The declared assets of João Carlos Mansurformer owner of Reag, doubled in one year and reached R$ 1.49 billion in 2024, as shown by the businessman’s Income Tax declarations, whose tax secrecy was broken by Organized Crime CPI in the Senate.
In 2023, assets declared to the Federal Revenue totaled R$748.7 million. A year later, this value doubled, mainly due to the evolution of shares in a company called Lurix Participações.
Mansur declared to the Tax Authorities that, in 2023, he had R$696.8 million in shares in Lurix, whose main economic activity is acting as a holding company for financial institutions. In 2024, these declared actions totaled R$1.46 billion.
Mansur’s Income Tax declarations show the rapid evolution of the businessman’s declared assets and income in a short space of time.
In 2020, he received profits and dividends totaling R$31.1 million, from three companies, according to the declaration to the IRS: RPN Partners, Copaca Consultoria Imobiliária and Lumabe Participações. Four years later, earnings totaled R$773.8 million.
The same significant evolution occurred with assets and rights declared in Income Tax: R$41.5 million in 2020 and R$1.49 billion in 2024.
The list of assets includes shares in Lurix Participações; shares in Lumabe, worth R$27.6 million; financial applications; and account deposits, including at Reag Bank, in the amount of R$500.2 thousand.
Reag was a investment fund manager and administrator. The administration unit, responsible for treasury, asset control, quota bookkeeping and independent auditing of funds, ended up being liquidated by the Central Bank on January 15, almost two months after the Master Bank liquidationby Daniel Vorcaro, in November last year. The asset management arm was sold before Reag’s liquidation.
The liquidation was due to “compromise of the brokerage’s economic and financial situation, as well as serious violations of the rules that govern the activities of the institutions that are part of the SFN (National Financial System)”, according to the Central Bank.
With the liquidation, the BC made the assets of Reag’s controllers unavailable. On the list, the body included Lurix, the company that accounts for the majority of Mansur’s declared assets.
According to Revenue data, Lurix is a closed corporation, headquartered on Avenida Brigadeiro Faria Lima, in São Paulo. They are Mansur partners and family members, and the reported share capital is R$1.58 billion.
Shares in Lurix began to be reported in the 2023 Income Tax declaration, the year in which it was incorporated. Activities began on November 30, 2023, according to data from the São Paulo Commercial Board. Among the company’s activities, according to documents from the Commercial Board, is the granting of personal guarantees to other companies.
Without the company, Mansur’s assets in 2022, for example, were R$174.8 million.
At the end of 2025, Reag had R$352 billion under its management, in 11th position in the country, according to data from Anbima (Brazilian Association of Financial and Capital Market Entities).
The institution was decisive in financial circle organized by Master for fraud in credit portfolios, according to investigations by the PF (Federal Police) and the MPF (Federal Public Ministry). Still in 2024, Reag funds were used to BRB capital increase (Bank of Brasilia). The operations were considered suspicious by the PF.
Reag is also being investigated in Operation Hidden Carbon, which investigates the performance of the criminal faction PCC (Primeiro Comando da Capital) in the financial marketincluding in Faria Lima.
According to investigations, Reag is suspected of participating in a scheme to hide illicit profits through investments made. Funds would have been used to heat up money from organized crime, according to the PF.
In January, the police carried out a search and seizure warrant at addresses in Mansur, as part of the investigation into the Master case.
On March 11, summoned by the Organized Crime CPI, the former owner of Reag appeared before the Senate for a statement – although he said little. Mansur negotiates a plea bargain within the scope of Carbono Oculto; negotiations are carried out with the Public Ministry of São Paulo.
When questioned by the report, the businessman’s defense said he would not speak.
At the CPI, Mansur said that Reag was not a facade, had no hidden investors and was penalized for being “large and independent”. He denied having ties to organized crime and said that Reag went through a “steamroller”.
Until August, Reag had 800 employees and almost 700 funds, distributed across around 350 business groups, as Mansur stated at the CPI.
“Our compliance department was very strong, it had 12 people, which is not normal for a company in the same segment, and 18 people in the legal department,” he stated.
Report published by the UOL portalon February 24, showed the evolution of Mansur’s declared assets between 2019 and 2023 and an analysis by the Revenue of the businessman’s assets.
According to the report, Mansur may have been involved in criminal operations. There is also a suspicion that he may have inflated the value of profits recorded by his companies, which showed much lower presumed profits, according to the tax information analyzed and reproduced in the report.
“The value declared as profits and dividends received by João Carlos Mansur is a fantasy, it does not originate from the income of his companies, supposed payers of the income”, says the tax analysis report, according to the UOL report.
