Portuguese police raid Banco Carregosa and BAI in IMT tax evasion probe

Searches across two banks and property firms

On the morning of Wednesday, 14 October 2026, the Polícia Judiciária, working with the Autoridade Tributária, carried out searches at Banco Carregosa, based in Porto, and at the Banco Angolano de Investimento Europa (BAI), in Lisbon. The searches also reached real estate firms, law firms, companies and private homes. Outlets gave different counts: RTP reported 53 searches, Observador said more than 50, and TSF, citing CNN Portugal, put the figure at 50. The case is handled by the Departamento Central de Investigação e Ação Penal (DCIAP). Some outlets gave the second bank's name differently, with one report using Banco Europeu de Investimento, which the other sources do not support.

The suspected scheme

The investigation concerns suspected evasion of the Imposto Municipal sobre Transações Onerosas de Imóveis (IMT), the municipal property transfer tax. According to the Correio da Manhã, which first reported the operation, real estate companies were set up so that property could change hands while the transactions qualified for exemptions. Those companies were then sold on to property funds. Suspicions include tax fraud and money laundering, among other offences. The presumed scheme is said to have cost the state millions of euros, though no official damage figure has been published in the reporting.

Investigation status and background

RTP reported that no detention warrants had been issued and that the operation is aimed at gathering evidence. TSF reported that the PJ would release further details at a later stage. Observador noted that both banks had previously been linked to a separate investigation into the purchase and later resale of the former headquarters of the Portuguese Football Federation (FPF) in 2018.