€66 million fraud in the 'IMT carousel': searches at banks and 53 locations in Portugal
The Judicial Police carried out searches at 53 locations, including Banco Carregosa and BAI, as part of an investigation into a tax fraud scheme involving IMT exemptions valued at €66 million.
PJ dismantles tax fraud scheme on IMT with damage of €66 million
The Judicial Police carried out searches at 53 locations in Portugal, including two banking institutions — Banco Carregosa and BAI (Banco Angolano de Investimento) — as part of an investigation into a fraudulent scheme involving exemptions from the Municipal Tax on Onerous Property Transfers (IMT), valued at €66 million. The case is overseen by the Central Department of Investigation and Criminal Action (DCIAP) of the Public Ministry.
According to the Correio da Manhã, the facts at issue are liable to constitute qualified tax fraud offences, related to the improper obtaining of IMT exemptions in property transactions carried out between 2017 and 2025.
'Shelf companies' at the centre of the scheme
The investigation revealed the existence of organised schemes involving the mass creation of commercial companies formally intended for the purchase and resale of property, but with no real economic activity — so-called "shelf companies".
To simulate the regular conduct of such activity, the suspects promoted successive transfers of property at nominal values between companies under their control, with no associated financial transactions. Based on these fictitious operations, the Tax Authority was induced to recognise these companies' right to IMT exemptions, causing the State financial losses through unpaid taxes.
These companies were subsequently marketed to national and foreign investors and used as vehicles for the acquisition of property, including high-value asset portfolios — notably banking portfolios — without settlement of the tax owed.
Operation involving more than one hundred officers on the ground
The operation involved 103 inspectors from the Judicial Police's national unit for combating economic crime and 29 forensic specialists, also from the Judicial Police. Also participating were 13 prosecutors from the Public Ministry, three criminal investigation judges, seven inspectors from the Tax and Customs Authority and a technical consultant from the Bank of Portugal.
The investigating judges were present during the searches carried out at the banking entities. The Judicial Police arrived at Banco Carregosa shortly after 10 a.m. and left after lunch time, accompanied by a criminal investigation judge from Porto.
Searches, presided over by a judge, were also carried out at Torre das Amoreiras in Lisbon, where BAI operates — a private banking institution of Angolan origin, founded in 1995, operating in the retail, business and institutional segments.
No arrests or formal suspects constituted
At present, the investigation has no arrests or formally constituted suspects. The authorities should now proceed with the analysis of the extensive documentation and objects seized, described by the Judicial Police as having "high probative relevance".
The scheme now under investigation comes following the already well-known "VAT carousel", sharing with it the logic of using fictitious companies to defraud the State through improper tax exemptions.
Source: Correio da Manhã