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A corruption and money-laundering investigation involving right-wing Brazilian presidential candidate Flavio Bolsonaro has expanded just weeks before the presidential election. The probe, opened in July 2025 and brought to light after court documents were unsealed, focuses on financing for a film about former President Jair Bolsonaro titled “Dark Horse.”
Federal investigators are examining whether funds allocated for the film’s production came from illicit financial operations linked to Daniel Vorcaro, the principal shareholder of Banco Master, who is currently detained. The investigation concerns possible corruption, money laundering and illegal foreign-exchange transactions conducted through offshore structures and foreign accounts.
According to information obtained by police, Flavio Bolsonaro sought support from Vorcaro to finance the film and tried to accelerate payments so production could continue. Authorities said approximately 61 million reais, or $12 million, was allocated to the project in 2025.
Flavio Bolsonaro has denied any wrongdoing. Speaking after an election event in Manaus, the candidate said the film was financed exclusively by private sponsors and that all transactions complied with the law. “I have nothing to hide,” he said.
Links to Banco Master case under investigation
The allegations were made as part of the Banco Master case, which has been described as one of the largest financial fraud cases in Brazilian history. The investigation is also examining possible links between Vorcaro and senior lawmakers, Central Bank officials, government representatives and members of the judiciary.
Investigators are seeking to determine whether funds linked to the film were transferred to entities associated with Flavio Bolsonaro’s brother, Eduardo Bolsonaro, one of his main political allies and a campaign adviser. The documents reportedly indicate that millions of dollars were transferred to a US investment structure connected to Eduardo.
Both brothers have denied the allegations. Eduardo Bolsonaro said the use of foreign financial structures was intended not to conceal the funds, but to protect them from possible judicial intervention. “They want to present this as bribe money, but it is not,” he said.
Impact of investigation on election remains unclear
The investigation comes ahead of one of Brazil’s most competitive presidential elections in recent years. Recent polls show Luiz Inacio Lula da Silva with 46% support in a potential runoff and Flavio Bolsonaro with 44%. The results remain within the polling margin of error, and the race is expected to be extremely close.
Political analysts say even a small shift among undecided and volatile voters could determine the outcome. Flavio Bolsonaro has called the investigation politically motivated and urged full transparency. Lula has sought to keep his distance from the issue while supporting an open investigation.
Although Jair Bolsonaro is serving a prison sentence over his role in events following the 2022 elections, the Bolsonaro family continues to retain influence in Brazil’s right-wing political camp. The release of new documents has left Flavio Bolsonaro facing the dual challenge of answering the allegations and maintaining political support in the final weeks of the campaign.
