Messages reveal orchestrated media attacks against Itaú

Messages extracted from the phone of Daniel Vorcaro, the former controlling shareholder of Banco Master, indicate that he coordinated media attacks against Itaú Unibanco and its top executives. According to copies of the conversations obtained by Valor on October 1, 2026, Vorcaro worked alongside advertiser Thiago Miranda, the former partner and CEO of Portal LeoDias, to organize the campaign starting at least in late 2024.

The dialogues took place while major Brazilian banks were warning the Central Bank about Banco Master's business model, which relied heavily on deposits covered by the Credit Guarantee Fund (FGC). Itaú is the largest bank in Brazil and the FGC's largest associate member. On December 8, 2024, Miranda shared a link referencing alleged internal scandals at Itaú shortly after news emerged regarding a dispute between the bank and its former CFO Alexsandro Broedel.

In February 2025, Vorcaro requested a dossier on Itaú CEO Milton Maluhy Filho and his family, asking for civil identification records, tax ID numbers, and personal data. On May 2, 2025, Miranda published an Instagram post regarding the divorce of Roberto Setubal, co-chairman of Itaú's board of directors. Vorcaro instructed him to focus attacks specifically on Maluhy, later proposing a coordinated campaign across multiple media outlets.

Miranda was targeted in the 10th phase of Operation Compliance Zero, an investigation into coordinated social media campaigns aimed at undermining the Central Bank's credibility. Itaú declined to comment, and Miranda's defense had not issued a statement.