AssetID: 56088084
Headline: UNCAPTIONED: Portuguese Police Raid Banks Over Suspected €66 Million Tax Fraud
Caption: Portuguese Police Raid Banks Over Suspected €66 Million Tax Fraud. Portuguese police carried out 53 searches on Wednesday, as part of an investigation into an alleged property tax fraud scheme that may have cost the state €66 million. The operation, named “Tax Free”, targeted locations in Lisbon, Porto and Setúbal, with investigators examining suspected tax fraud involving exemptions from Portugal’s municipal property transfer tax. Investigators suspect that those involved set up a series of companies ostensibly created to buy and resell properties, despite the businesses having no genuine economic activity. The companies allegedly transferred properties between entities under their control at artificially low prices to make it appear that they qualified for tax exemptions. The entities were then allegedly sold to Portuguese and foreign investors, who used them to acquire properties without paying the tax, including high-value portfolios of assets from banks. The alleged scheme is estimated to have cost the Portuguese state more than €66 million between 2017 and 2025, according to the Judicial Police. The operation involved 103 police investigators, 29 forensic specialists, 13 prosecutors, three investigating judges and tax authority officials. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current Affairs & Politics,Portugal,judiciary,police,raids,banks,homes,law firm,prosecution,fraud,tax authority,scheme,municipal,transfer,properties,companies,businesses,Lisbon,Porto,Setúbal
PersonInImage: