Antônio Carlos Freixo Júnior, nicknamed Mineiro, is a financial sector businessman under investigation as an operator of the corruption scheme involving Banco Master. He became known as the “suitcase man” for Daniel Vorcaro, the central figure in the case, and recently had his plea bargain agreement approved by the courts.
According to the investigations, Mineiro allegedly bought a large number of suitcases to carry illicit funds. An estimated R$ 1.3 billion was moved between 2020 and 2025 through these suitcases, which were delivered to Fabiano Zettel, Vorcaro’s brother-in-law, or to drivers designated by the group. The whistleblower stated that he did not know who the final beneficiaries of these funds were.
Part of the money, specifically US$ 12.3 million, equivalent to about R$ 69 million, was allegedly used to finance the film “Dark Horse” by the production company Go Up, through the Havengate Development Fund, based in Texas, in the United States. In response, the Federal Police carried out a search and seizure operation related to the financing of the film production.
Senator Flávio Bolsonaro (PL-RJ) disputed the investigations into the film, stating that no public money was involved and suggesting that there is political interest in the case, noting that they have overtaken former President Lula in the polls and intend to win the election.
Freixo’s career in the financial market
A native of Santa Rita do Sapucaí, Minas Gerais, Mineiro began his professional career young, at age 14, as an office boy at a Banco Nacional branch in his hometown. His grandfather already had experience in the financial sector and founded the first Banco Hipotecário in nearby Pouso Alegre.
With a degree in Business Administration from Fundação Armando Alvares Penteado (FAAP) in São Paulo, Freixo initially worked at Banco Nacional as a rural credit operator. He also worked at Banco do Brasil and had a long stint at Banco Garantia, where he rose to vice president. He later helped structure Credit Suisse’s international treasury, accumulating about 30 years of experience at these institutions until his departure in the last decade.
Ventures and financial crisis
In 2016, Mineiro founded Grupo Entre Investimentos e Participações, focused on fund structuring, financial transactions, portfolio trading, government bonds, court-ordered debt payments (precatórios) and non-performing credit. In 2022, he acquired the Brazilian operation of Global Payments and created Entrepay, a B2B payment institution that provides infrastructure for companies to sell payment methods, without operating directly in retail.
The group received authorization from the Banco Central (Brazil’s central bank) to operate as a merchant acquirer in 2024 and went on to control several companies, such as Leads Securitizadora, Pmovil, WMoney (peer-to-peer lending), Octa SCD (formerly Credihome) and Acqio. It also holds stakes in Linked Gourmet and in the digital magazines IstoÉ and IstoÉ Dinheiro, acquired at a court auction. In 2024, Entrepay processed R$ 12.8 billion and signed partnerships with public banks such as Banco do Nordeste, Banpará and Banco da Amazônia.
However, in March 2026, the Banco Central ordered the extrajudicial liquidation of Entrepay and related companies, and also froze Freixo’s assets. He was one of the targets of the second phase of Operation Compliance Zero, carried out in January 2026, which is investigating fraud related to Banco Master.
Challenges and the defense’s position
Andreza Matais’s column on the Metrópoles news portal reported that Daniel Vorcaro‘s defense intends to challenge the validity of Freixo’s plea deal, arguing that its content had already been presented by Vorcaro himself in previous agreements, which were rejected. The report tried to contact Vorcaro’s defense but received no response.
Antônio Carlos Freixo Júnior’s lawyer, Marco Petrelluzzi, told Gazeta do Povo that he could not comment on the case because it is under judicial secrecy.
