Latest news and stories about financial fraud in Portugal for expats and residents.
The Banco de Portugal investigated 479 illicit financial activities in 2025, an increase of 45% compared to 2024. More than half are fraudulent schemes. 25 cases were referred to the Public Prosecutor's Office.
The former BES financial director testified that the fraudulent financing schemes of the GES that harmed BES and its clients were allegedly created by Amílcar Morais Pires, the former CFO of BES.
The Judiciary Police (PJ) arrested 15 individuals strongly suspected of criminal association, money laundering, qualified fraud, and computer fraud, involving illicit financial movements of approximately 30 million euros. The transnational organization, managed from abroad by Angolan and Brazilian citizens, used national and international banking systems to move funds through chains of accounts, charging fees of up to 50% to 'clean' illicit proceeds. Operation 'Almocreve' also resulted in arrests in Spain and France, with 41 searches conducted across Portugal, leading to the seizure of luxury vehicles, 220,000 euros in cash, and various digital and financial evidence.
The crimes occurred in 2004. The man, now 70, had been a fugitive and was in Switzerland.
The scheme used by the suspect involved alleged property investment funds that did not exist; the accused used falsified bank documents.
A care home employee took the bank cards of an octogenarian resident to pay their own expenses and buy goods, including a car. The Polícia Judiciária (PJ) seized the car bought with the stolen money.
Two suspects were arrested in the municipalities of Esposende and Valongo.
It grew on the back of debt, amassed millions' worth of wine only on paper and left clients without guarantees. Oeno's accounts reveal longstanding weaknesses that help explain the collapse and the risk of losses.
In 2016 the woman and her son devised a plan for her to obtain powers of attorney from elderly people, which allowed them to manage the seniors' bank accounts and transfer the money into their personal accounts.
A woman and her son devised a plan in 2016 for her to obtain powers of attorney from elderly people, enabling them to manage the victims' bank accounts.
