In a statement, the PJ explains that the arrest was made at the end of last week, when the suspect was preparing to leave the country as it is suspected their pyramid scheme was about to collapse.
The inquiry was by the Department of Investigation and Criminal Action (DIAP) of Évora and during the 'Dolce Vita' operation, several searches were carried out, which resulted in the seizure of six vehicles, various objects and documents.
"The suspect, who is now being detained, has convinced countless victims that he was the supervisor of a Spanish insurance brokerage company and that he was authorised to market, in Portugal, the financial product of the company he represented, with high profitability and guaranteed capital".
In the statement, the PJ also said that the suspect created a company, with facilities, employees and vehicles," aimed at simulating real commercial activity and guaranteeing the permanent inflow of funds."
"However, it was a 'pyramid scheme' or 'ponzi', with non-existent and simulated profitability, in which the amounts of the first investors are reimbursed through the amounts delivered by the following, and so on, until the system ceases to be and, inevitably, all amounts are lost”, adds the statement.
The PJ also says that elements collected show that the system had already reached the last stage, that the defendant would prepare to leave the country and that the investigation allows to estimate that the illicit activity, presumably started in 2018, amounted to more than three million euros.
Police bring down insurance pyramid scheme
Send us your comments or opinion on this article.