Brazilian news reports published October 10–11 said police recovered messages about Banco Master’s efforts to attract state-company pension fund investments. An account attributed to bank owner Daniel Vorcaro alleged that contacts linked to minister Alexandre Padilha demanded a 10% bribe. The fundraising target was about 10 billion reais.

The allegations concern negotiations in 2024 and 2025 involving Petros, Postalis and Previ, pension funds named in the reports. Padilha, now Brazil’s health minister, and presidential adviser Olavo Noleto denied involvement in irregularities.

Messages describe contacts with pension funds

A Brazilian news report said Federal Police found more than 450 messages and over 180 call records between Vorcaro and Júlio Cezar. The consultant, from Goiânia, acted as an intermediary seeking meetings with pension fund executives.

Reports citing Veja magazine also named former Workers’ Party treasurer João Vaccari Neto among the interlocutors. The proposed investments involved funds linked to Petrobras, Correios, Caixa and Banco do Brasil.

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The contacts followed the cancellation of a meeting with Petros representatives. Former Banco Máxima executive Hamilton Buzelin connected Vorcaro with Júlio, who arranged a meeting with Padilha. That meeting took place at the Palácio do Planalto in Brasília on March 1, 2024, according to the reports.

Vorcaro’s account alleges a payment condition

According to Veja’s reporting, Vorcaro’s proposed plea-bargain account said Júlio and Noleto demanded 10% of any money raised. He said they presented the condition privately after his first meeting with Padilha. Vorcaro’s account described Padilha as mostly listening during that meeting.

The allegations of a bribe demand have not been independently substantiated. Padilha, Noleto and President Luiz Inácio Lula da Silva rejected allegations linking them to Vorcaro’s government-related business.

Vorcaro’s account said negotiations weakened in July 2024 after reports about a proposed 500 million-real Caixa investment in Banco Master securities. It also referred to Caixa Asset managers who reportedly opposed that investment.

A Brazilian outlet reported that the federal pension fund investments did not materialize. Vorcaro complained in June 2025 that talks had continued for more than a year without results. In August, he gave Júlio a deadline to produce results.

Police dispute a separate documentary report

Federal Police separately denied that Vorcaro had given the deposition described in a Veja report about alleged funding for a documentary on Lula. Police said Vorcaro had not given the deposition described or submitted documents containing that information. The Prosecutor General’s Office also denied receiving such a deposition.

Police said plea-bargain proposals submitted by Vorcaro’s defense had been rejected because they did not meet legal requirements. His lawyer, Daniel Bialski, said he knew of no such documentary financing and no new deposition on the subject.

The jurists’ group Prerrogativas requested forensic examination of an audio recording published by Veja. It cited suspicions of editing or an artificially generated voice, but the recording’s authenticity remains unresolved.

Federal Police said they received a criminal complaint concerning the Veja publication on October 9. They forwarded it to the technical unit responsible for judicial police measures.