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Financial Operation Cited in Federal Investigation Involves Lands in Porto Alegre and Issuance of Real Estate Securities Totaling Hundreds of Millions, According to Findings About Banco Master and Related Companies.
Two lands located in Porto Alegre and registered in the name of Ronaldinho Gaúcho were identified as collateral in an operation that resulted in the issuance of Real Estate Receivables Certificates, totaling R$ 330 million.
The transactions began to be analyzed in investigations that reach financial structures associated with Banco Master and other companies in the same circuit.
According to the defense, the former player did not authorize the use of the areas as collateral, and maintains that the real estate project mentioned in the operation’s documents was already discontinued when the securities were issued.
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According to the lawyers, negotiations did not progress due to administrative and tax hurdles that prevented the project’s execution.
The investigations describe a financial flow in which resources raised in the market, based on real estate credits, would have been redirected to funds linked to the economic group itself.
In this context, the planned works would not have been executed, despite the millions raised as recorded in the analyzed documents.
In decisions that underpinned search measures, Minister Dias Toffoli of the Supreme Federal Court mentioned suspicions involving a set of CRIs that could reach approximately R$ 1 billion. According to these decisions, the questioned securities would have been issued by Base Securitizadora.
Issuance of CRIs and the Funding Model Investigated
In the financial market, CRIs are classified as fixed income securities backed by receivables from the real estate sector, such as financing installments, rents, or other obligations linked to projects in the segment.
In structures considered regular, this model allows for the anticipation of resources to enable enterprises, while investors receive remuneration for the applied capital.
In the case under investigation, the issuance of R$ 330 million occurred in August 2023 and was structured by Base Securitizadora in favor of S&J Consultoria. According to the analyzed documentation, the collateral involved commercial notes associated with the development of lands in Porto Alegre, including two areas linked to Ronaldinho Gaúcho.
Despite this, the former athlete’s lawyers claim that the original real estate business did not advance. Negotiations are said to have started years before, involving companies from the sector, but ended up being interrupted without the effective implementation of the planned works.
What Ronaldinho Gaúcho and the Cited Partners Say
According to the defense, Ronaldinho Gaúcho was not aware of the issuance of the credits and did not participate in the operation that later came to be questioned by regulatory bodies.
The version presented is that the use of the lands occurred without communication or formal authorization from the former player.
In addition, people connected to the initial undertaking also reported being unaware of the issuance of the CRIs and stated they had not been informed about the allocation of the funds raised in the market.
One of the lawyers of the involved partners stated that he was unaware of the structure of the securities and the path taken by the money after the fundraising.
In a direct statement, attorney Maurício Haeffner said: “The real estate partnerships with Ronaldinho’s group did not move forward due to commercial disagreement.”
As he added, there was no significant injection of resources into the lands, which reinforces the version that the project did not materialize.
Financial Circuit and Suspicion of Inflated Assets
According to the Federal Public Ministry and analyses from the Central Bank, a recurring pattern has been identified in the operations under investigation. In this model, a fund linked to Banco Master would have granted loans to legal entities that, in the next step, passed on a substantial portion of the funds to funds managed by Reag.
The main suspicion is that securities and quotas circulated within a closed arrangement, with little or no actualization of investments outside the financial environment. Even so, the assets were recorded in balance sheets and fund portfolios, which inflated the accounting value presented to the market.
This type of practice draws the attention of regulators because the volume of declared assets influences indicators of solidity, risk, and leverage.
In January 2026, the Central Bank decreed the extrajudicial liquidation of CBSF Distribuidora de Títulos e Valores Mobiliários, a company that began operating under a new name linked to Reag’s structure.
Base Securitizadora, S&J Consultoria, and the Cited Responsible Parties
Base Securitizadora was founded by entrepreneur César Reginato Ligeiro, who, according to available information, left the company in 2022. S&J Consultoria was created in 2021 and originally had Land I as a partner, also associated with Ligeiro.
Currently, he still serves as the administrator of OCC S.A., which is part of the corporate structure linked to S&J. When contacted, Ligeiro stated that he has been operating in the real estate market since 2010 and mentioned participating in the development of land subdivision and real estate incorporation projects.
In a statement, he declared that the companies he was part of carried out routine operations in the financial and real estate markets, always in compliance with applicable laws. He also stated that any questions involving third parties should be analyzed in the relevant spheres.
Warrants, Federal Police, and Advancement of the Investigations
The companies involved in the operations have begun to be investigated by the Federal Police, with warrants authorized by the Supreme Federal Court. In the decisions, Minister Dias Toffoli highlighted that the total of questioned CRIs may reach R$ 1 billion, reinforcing the case’s magnitude.
The focus of the investigations includes both the origin of the collateral and the trajectory of the funds after issuance, especially in situations where the promise of real estate investment was not confirmed.
This disconnection between financial raising and practical execution is pointed out as one of the main indicators being analyzed.
In the case involving Ronaldinho Gaúcho, the central point lies in the allegation of using properties without consent, in addition to the fact that the original business was interrupted before the issuance of the securities.
If the lack of authorization is confirmed, the investigation is likely to focus on validating the documents used and identifying who provided the information to the securities structurers.
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