Supremo Tribunal Federal ordered the freezing of billions in the assets of those being investigated.
Finally, on January 15, 2026, Banco Central formalized the extrajudicial liquidation of CBSF, formerly Reag. The measure reinforces coordinated action between authorities to remedy irregularities in the financial sector.
- August 2025: Operação Carbono Oculto puts Reag in focus due to suspicions of laundering.
- November 2025: Liquidação of Banco Master after the first phase of Compliance Zero.
- December 2025: BC’s Relatórios reveals fictitious credits and connections to Reag.
- January 14, 2026: Segunda phase of the operation with searches for Mansur and others.
- January 15, 2026: BC declares liquidation of the management company.
Appointment of liquidator
Banco Central designated Antonio Pereira of Souza, of APS Serviços Especializados of Apoio Administrativo Ltda., as liquidator of the institution. Ele receives broad powers to manage the closure process and make payments to creditors in accordance with legislation.
Creditor protection measures
The liquidation makes the assets of the controllers and former administrators of Reag unavailable. Essa legal determination preserves assets for eventual compensation to investors and other affected parties.
Banco Central reported that it will continue with internal investigations to identify responsibilities. Sanções administrative measures may be applied, in addition to forwarding information to other competent authorities.
The institution represents a minimum fraction of Sistema Financeiro Nacional, reducing the risk of widespread contagion. The authority monitors the process to ensure compliance with current regulations.
Settlement regulatory context
Extrajudicial liquidation allows rapid intervention in institutions with serious governance or solvency problems. The mechanism protects the system as a whole by isolating detected irregularities.
Similar cases occurred in recent years with other financial entities that presented similar deviations. The measure reinforces Banco Central’s supervision over securities distributors.
