- Fraud recovery in Romania is available through criminal proceedings filed with the Poliția Română (Romanian Police) and the Ministerul Public / Parchet (Public Prosecutor’s Office), civil litigation before Romanian courts, and regulatory complaints to the Autoritatea de Supraveghere Financiară (ASF / Financial Supervisory Authority) depending on the fraud type.
- The ASF supervises the non-banking financial market including the capital market and investment services – maintaining public warnings on unauthorised participants, accepting petitions online, by email, and by post, and providing access to SAL-Fin (Alternative Dispute Resolution Entity in the Non-Banking Financial Field) as the sole ADR body in ASF-supervised sectors.
- DIICOT (Direcția de Investigare a Infracțiunilor de Criminalitate Organizată și Terorism) investigates organised crime, cyber-enabled fraud, and complex criminal schemes – expressly accepting reports of crimes within its competence from interested parties.
- CSALB (Centrul de Soluționare Alternativă a Litigiilor în domeniul Bancar) provides free ADR between consumers and banks or non-bank financial institutions for banking disputes – noting a rise in cases involving banking channel fraud.
- The practical language for formal filings is Romanian. The ASF website has an English interface, but official submissions are typically in Romanian. The ANSPDCP (data protection authority) accepts complaints in Romanian or English.
Types of Fraud in Romania and Where to Report
Investment Company Fraud
The Autoritatea de Supraveghere Financiară (ASF / Financial Supervisory Authority of Romania) supervises the non-banking financial market, including the capital market and investment services. The ASF maintains public warnings on unauthorised participants and accepts petitions online, by email, and by post. SAL-Fin (Alternative Dispute Resolution Entity in the Non-Banking Financial Field) is the sole ADR body in sectors where the ASF is competent. Where an investment firm, fund, intermediary, or unlicensed entity offered investment products or services in violation of Romanian financial law, petitions are filed with the ASF. For disputes with entities in ASF-supervised sectors, SAL-Fin provides alternative dispute resolution. For criminal fraud – misappropriation of invested funds, false representations about returns, Ponzi structures, or fabricated investment products – a criminal complaint is filed with the Poliția Română. The Ministerul Public / Parchet handles prosecution. Civil proceedings for damages are brought before the instanțele judecătorești (courts).Cryptocurrency Fraud
Romania’s AML/CFT requirements for virtual asset service providers are limited to exchange providers and wallet providers. The ONPCSB (Oficiul Național de Prevenire și Combatere a Spălării Banilor) is the competent authority for AML matters involving VASPs. Where a crypto project effectively offers investment services or other regulated financial products without authorisation, the ASF is competent – the ASF has published warnings on entities connected to crypto and investment activity without authorisation. Where crypto fraud involves money laundering indicators or suspicious flows connected to VASPs, reports are filed with the ONPCSB. Where the activity constitutes unlicensed investment services, complaints are filed with the ASF. For online crypto fraud, criminal complaints are filed with the Poliția Română. For organised crime, cyber-enabled fraud, or complex schemes, DIICOT (Direcția de Investigare a Infracțiunilor de Criminalitate Organizată și Terorism) handles investigation – DIICOT expressly accepts reports of crimes within its competence. The Ministerul Public / Parchet handles prosecution. Civil proceedings for damages are brought before the competent court.Forex and Online Trading Fraud
The ASF exercises supervisory authority over the capital market and investment services, including forex and CFD platforms. The ASF publishes warnings on unauthorised forex and CFD entities. Where a forex or CFD provider is authorised or claims Romanian authorisation, petitions and complaints are filed with the ASF. For disputes with entities in ASF-supervised sectors, SAL-Fin provides ADR. For criminal fraud involving manipulated platforms, boiler room operations, blocked withdrawals, or impersonation of brokers, criminal complaints are filed with the Poliția Română. The Ministerul Public / Parchet handles prosecution. Civil proceedings for damages and restitution are brought before the competent court.Real Estate Fraud
Romania does not have a dedicated financial regulator for real estate companies. The ANPC (Autoritatea Națională pentru Protecția Consumatorilor / National Authority for Consumer Protection) is the key authority for consumer protection, unfair commercial practices, and misleading conduct. The ANCPI (Agenția Națională de Cadastru și Publicitate Imobiliară / National Agency for Cadastre and Land Registration) is the state body for cadastre, land book, and publicity of real estate rights. Where a dispute involves a consumer matter, unfair commercial practice, or misleading conduct, complaints are filed with the ANPC. Where the issue concerns cadastre, land book, registration records, or title and publicity matters, the ANCPI is consulted. Where fraud involves forged documents, double sales, misappropriation of deposits, or developer or agent fraud, criminal complaints are filed with the Poliția Română and referred to the Ministerul Public / Parchet. Civil proceedings for nullity, recovery of funds, and damages are brought before the competent court.International Trade Fraud Involving a Romanian Company
