Investment fund linked to Toffoli’s family transfers R$ 33.9 million to tax haven

Supreme Court Justice Dias Toffoli

#Toffoli

An investment fund linked to the family of Supreme Court Justice Dias Toffoli recently transferred R$ 33.9 million to an offshore company registered in the British Virgin Islands, a well-known tax haven.

The case involves the Arleen Investment Fund, which ceased operations by transferring all its assets to Egide I Holding, an offshore company created in March 2025. This transaction occurred in December 2025 and drew attention due to the impressive appreciation of the fund’s shares: in just one month, the value of each share jumped from R$ 1.51 to R$ 679.13, representing an increase of almost 45,000%.

With this new appreciation, the total transferred to the offshore company reached R$ 33.9 million.

The Arleen fund was created in June 2021, and its first major investment was the purchase of shares in Tayayá Administração e Participações Ltda., the company responsible for the Tayayá resort, located in Ribeirão Claro, Paraná.

This same company had a stake held by the brothers of Minister Dias Toffoli, who acquired 33% of the resort approximately six months before the fund’s entry.

Arleen’s administrator was Reag Investimentos, a company that the Central Bank declared liquidated on January 15, 2026, due to suspicions of involvement in financial irregularities with Banco Master.

The Federal Police are investigating whether structures like this were used to buy low-value assets and artificially inflate their prices, simulating large profits.

There are other connections: businessman Fabiano Zettel, brother-in-law of Banco Master’s controller, Daniel Vorcaro, previously held funds with a stake in the same resort in Tayayá, although he declared he had divested himself of these operations in 2022. Documents also show that Arleen bought shares in the offshore company Egide I Holding for R$ 11.5 million, a value well above the market estimate for these assets, which would be around R$ 1.9 million.

Minister Dias Toffoli is the rapporteur at the Supreme Federal Court (STF) for the case involving Banco Master.

Recently, he decided to reduce the deadline for the Federal Police to hear the investigated parties in the case from six to two days.

This information is contained in a report by Jornal da Cidade Online, based on records from the i-BVI portal (which monitors companies in the British Virgin Islands), data from the Central Bank, and investigations by the Federal Police.

Published in 01/21/2026 01h14

Portuguese version

Text adapted by AI (Grok) and translated via Google API in the English version. Images from public image libraries or credits in the caption.

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