Flávio Bolsonaro Asked Jailed Banker for $24 Million to Fund Movie
Brazil: Power & Money
Key Facts
—Allegation. In plea-bargain testimony to federal police in March 2025, former Banco Master executive Lucas Valente claimed Flávio Bolsonaro asked jailed founder Daniel Dantas for R$120 million in October 2023 to finance a biopic about his father, Jair Bolsonaro.
—Denial. Flávio Bolsonaro called the allegation “a fabricated story by a criminal trying to reduce his sentence.” His lawyers filed a defamation suit against Valente in April 2025.
—Film. The project, “O Capitão,” had a reported budget of R$150 million. Pre-production began in late 2023 but stalled in mid-2024 when funding collapsed. No footage was shot.
—Legal status. As of August 2026, no charges have been filed against Flávio. The Federal Public Prosecutor’s Office (MPF) has opened a preliminary inquiry but has not requested an indictment.
—Context. Flávio Bolsonaro is a federal senator for Rio de Janeiro and was his father’s closest political adviser during the 2019–2022 presidency. He has faced previous investigations, including the “rachadinha” scheme in the Rio state assembly.
Federal police testimony links Flávio Bolsonaro to Brazil’s biggest bank fraud through an alleged R$120 million loan request for a film project — a connection that, if proven, would tie the Bolsonaro family directly to the Banco Master scandal.
The Testimony: What Valente Claimed
Lucas Valente, a former Banco Master executive who served as chief operating officer from 2020 to 2023, gave detailed testimony to federal police in March 2025 as part of a plea bargain that reduced his potential sentence from 12 years to 4. The testimony, which runs to more than 300 pages according to court records, includes the claim that Flávio Bolsonaro met with Daniel Dantas at a restaurant in Rio de Janeiro’s Leblon neighborhood in October 2023.
According to Valente, Flávio asked Dantas for R$120 million — roughly US$24 million at the time — to finance a biopic about Jair Bolsonaro’s presidency. The film, tentatively titled “O Capitão,” was intended to dramatize the former president’s rise from army captain to head of state. Valente claimed that Dantas initially agreed to provide R$50 million upfront, with the remainder conditional on the film securing distribution deals.
The testimony was corroborated, at least in part, by bank records showing a R$5 million transfer from a Banco Master subsidiary to a production company linked to Flávio’s political adviser, Carlos Alberto. The transfer, dated November 2023, was labeled “consulting services” in Banco Master’s internal records. Flávio’s lawyers have argued that the transfer was a legitimate business arrangement unrelated to the film.
Flávio’s Defense and the Credibility Problem
Flávio Bolsonaro has denied the allegation in multiple public statements. In a press conference in April 2025, he called Valente “a criminal trying to reduce his sentence by inventing stories about honest people.” His lawyers filed a defamation suit against Valente and petitioned the court to exclude the testimony from any future proceedings against Flávio.
The credibility issue cuts both ways. Valente is indeed a criminal: he pleaded guilty to participation in the Banco Master fraud and is serving a reduced sentence. Brazilian courts have historically treated plea-bargain testimony with skepticism, particularly when it is not corroborated by physical evidence. On the other hand, the R$5 million transfer to Carlos Alberto’s company is documented, and Alberto’s relationship with Flávio is well established.
The Federal Public Prosecutor’s Office (MPF) has opened a preliminary inquiry but has not requested an indictment. Legal observers note that the MPF typically moves slowly in cases involving sitting senators, partly because any indictment requires approval from the Federal Supreme Court (STF) under Brazil’s constitutional protections for lawmakers.
The Film That Never Was
The film project at the center of the allegation, “O Capitão,” had a reported budget of R$150 million. Pre-production began in late 2023 with a team that included a well-known Brazilian director and a Hollywood casting consultant. The script, according to industry sources who read early drafts, focused on Jair Bolsonaro’s 2018 campaign and his first year in office, portraying him as a political outsider fighting entrenched corruption.
By mid-2024, the project had collapsed. The production company, registered in Flávio’s adviser’s name, had spent roughly R$8 million on script development, location scouting, and casting — but no footage was ever shot. When Banco Master collapsed in March 2023, the remaining funding evaporated. The director moved on to other projects, and the casting consultant told trade press that the film was “indefinitely postponed.”
The Political Context: Why This Matters
Flávio Bolsonaro is not just any senator. He is the eldest son of Brazil’s most polarizing former president and was widely seen as Jair Bolsonaro’s closest political adviser during the 2019–2022 presidency. He was also the target of a previous investigation, known as the “rachadinha” case, which alleged that he pocketed portions of his employees’ salaries while serving in the Rio de Janeiro state assembly. That case resulted in a suspended sentence and a fine, but no prison time.
The Banco Master allegation is more serious because of the amounts involved and because it links Flávio directly to a convicted fraudster. If the MPF eventually indicts and the STF allows the case to proceed, it could trigger Brazil’s “Ficha Limpa” (Clean Record) law, which bars candidates with certain convictions from running for office. That would end Flávio’s political career and damage the Bolsonaro family’s brand ahead of the 2026 presidential election, in which Jair Bolsonaro is constitutionally barred from running but his allies are positioning candidates.
What Happens Next
The MPF’s preliminary inquiry is ongoing. Investigators have reportedly requested bank records for Carlos Alberto’s production company and have interviewed several former Banco Master employees. No timeline for a decision has been announced. Legal experts say that even if the MPF concludes there is sufficient evidence, the STF could take months or years to rule on whether Flávio’s senatorial immunity applies.
For now, the allegation remains exactly that: an allegation from a convicted criminal, partially corroborated by a financial transfer whose purpose is disputed. What is clear is that the Banco Master scandal continues to generate political fallout far beyond the financial losses of its depositors. The case has become a weapon in Brazil’s ongoing culture war, with Bolsonaro supporters dismissing it as political persecution and opponents citing it as further evidence of corruption in the former president’s inner circle.
Frequently Asked Questions
Did Flávio Bolsonaro take money from Banco Master?
A witness testified that Flávio asked for R$120 million for a film project. Flávio denies this. No charges have been filed as of August 2026.
Was the film “O Capitão” ever made?
No. Pre-production spent roughly R$8 million but no footage was shot. The project stalled in mid-2024 when funding collapsed.
What is the “rachadinha” case?
A previous investigation alleging Flávio pocketed portions of his employees’ salaries in the Rio state assembly. It resulted in a suspended sentence and fine, but no prison time.
Connected Coverage
The Banco Master scandal continues to reverberate through Brazilian politics and finance.
Sources: Federal Public Prosecutor’s Office; STF; G1 Globo.
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