PJ conducts searches for €20 million fraud at Portuguese Development Bank in Lisbon, Porto and Santarém
The Criminal Police carries out searches at several companies suspected of diverting €20 million from the Portuguese Development Bank. Paulo Caetano, from Quadrantis, is the main suspect.
Criminal Police searches of companies over alleged €20 million fraud at Development Bank
The Criminal Police carried out searches on Tuesday at several companies as part of an investigation into an alleged fraud that caused losses of approximately €20 million to the Portuguese Development Bank, according to Observador, which cites Correio da Manhã.
The main suspect is Paulo Caetano, manager of the Quadrantis investment fund company — a company whose partner is businessman João Koehler. Businessman João Henriques is also under investigation.
The funds left the Development Bank intended to finance companies applying for credit lines, but are said to have ended up in the personal sphere of the managers, according to Correio da Manhã. The proceedings cover companies located in Lisbon, Porto and Santarém.
The searches are being conducted by the National Unit for Combating Corruption of the Criminal Police. The case is being investigated by the Central Department of Criminal Investigation and Prosecution.
Source: Observador