- Fraud recovery in Portugal is available through criminal proceedings filed with the Polícia Judiciária, PSP, or GNR and the Ministério Público (Public Prosecutor’s Office), civil litigation before the Tribunal Judicial, and regulatory complaints to the CMVM (Comissão do Mercado de Valores Mobiliários) and Banco de Portugal depending on the fraud type.
- The CMVM regulates the securities market, investment firms, and financial intermediaries – maintaining lists of authorised and registered entities, publishing warnings on unauthorised providers, and accepting investor complaints. The CMVM is also the key financial regulator for the investment dimension of crypto-assets.
- The Gabinete Cibercrime do Ministério Público is Portugal’s specialised cybercrime unit within the Public Prosecutor’s Office – accepting denunciations and publishing alerts on phishing and cryptocurrency scams, providing a dedicated channel for cyber-enabled fraud.
- Banco de Portugal registers virtual asset service providers for AML/CFT purposes, supervises banks and payment institutions, publishes consumer information on crypto-assets, and accepts complaints through Livro de Reclamações or its own complaint form – covering banking fraud, unauthorised transactions, and conduct issues.
- The practical language for formal filings is Portuguese. The Ministério Público portal is available in Portuguese, English, and Spanish. Electronic crime reporting (Queixa Eletrónica) is available for certain offences including burla (fraud).
Types of Fraud in Portugal and Where to Report
Investment Company Fraud
The CMVM (Comissão do Mercado de Valores Mobiliários) regulates the Portuguese securities market and financial intermediation. The CMVM maintains lists of authorised and registered entities and publishes warnings on unauthorised providers. Where an investment firm, fund, intermediary, or unlicensed entity offered investment products or services in violation of Portuguese securities law, complaints are filed with the CMVM. For criminal fraud – misappropriation of invested funds, false representations about returns, Ponzi structures, or misleading investment offers – a criminal complaint is filed with the Polícia Judiciária, PSP, or GNR. Electronic filing is available through Queixa Eletrónica for certain offences including burla (fraud). The Ministério Público and the police are the competent authorities for receiving crime complaints and denunciations. Civil proceedings for damages are brought before the Tribunal Judicial.Cryptocurrency Fraud
Banco de Portugal registers entities carrying out virtual asset activities for AML/CFT purposes and publishes consumer information on crypto-assets. The CMVM is the key financial regulator for the investment dimension, publishing materials and warnings on criptoativos and handling cases where crypto projects effectively promote investment services or financial intermediation without authorisation. Where a crypto provider falls under Banco de Portugal’s registration or banking supervision, or where the issue concerns banking payments and conduct, complaints are filed with Banco de Portugal. Where a crypto project promotes investment services, financial intermediation, or operates as an unauthorised entity, complaints are filed with the CMVM. For cyber-enabled crypto fraud and cryptocurrency scams, the Gabinete Cibercrime do Ministério Público is the specialised channel – the Portuguese prosecution service publishes specific warnings on cryptocurrency scams. Criminal complaints are also filed with the Polícia Judiciária, PSP, or GNR. Civil proceedings for damages are brought before the Tribunal Judicial.Forex and Online Trading Fraud
The CMVM exercises supervisory authority over investment services, intermediation, and capital market participants, including forex and CFD platforms. Where a forex or CFD provider is authorised or claims Portuguese authorisation, complaints are filed with the CMVM – which maintains warnings on unauthorised entities. For criminal fraud involving manipulated platforms, boiler room operations, blocked withdrawals, or impersonation of brokers, criminal complaints are filed with the Polícia Judiciária, PSP, or GNR and referred to the Ministério Público. Civil proceedings for damages and restitution are brought before the Tribunal Judicial.Real Estate Fraud
IMPIC, I.P. (Instituto dos Mercados Públicos, do Imobiliário e da Construção) regulates and controls mediação imobiliária (real estate mediation) in Portugal and accepts queixas ou reclamações (complaints). IMPIC confirms that following a complaint, it analyses the existence of administrative infractions and may apply sanctions. The Livro de Reclamações / Livro de Reclamações Eletrónico (official complaints book) is Portugal’s official consumer complaint channel. Where a dispute concerns a real estate mediation entity, complaints are filed with IMPIC. For consumer-facing matters, complaints are filed through the Livro de Reclamações. Where fraud involves falsified documents, misappropriation of deposits, double sales, or criminal deception, complaints are filed with the Polícia Judiciária, PSP, or GNR and referred to the Ministério Público. Civil proceedings for recovery of funds, damages, and nullity are brought before the Tribunal Judicial.International Trade Fraud Involving a Portuguese Company
Where an international transaction with a Portuguese company results in fraud – fake supplier, forged invoices, diversion of payment, or non-delivery with fraudulent intent – criminal complaints are filed with the Ministério Público (in person, in writing, by email, or through Queixa Eletrónica where applicable) and the Polícia Judiciária, PSP, or GNR. Where the counterparty belongs to a regulated financial or real estate sector, the CMVM, Banco de Portugal, or IMPIC is notified in parallel. Civil proceedings for contractual claims, damages, and interim relief are brought before the Tribunal Judicial.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 falsified accounting – insolvency proceedings are administered by the Tribunal Judicial. Creditor claims are filed with the Administrador da Insolvência (insolvency administrator). Criminal complaints for fraudulent insolvency, concealment of assets, and false accounting are filed with the Ministério Público and the Polícia Judiciária for economic and corporate crime investigation. Where the entity is an issuer or supervised capital markets participant, the CMVM 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 Polícia Judiciária, PSP, or GNR. Electronic filing through Queixa Eletrónica is available for certain crime categories. The Ministério Público handles prosecution. Where the supplier is a consumer-facing business in Portugal, a complaint is filed through the Livro de Reclamações. Civil proceedings for recovery of the prepayment and damages are brought before the Tribunal Judicial.Phishing and Cyber Fraud
