Brazil’s Central Bank ordered the extrajudicial liquidation of Banco Pleno and Pleno DTVM. The institutions had belonged to the Banco Master group and were sold in the second half of last year to businessman Augusto Lima, a former partner of Daniel Vorcaro. Lima’s legal representatives declined to comment.

Lima joined Master in 2019 after entering the financial sector the previous year, when the government of Bahia, then led by Rui Costa, privatised Empresa Baiana de Alimentos, owner of the Cesta do Povo retail chain, O Globo reported.

He later developed payroll-deducted credit card operations that became part of Master’s activities. After leaving the partnership, he assumed control of Voiter, rebranded it as Pleno and injected about BRL160mn ($30.63mn) into the bank.

Authorities are examining suspected irregularities in credit portfolios sold by Master to BRB, with investigators alleging that BRL12.2bn in assets were fraudulent. 

According to the Federal Police of Brazil, Lima created civil servant associations used to originate the disputed portfolios, while retaining influence through powers of attorney.

Police say he was part of a “core” group involved in decisions and contacts with public officials, and that the transactions contributed to BRB’s liquidity strain.