Where an international transaction with a Romanian company results in fraud – fake supplier, forged invoices, diversion of payment, or non-delivery with fraudulent intent – criminal complaints are filed with the Poliția Română and referred to the Ministerul Public / Parchet. For cross-border, organised, or cyber-enabled schemes, DIICOT handles investigation. The ASF, ONPCSB, ANPC, or ANCPI is notified depending on the sector involved – financial, crypto/AML, consumer, or cadastre/real estate. Civil proceedings for contractual claims, damages, and interim relief are brought before the competent court.Fraudulent Bankruptcy
Where a company in which funds were invested enters insolvency and there are indicators of fraudulent conduct – fraudulent insolvency, concealment of assets, or false accounting – insolvency proceedings are administered by the Tribunal or competent insolvency court. Creditor claims are filed with the administrator judiciar (judicial administrator) or lichidator judiciar (judicial liquidator). Criminal complaints for fraudulent insolvency, concealment of assets, and false accounting are filed with the Ministerul Public / Parchet. For organised schemes, DIICOT handles investigation. Where the entity is a supervised non-bank financial institution, the ASF is notified.Prepayment Fraud and Non-Delivery
Where a buyer made prepayment and received no goods or services – and the supplier acted with deception from the outset – criminal complaints are filed with the Poliția Română and referred to the Ministerul Public / Parchet. Where the dispute qualifies as a consumer transaction, the ANPC is the competent authority. Civil proceedings for recovery of the prepayment and damages are brought before the competent court.Phishing and Cyber Fraud
Phishing, online fraud, credential theft, and social engineering attacks are reported to the Poliția Română for formal criminal complaints. For serious cybercrime, organised cyber-enabled fraud, or complex schemes, DIICOT handles investigation. Where phishing resulted in compromised banking credentials or unauthorised transactions, the servicing bank or payment provider must be contacted immediately. Where personal data was compromised, the ANSPDCP (Autoritatea Națională de Supraveghere a Prelucrării Datelor cu Caracter Personal / National Supervisory Authority for Personal Data Processing) accepts complaints in writing – in Romanian or English – including through its electronic form.Financial Statement Fraud
Where a company in which funds were invested engaged in fraudulent financial reporting – false accounting, misleading investors, or concealment of income – criminal complaints are filed with the Ministerul Public / Parchet. For organised crime connections, DIICOT handles investigation. If the company belongs to the capital market or non-bank financial market, the ASF is notified – the ASF confirms that petitions are used to identify unfair or potentially abusive practices. Civil proceedings for investor damages are brought before the competent court.Romance Fraud and Social Media Fraud
Romance scams and social media fraud – including impersonation, fabricated identities, emotional manipulation for financial extraction, and online extortion – are reported to the Poliția Română for formal criminal complaints. For organised cyber-fraud, DIICOT handles investigation. The Ministerul Public / Parchet handles prosecution. Where personal data was misused, the ANSPDCP accepts complaints in Romanian or English. Where money was transferred, the servicing bank should be contacted immediately for urgent recall and blocking.Banking Fraud and Credit Card Fraud
For banking disputes in Romania, the key consumer ADR mechanism is CSALB (Centrul de Soluționare Alternativă a Litigiilor în domeniul Bancar), which provides free alternative dispute resolution between consumers and banks or non-bank financial institutions. CSALB has noted a rise in cases involving banking channel fraud. The first step in any banking or card fraud matter is immediate notification to the servicing bank or card issuer to block the card and account and dispute the unauthorised transaction. Where the institution fails to resolve the complaint adequately, the matter is escalated to CSALB for free ADR. Criminal complaints for card fraud, account takeover, or unauthorised transactions are filed with the Poliția Română and referred to the Ministerul Public / Parchet. Civil proceedings before the competent court are available for recovery.Immediate Steps After Discovering Fraud in Romania
Step 1 – File a Criminal Complaint with the Poliția Română
Report the fraud to the Poliția Română immediately. For organised crime, cyber-enabled fraud, or complex schemes, DIICOT expressly accepts reports of crimes within its competence. Provide all available evidence: contracts, payment records, communications, transaction references, and identity information for the counterparty.
Step 2 – Notify the Relevant Regulator
If the fraud involves an investment firm, forex platform, or non-bank financial entity, file a petition with the ASF (online, by email, or by post). If it involves virtual asset service providers and AML matters, report to the ONPCSB. For consumer matters, file with the ANPC. Regulatory notification creates an enforcement record and may trigger supervisory investigation.
Step 3 – Secure Financial Accounts and Initiate Recall
Contact your bank or payment provider immediately to block compromised accounts and cards and initiate recall or chargeback procedures. For banking disputes not resolved by the institution, CSALB provides free ADR.
Step 4 – Verify the Counterparty and Check Insolvency Records
Check the counterparty’s registration, status, and any insolvency proceedings through Romanian company registers and court records. The ASF’s public warnings help verify whether the entity operates without authorisation. For real estate matters, consult the ANCPI for cadastre, land book, and title records. Insolvency entries inform the enforcement strategy.
