Naskar promised 2% a month outside regulation — 2,700 investors locked out of R$850M

Naskar Gestão de Ativos, a financial technology firm operating since 2013 outside Brazil's regulated market, raised money from clients through 'mútuo' contracts — in practice, loans from clients to the company under the Civil Code, with no oversight from the CVM or the Central Bank. Its partners included Maurício Volpato, known as Maurício Jahu, a former Brazilian national volleyball team player turned TV presenter.

The firm sold the idea of a proprietary algorithm investing in fixed income and stock options, promising returns of 1.5% to 2% a month — well above traditional market benchmarks, as the investment advisors' association ABAI would later note — and paid out monthly like clockwork. It also distributed a Visa-branded benefits card, the Naskar Mundi, and investment advisory firms and banking correspondents marketed the product to their clients for high commissions.

In May 2026 the machine stopped: the app was blocked, the sejanaskar.com.br site went offline, and payouts ceased. A source told Valor the company had about 2,700 clients and around R$850 million gathered; the company said only that it had begun an internal audit after identifying 'inconsistencies' in its database.

A possible closure of its account over money-laundering suspicion was reported as the likely trigger. The credit group Nexco, which had R$288 million committed, filed suit, calling it 'a crisis of confidence and of information', while ABAI flagged the classic fraud pattern: fixed high returns, opacity about the underlying operations, and unregulated intermediaries.

Promising fixed monthly returns far above regulated-market benchmarks requires either luck or new money — the structure fails the moment inflows stop.

The firm operated entirely outside the regulated environment while branding itself 'Naskar Bank', leaving clients without CVM or Central Bank protection.

Distribution ran on high commissions through advisors and correspondents with no fiduciary duty, scaling the sales beyond what the model could support.

When the freeze came, the company's only communication was a vague internal-audit statement, accelerating the trust collapse.

A fixed 1.5–2% monthly return is not a product feature, it is a liability clock: payouts you must keep making out of new money end the moment confidence does.

Nexco's lawsuit was filed for judicial protection and information; ABAI said the case was under investigation. Valor reported the company had given clients no explanation of what froze the resources; no regulator action was recorded in the coverage.