Authorities uncover over €7 million in suspected fraud targeting foreign investors
PJ police have arrested five women in connection with an elaborate real estate scam in the Algarve that reportedly defrauded over 20 victims, mostly foreign investors, out of over €7 million.
Dubbed ‘Operação Chave na Mão’ (Operation Turnkey), the investigation focused on an online scheme run by a real estate businesswoman who, for at least one year, is believed to have marketed and sold properties without the knowledge of their rightful owners.
According to the judicial police force, victims were fooled into signing purchase agreements for homes that were never actually for sale. The suspect reportedly conducted business through solicitors’ offices in the Algarve, where she signed promise-to-purchase contracts using falsified documents. Says PJ police, these transactions appeared legitimate, further convincing buyers of their validity.
In some cases, victims handed over more than €1 million as down payments – funds that were allegedly kept by the main suspect.
Following the initial investigation, police carried out seven searches, including three at private residences and four at solicitors’ offices, seizing large volumes of documents, computer equipment, cash and jewellery.
Investigators suspect there may be other victims, as documents found during the searches point to other undisclosed property deals. In fact, new complaints have been filed in recent days, involving payments exceeding €2.7 million.
The operation was led by the Criminal Investigation Department of Portimão, backed by the Southern Directorate of the PJ, and overseen by the Évora Regional Public Prosecutor’s Office. Magistrates, public prosecutors, and representatives from the Order of Solicitors and Enforcement Agents were also involved.
The five suspects are expected to appear in court shortly for initial hearings where preventive measures may be determined.