Phishing, online fraud, credential theft, and social engineering attacks are reported to the Gabinete Cibercrime do Ministério Público – the specialised cybercrime unit within the Portuguese prosecution service. The Gabinete Cibercrime maintains a dedicated denunciation form and instructions and publishes specific alerts on phishing. Criminal complaints are also filed with the Polícia Judiciária, PSP, or GNR. Where phishing resulted in compromised banking credentials, unauthorised transactions, or conduct issues involving a bank or payment institution, complaints are filed with Banco de Portugal through its complaint form or Livro de Reclamações. Where personal data was misused, the CNPD (Comissão Nacional de Proteção de Dados) is the competent data protection authority – Banco de Portugal expressly identifies the CNPD for this purpose.Financial Statement Fraud
Where a company in which funds were invested engaged in fraudulent financial reporting – false accounting, misleading information to investors, market abuse, or issuer disclosure violations – complaints are filed with the CMVM for listed companies, issuers, and supervised market participants. For serious economic crime, fraud, false accounting, or corruption-related offences, criminal complaints are filed with the Ministério Público / DCIAP (Departamento Central de Investigação e Ação Penal) – the central department for investigation and prosecution of serious economic crime within the Ministério Público structure. The Polícia Judiciária handles economic crime investigation. Civil proceedings for investor damages are brought before the Tribunal Judicial.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 Gabinete Cibercrime do Ministério Público as the specialised channel for cyber-enabled scams. Criminal complaints are also filed with the Polícia Judiciária, PSP, or GNR. The Ministério Público handles prosecution. Where money was transferred or card payments were made, the servicing bank or payment provider should be contacted immediately for urgent recall and blocking.Banking Fraud and Credit Card Fraud
Banco de Portugal supervises banks, payment institutions, electronic money institutions, and credit intermediaries in Portugal. Banco de Portugal accepts complaints through the Livro de Reclamações or its own complaint form. 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, complaints are filed with Banco de Portugal through the Livro de Reclamações or its complaint form. Criminal complaints for card fraud, account takeover, or unauthorised transactions are filed with the Polícia Judiciária, PSP, or GNR and referred to the Ministério Público. Civil proceedings before the Tribunal Judicial are available for recovery.Immediate Steps After Discovering Fraud in Portugal
Step 1 – File a Criminal Complaint
Report the fraud immediately. The Ministério Público and police (Polícia Judiciária, PSP, GNR) are the competent authorities for receiving crime complaints and denunciations. Electronic filing through Queixa Eletrónica is available for certain offences including burla (fraud). For cyber-enabled fraud, report to the Gabinete Cibercrime do Ministério Público. 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 capital market participant, file a complaint with the CMVM. If it involves a bank, payment institution, or virtual asset service provider, notify Banco de Portugal. For real estate mediation entities, file with IMPIC. Regulatory notification creates an enforcement record and may trigger supervisory investigation or sanctions.
Step 3 – Secure Financial Accounts and Initiate Recall
Contact your bank or card issuer immediately to block compromised accounts and cards and initiate recall or chargeback procedures. For complaints related to banking conduct or unauthorised transactions, Banco de Portugal accepts complaints through the Livro de Reclamações or its complaint form.
Step 4 – Verify the Counterparty and Check Insolvency Records
Check the counterparty’s registration, authorisation status, and any insolvency proceedings through Portuguese company registers and court records. The CMVM’s lists of authorised entities and warnings on unauthorised providers help verify the entity’s regulatory status. 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 Portugal
Criminal Proceedings
Criminal complaints filed with the Polícia Judiciária, PSP, or GNR and prosecuted by the Ministério Público initiate formal investigation under Portuguese criminal law. The Gabinete Cibercrime handles cyber-enabled fraud. The DCIAP handles serious economic crime within the Ministério Público structure. Relevant offences include burla (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 the Tribunal Judicial are available for contractual claims, damages, restitution, unjust enrichment, and rescission of fraudulent transactions. 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 – including claims against banks and payment institutions for breach of their obligations.
Regulatory Complaints
Complaints to the CMVM, Banco de Portugal, or IMPIC create enforcement records that contribute to supervisory action against the entity. The CMVM publishes warnings on unauthorised entities and maintains authorised entity lists. IMPIC analyses complaints for administrative infractions and may apply sanctions. Banco de Portugal accepts complaints through the Livro de Reclamações and its complaint form. Regulatory findings may support civil claims by establishing that the entity breached its obligations under Portuguese financial law.
Factors That Determine Recovery Outcomes in Portugal
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 Portugal – 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 Polícia Judiciária, Ministério Público, and DCIAP is the primary identification tool through bank records, platform data, and telecommunications records.
Institutional Liability
Where a regulated institution – bank, payment institution, investment firm, forex platform, or entity supervised by the CMVM or Banco de Portugal – 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 Portugal: Legal Options for Recovering Money from Fraudsters
Fraud recovery in Portugal operates through criminal proceedings, civil litigation, and regulatory complaints – each channel serving a distinct function in identifying the fraudster, preserving assets, and achieving financial recovery. The CMVM supervises investment firms, financial intermediaries, and the investment dimension of crypto-assets. Banco de Portugal registers virtual asset service providers for AML/CFT and supervises banks and payment institutions. The Gabinete Cibercrime do Ministério Público provides a specialised cybercrime prosecution channel. The DCIAP handles serious economic crime within the Ministério Público. IMPIC regulates real estate mediation. Electronic crime reporting through Queixa Eletrónica is available for certain offences.
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 Portuguese, making early engagement of local counsel essential for international clients.
If you suffered financial losses through fraud involving Portuguese 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.