Step 5 – Preserve All Evidence
Save all communications, contracts, invoices, payment confirmations, website screenshots, email headers, and transaction records without alteration. Digital evidence is critical for both criminal investigation and civil proceedings and may become inaccessible if platforms delete accounts or the counterparty destroys records. Evidence preservation should begin immediately upon discovery of the fraud.
Legal Options for Fraud Victims in Romania
Criminal Proceedings
Criminal complaints filed with the Poliția Română and prosecuted by the Ministerul Public / Parchet initiate formal investigation under Romanian criminal law. DIICOT handles organised crime, cyber-enabled fraud, and complex criminal schemes. Relevant offences include fraud, computer fraud, document fraud, identity fraud, money laundering, and fraudulent insolvency. Criminal proceedings provide access to investigative tools unavailable in civil litigation – bank record production orders, platform identity disclosure, telecommunications data, and international judicial cooperation through mutual legal assistance treaties and EU instruments.
Civil Litigation
Civil proceedings before Romanian courts (instanțele judecătorești) are available for contractual claims, damages, restitution, unjust enrichment, and rescission of fraudulent transactions. Insolvency proceedings are administered by the competent tribunal, with creditor claims filed through the judicial administrator or liquidator. Interim measures can be obtained to prevent dissipation of assets during proceedings. Civil litigation targets the fraudster and, where applicable, institutions that failed to prevent the fraud.
Alternative Dispute Resolution Through SAL-Fin and CSALB
SAL-Fin is the sole ADR entity in the non-banking financial field supervised by the ASF – providing out-of-court resolution for disputes with investment firms, forex platforms, and other ASF-supervised entities. CSALB provides free ADR between consumers and banks or non-bank financial institutions for banking disputes, noting a rise in banking channel fraud cases. These mechanisms provide resolution without the full cost and duration of court proceedings.
Regulatory Complaints
Petitions to the ASF create enforcement records that contribute to supervisory action against the entity. The ASF confirms that petitions are used to identify unfair or potentially abusive practices. The ASF maintains public warnings on unauthorised participants. Regulatory proceedings can result in licence suspension or revocation, fines, public warnings, and mandatory corrective measures. Regulatory findings may support civil claims by establishing that the entity breached its obligations under Romanian financial law.
Factors That Determine Recovery Outcomes in Romania
Speed of Reporting
Criminal complaints filed within hours of discovery give investigators the best chance of tracing funds before they are moved or layered through intermediary accounts. Bank recall mechanisms are most effective when initiated on the same day as the fraudulent transaction. Regulatory notifications filed promptly create contemporaneous records that strengthen both criminal and civil proceedings.
Identifiability and Asset Position of the Fraudster
Named counterparties with identifiable assets in Romania – bank accounts, real property, registered companies, vehicles – are the most viable targets for civil recovery and enforcement. Where the fraudster operated anonymously or through shell structures, criminal investigation through the Poliția Română, DIICOT, and Ministerul Public is the primary identification tool through bank records, platform data, and telecommunications records.
Institutional Liability
Where a regulated institution – bank, investment firm, forex platform, or entity supervised by the ASF – failed to comply with its supervisory obligations, institutional liability claims provide an alternative recovery path against a solvent, regulated defendant. These claims do not depend on the fraudster’s identifiability or asset position and are particularly relevant where the fraudster has absconded or dissipated assets.
Quality and Completeness of Evidence
Contracts, payment records, communications, transaction references, and digital forensic evidence form the foundation for both criminal prosecution and civil recovery. Incomplete evidence – missing transaction references, deleted communications, unrecorded oral agreements – weakens both the criminal case and the civil enforcement position. Immediate, comprehensive evidence preservation at the point of discovery is the single most important step a victim can take to support recovery.
Frequently Asked Questions
Summary
Fraud in Romania: Legal Options for Recovering Money from Fraudsters
Fraud recovery in Romania operates through criminal proceedings, civil litigation, alternative dispute resolution, and regulatory complaints – each channel serving a distinct function in identifying the fraudster, preserving assets, and achieving financial recovery. The ASF supervises the capital market, investment services, and the non-banking financial sector, with SAL-Fin as the sole ADR body in ASF-supervised sectors. DIICOT handles organised crime and cyber-enabled fraud. The ONPCSB handles AML/CFT matters for virtual asset service providers. CSALB provides free banking dispute ADR, noting a rise in banking channel fraud cases. The ANPC handles consumer protection. The ANCPI manages cadastre and land registration.
Speed of reporting determines outcomes across all channels. Criminal complaints filed immediately preserve the investigative window for fund tracing and asset identification. Bank recall and chargeback mechanisms lose effectiveness with each day of delay. Evidence preserved at the point of discovery – contracts, communications, transaction records, digital forensic data – forms the foundation for every recovery action. Formal proceedings are conducted in Romanian, making early engagement of local counsel essential for international clients.
If you suffered financial losses through fraud involving Romanian companies, institutions, or counterparties, contact Veritas Advisory Group s.r.o. to have your legal position assessed.
Veritas Advisory Group s.r.o. provides professional legal and advisory services to victims of investment and trade fraud in Europe. This article is for informational purposes only and does not constitute legal advice.