Portugal’s Judicial Police (PJ) and Tax Authority conducted searches at BAI Europa Bank in Lisbon on Wednesday, 14 October, as part of an investigation into an alleged tax fraud scheme in the property sector that may have caused losses of several million euros to the Portuguese state. The operation also targeted Banco Carregosa in Porto, as well as companies and private residences.
The searches were reported by the Portuguese newspaper Correio da Manhã and confirmed by Rádio Renascença, citing a source within the Judicial Police.
According to Renascença, the investigation is being conducted by the Central Department of Investigation and Criminal Action (DCIAP), a division of the Portuguese Public Prosecutor’s Office responsible for investigating particularly complex criminal cases.
The suspicions relate to alleged irregularities involving the payment of the Municipal Property Transfer Tax (IMT), which is levied in Portugal on certain property purchase and sale transactions.
According to the information released, authorities are investigating an alleged scheme involving the establishment of companies used to transfer property ownership between different entities, with the aim of benefiting from tax exemptions potentially obtained through irregular means.
The transactions under investigation may have caused losses of several million euros to the Portuguese Treasury, although the exact amount has not yet been disclosed.
BAI Europa is a Portuguese-registered financial institution controlled by Banco Angolano de Investimentos (BAI), which holds 99.99% of its share capital.
Headquartered in Lisbon, with a presence in Porto, the institution began operating in Portugal in 1998 through a branch office and became an independent bank in September 2002.
Despite the searches, the information released so far does not clarify whether BAI Europa is directly suspected of involvement in the alleged tax fraud scheme or whether the searches were intended to gather documents and other evidence relating to transactions carried out by third parties.
There has also been no official information indicating whether any executives or employees of the financial institution have been formally named as suspects in the investigation.
So far, no public statement has been identified from BAI Europa or its majority shareholder, BAI Angola, regarding the operation conducted by the Portuguese authorities.
The execution of search warrants does not, in itself, constitute evidence that a crime has been committed. Any determination of responsibility involving the entities or individuals concerned will depend on the outcome of the investigation.
14/10/2026
