Former BRB Head Arrested in Banco Master Corruption Probe
Brazilian police arrested former BRB head Paulo Henrique Costa today. The investigation focuses on alleged money laundering and bribes involving Banco Master.
Federal police in Brazil have arrested Paulo Henrique Costa, the former head of BRB BANCO DE BRASILIA SA, in connection with a corruption probe involving the defunct lender Banco Master. The arrest, which took place on Thursday, follows a Supreme Court decision amid allegations of a scheme to fabricate and transfer fictitious credit portfolios between the two financial institutions.
Justice Andre Mendonca, who ordered the arrest, cited evidence that Costa received bribes totaling approximately 146.5 million reais ($29.34 million) from Daniel Vorcaro, the owner of Banco Master. Investigators have already identified more than 74 million reais in payments linked to the scheme.
