Businessman from Minas Gerais denounces fraud scheme at Banco Master and payments to the Havengate fund
Quick Look
Antonio Carlos Freixo Junior, known as Mineiro and owner of Entre Investimentos, signed a plea agreement with the PGR in August after four months of negotiation, revealing that he transferred more than R$1.3 billion to Vorcaro between 2020 and 2025, including cash payments in suitcases and transfers to the American fund Havengate, linked to alleged bribes and possible financing for the film 'Dark Horse' and Eduardo Bolsonaro in the USA.
AI-generated summary
Why It Matters
Operation Compliance Zero investigates a billion-dollar fraud scheme in the financial system involving Banco Master. Antonio Carlos Freixo Junior, known as Mineiro and owner of Entre Investimentos, was the target of this operation and, after four months of negotiation, reached a plea agreement with the Attorney General's Office in August 2025.
Antonio Carlos Freixo Junior, known as "Mineiro", is the owner of Entre Investimentos. He was the target of Operation Compliance Zero, which investigates the billion-dollar fraud scheme in the financial system from Banco Master.
In August, after four months of negotiations, Freixo Junior reached a plea agreement with the Attorney General's Office. He told the PGR that he moved more than R$1.3 billion for Vorcaro between 2020 and 2025 and reported that he delivered cash in suitcases to the banker. According to him, probably for the payment of bribes.
In the plea bargain, Antonio Carlos Freixo Junior also detailed the payments he made to the Havengate investment fund, in the United States. The Federal Police are investigating whether all the money transferred to this fund was used to finance the film “Dark Horse”, as stated by Senator Flávio Bolsonaro and the film's producer.
According to journalist Andréia Sadi's blog, on g1, Freixo Junior listed a total of seven transfers to the American fund, from January to September 2025. In total, more than US$12 million - almost R$63 million at the time. According to the businessman, Vorcaro had agreed to an even larger transfer: US$24 million, in ten installments, until January 2026. But the remaining payments were not made. The banker was arrested in November 2025.
Antonio Carlos Freixo Junior handed over to the PGR the proof of transfers and the emails exchanged with the person responsible for the Havengate fund: Paulo Calixto, lawyer for former deputy Eduardo Bolsonaro. One of the PF's suspicions is that part of the money is being paid to Eduardo in the United States.
Freixo Junior also reported that he made payments on invoices abroad at the behest of Vorcaro, through Entre Investments and Arbitrage - based in the Bahamas, a tax haven. The police are investigating whether this money also went to the Havengate fund or to people linked to it.
What to Watch
AI outlook — possibilities, not facts
The Federal Police will indict those involved in the scheme based on documents and emails delivered by Freixo Junior.
Likely · Within weeks
There will be new requests for arrest or precautionary measures against Vorcaro and other defendants.
Possible · Within months
Open Questions
- Was all the money transferred to the Havengate fund actually used to finance the film 'Dark Horse'?
- Was part of the diverted resources used to finance Eduardo Bolsonaro's activities in the United States?
- What will be the legal consequences for those involved after the arrests and accusations?
- Will Master bank suffer sanctions or interventions for its alleged participation in the scheme?
