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Report the fraud to the Valsts policija (State Police) immediately. For emergencies call 112; from abroad call +371 67014002. Provide all available evidence: contracts, payment records, communications, transaction references, and identity information for the counterparty. The police report is a prerequisite for prosecution and unlocks investigative tools including bank record production, platform disclosure, and cross-border cooperation requests.
If the fraud involves an investment firm, CASP, forex platform, bank, or payment institution, file a complaint with Latvijas Banka. For consumer matters, file with the CRPC / PTAC (complaint must be in Latvian). For cyber incidents, report to CERT.LV at cert@cert.lv. Regulatory notification creates an enforcement record and may trigger supervisory investigation.
Contact your bank or payment provider immediately to block compromised accounts, cards, and payments and initiate recall or chargeback procedures. PTAC expressly advises contacting the payment institution to explore money recovery, including chargeback.
Check the counterparty’s registration, status, and any insolvency proceedings through Latvian company registers and court records. Insolvency or dissolution entries inform the enforcement strategy and determine whether asset preservation measures are necessary before civil proceedings.
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.
Criminal complaints filed with the Valsts policija and prosecuted by the Prokuratūra initiate formal investigation under Latvian criminal law. Relevant offences include fraud, computer fraud, document fraud, identity fraud, money laundering, and fraudulent bankruptcy. 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 proceedings before Latvian courts are available for contractual claims, damages, restitution, unjust enrichment, and rescission of fraudulent transactions. Freezing 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 – including claims against banks and payment institutions for breach of their obligations.
The CRPC / PTAC handles consumer complaints against traders, including unfair commercial practices and payment services consumer rights. Where CRPC assistance does not resolve the dispute, the Consumer Dispute Resolution Commission provides an ADR route. For cross-border consumer disputes within the EU, the European Consumer Information Centre function within PTAC provides support. Consumer complaints to CRPC must be submitted in Latvian.
Complaints to Latvijas Banka create enforcement records that contribute to supervisory action against the entity. 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 supervisory obligations under Latvian financial law.
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 and chargeback mechanisms are most effective when initiated immediately – PTAC expressly advises contacting the payment institution to explore recovery including chargeback. Regulatory notifications filed promptly create contemporaneous records that strengthen both criminal and civil proceedings.
Named counterparties with identifiable assets in Latvia – 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 Valsts policija and Prokuratūra is the primary identification tool through bank records, platform data, and telecommunications records.
Where a regulated institution – bank, payment institution, investment firm, forex platform, or CASP supervised by Latvijas Banka – 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.
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.
Fraud recovery in Latvia operates through criminal proceedings, civil litigation, consumer dispute resolution, and regulatory complaints – each channel serving a distinct function in identifying the fraudster, preserving assets, and achieving financial recovery. Latvijas Banka is the unified financial market supervisor, covering investment firms, CASPs under MiCA, forex platforms, banks, payment institutions, and electronic money institutions. The Valsts policija and Prokuratūra handle criminal investigation and prosecution across all fraud types. The CRPC / PTAC handles consumer protection including payment services consumer rights and houses the European Consumer Information Centre function. CERT.LV provides national cyber incident response for phishing and malicious domains.
Speed of reporting determines outcomes across all channels. Criminal complaints filed immediately preserve the investigative window for fund tracing and asset identification. PTAC expressly advises contacting the payment institution to explore recovery including chargeback – these 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 complaints to Latvian state authorities are submitted in Latvian, making early engagement of local counsel essential for international clients.
If you suffered financial losses through fraud involving Latvian companies, institutions, or counterparties, contact Veritas Advisory Group to have your legal position assessed.
Veritas Advisory Group 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.
