The Story of Banco Master

How a small bank became Brazil’s biggest fraud.

The promise

Savings paying up to 140% of the benchmark rate, backed by a guarantee.

1.6 million savers

Sold through slick apps, the money poured in.

The rot

Fake loans and risky bets funded the sky-high returns.

November 2025

Its founder was arrested at the airport, fleeing on a private jet.

The fallout

A R$41 billion hole, the largest bank fraud in Brazil’s history.

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