João Carlos Mansur, the former owner of investment-fund manager Reag and a target in investigations linked to Banco Master, has signed a plea-bargain-style cooperation agreement with Brazil’s Prosecutor General’s Office (PGR), according to single-source reporting by Folha de S.Paulo.
The agreement was sent to the office of Supreme Federal Court (STF) Justice André Mendonça, who must decide whether to approve it. Mendonça is also expected to hold a hearing to confirm that Mansur entered the agreement voluntarily.
The Federal Police (PF) did not participate in the negotiations. Mansur had previously signed a confidentiality agreement with the PF, a preliminary step before investigators receive documents and possible evidence, but those talks did not progress. His lawyers had not responded to Folha’s requests for comment by the time of publication.
Focus on Banco Master
Mansur submitted 17 annexes to the PGR, focusing on Daniel Vorcaro, Banco Master’s former controlling banker. The material also mentions politicians including Senator Jaques Wagner of Bahia, a member of President Luiz Inácio Lula da Silva’s Workers’ Party (PT), and ACM Neto, a former mayor and candidate for governor of Bahia from the União Brasil party.
To approve a cooperation agreement, Brazilian authorities require the person involved to admit to crimes and provide evidence supporting the account given to investigators. The source does not disclose the specific allegations or evidence contained in Mansur’s annexes.
Mansur was one of the targets of the second phase of Operation Compliance Zero in January. The investigation examined investment funds allegedly used to inflate Banco Master’s assets.
Shortly after the operation, Brazil’s central bank ordered Reag into liquidation. It cited the manager’s “compromised economic and financial condition” and serious violations of rules governing institutions in the national financial system.
Reag’s Other Investigations
Reag funds were used in 2024 to increase the capital of BRB, the Bank of Brasília. The Federal Police later classified the transactions as suspicious, according to Folha. Reag was also cited in Operation Hidden Carbon (Carbono Oculto), which investigates alleged money laundering involving the Primeiro Comando da Capital (PCC), Brazil’s largest organized-crime group, in the formal economy.
Mansur has previously denied irregularities at Reag. In testimony before a Senate Parliamentary Inquiry Committee (CPI) investigating organized crime, he said the company had strong compliance controls and had been penalized because it was “large and independent.”
His declared assets also rose sharply. Tax records reviewed after the committee obtained access to his fiscal information showed that his wealth increased from R$748.7 million in 2023 to R$1.49 billion in 2024. The source provides no dollar conversion.
Most of the increase came from shares in Lurix Participações, a holding company whose main stated activity is ownership of financial institutions. Mansur declared R$696.8 million in Lurix shares in 2023 and R$1.46 billion the following year.