The six suspects arrested in recent days in the Algarve for real estate fraud had acquired 300 properties with fraudulent financing totalling around 40 million euros, revealed the Judicial Police (Polícia Judiciária - PJ) on Thursday, June 27, 2024.
"Up to now, more than 20 companies controlled by various suspects identified in the investigation have been identified, through which over 300 properties were acquired and more than 200 fraudulent loans arranged, with a total value around 40 million euros," the document states.
The authority responsible for criminal investigation in Portugal conducted the "Orange" operation during which four men and two women were detained on suspicion of "crimes of criminal association, qualified fraud, money laundering, and document forgery in the real estate sector in the Algarve."
In a statement published on the website of the Regional Department of Investigation and Penal Action (DIAP) in Évora, the Public Prosecutor's Office reported that "seven arrest warrants were executed," but the PJ states that only six people have been arrested.
According to the PJ, in this operation, seven home searches and two business searches were also conducted, leading to the seizure of dozens of properties, 14 vehicles, one boat, computer equipment, and a substantial amount of documentary evidence.
The Police is investigating an "organised group"
According to the police, the investigation concerns "an organised group" with various nationalities, residing in the Algarve and having connections to the diaspora in other countries, which has established in Portugal "an economic organisation in the real estate sector, fully financed fraudulently through bank loans."
The police explains that the organisation's "modus operandi" involved establishing Portuguese companies through which they acquired hundreds of properties. These properties were immediately transferred to third parties through simulated transactions.
"On behalf of these parties, and using forged documents, they obtained mortgage loans from Portuguese banks, in amounts much higher than the initial acquisition cost of the assets, appropriating the difference, in addition to the proceeds from the subsequent exploitation of the properties for tourist and residential accommodation," explains the PJ.
The Évora DIAP (Department of Investigation and Penal Action) also stated that various search and seizure operations were conducted in the Algarve, specifically in Albufeira, Carvoeiro (Lagoa), Portimão, and Quarteira (Loulé). According to the police, the detainees will now be brought before an initial judicial interrogation for the application of coercive measures.
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