Former Águas de Portugal administrator detained in Operation Harpia over €17 million fraud
Paulo Caetano, former executive administrator of Águas de Portugal, was detained on Tuesday as part of Operation Harpia. The investigation points to losses exceeding €17 million.
Former Águas de Portugal administrator among those detained in Operation Harpia
Paulo Caetano, former executive administrator of Águas de Portugal, was detained on Tuesday as part of Operation Harpia, according to rr.pt. The operation is investigating an alleged fraud involving national and European funds, with losses that could exceed €17 million.
The detention resulted from proceedings conducted by the Judicial Police (PJ) into the activities of Quadrantis Capital, a venture capital company. The news was initially reported by the newspaper Público.
In a statement released on Tuesday, the PJ informed that "two suspects were detained and 35 defendants were constituted — 7 natural persons and 28 legal entities — for the offences of fraud in obtaining subsidies, misappropriation of subsidies, money laundering and falsification of documents".
According to the investigation, the fraudulent scheme involved various commercial companies and financial intermediaries, namely vehicle entities for business angels. Using false documentation and invoicing, these entities are alleged to have improperly obtained national and community funds allocated through financing lines designed to promote competitiveness and support the capitalisation of small and medium-sized enterprises in early stages of growth, internationalisation and innovation.
The nationwide operation covered the districts of Lisbon, Porto, Braga, Aveiro, Santarém and Ponta Delgada, where searches were carried out.
In addition to the two detentions, the authorities seized cryptoassets, real estate, boats, shareholdings, bank accounts, works of art, watches and jewellery. The PJ also proceeded to seize luxury vehicles, specifically a Ferrari, an Aston Martin and a McLaren.
Source: Google News PT — Crime (pt)