Companies linked to Toffoli’s relatives would have funds associated with the Master case, says website
Two companies linked to family members of Minister Dias Toffoli, of the Federal Supreme Court (STF), would have had participation in an investment fund that is part of the financial chain associated with suspected fraud involving Banco Master, according to official documents and data analyzed and published by Sheet.
According to the publication, the Arleen fund maintained, until at least May 2025, investments in two companies related to the minister’s relatives: Tayayá Administração e Participações, responsible for a resort in Ribeirão Claro (PR), and DGEP Empreendimentos, a real estate developer in the same city whose partner was Toffoli’s cousin.
Arleen is not the target of investigation, but appears connected, through other funds, to the structure identified by the Central Bank as part of Master’s alleged web of fraud.
The connection occurs because Arleen was a shareholder in the RWM Plus fund, which also received resources from funds associated with Maia 95 — one of the six vehicles cited by the BC in investigations into the bank controlled by Daniel Vorcaro. All of these funds were managed by Reag, a company investigated in the Carbono Oculto operation, which investigates suspicions of money laundering for the PCC.
When contacted, the STF informed, through its advisory services, that Toffoli did not speak out until the publication of the report by Sheet. Relatives of the minister, as well as Banco Master and Reag, also did not comment.
Preliminary analysis by TCU technicians found that BC acted correctly in the Master
The piece was prepared before Minister Jhonatan de Jesus, rapporteur of the case, ordered an on-site inspection of the monetary authority, which was suspended pending a decision by the TCU plenary.
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Understand
Created in 2021, Arleen had just one shareholder and was closed at the end of 2024, despite its original duration being 20 years. In the last available balance sheet, from May 2025, the fund concentrated its resources in four assets, including the two companies linked to the Toffoli family and RWM Plus.
Toffoli is the rapporteur of the investigation investigating fraud attributed to Banco Master. The case reached the STF after Vorcaro’s defense claimed that the investigation should be processed in Court. Since then, the minister’s decisions — such as conducting the process under secrecy and calling for a confrontation involving a Central Bank director — have generated questions.
The corporate relationships mentioned are contained in Federal Revenue bases and in CVM documents, analyzed by the Sheet with support from investigative journalism platforms.
An audit registered with the CVM in May 2025 highlighted flaws in Arleen’s documentation, leading the responsible company to refrain from issuing an opinion on the fund’s accounts.
