More than 3.5 million euros. This was the amount moved by an organization suspected of carrying out scams known as “CEO Fraud” and “Invoice Fraud”. The investigation was concluded and forwarded to the Public Ministry (MP), according to a statement from the Judiciary Police (PJ) sent to newsrooms this Tuesday, April 8.
“From the financial analysis carried out, it was possible to determine the circulation of amounts greater than 3.5 million euros, through accounts controlled by the organization, of which a significant part originated from computer fraud schemes, namely in the types known as CEO Fraud and Invoice Fraud”, highlighted the PJ.
At issue is a police operation carried out in April last year, which resulted in the arrest of nine people of Brazilian nationality. All received preventive detention and remain deprived of liberty. Some lived in the country, while others traveled to Portugal to commit crimes, according to the PJ.
“The investigation also showed the existence of a hierarchical and functionally organized structure, with division of tasks between the various actors, including a management nucleus based abroad, elements responsible for logistics and financingintermediary and operational coordinators in charge of the material execution of banking and corporate operations”, concluded the PJ.
They were frozen and seized around 418 thousand euros, “amounts that have a strong connection with the criminal activity under investigation”pointed out the corporation. In total, 17 victims were identified, with losses totaling around R$1.4 million. The PC does not rule out the existence of other victims.
The investigators suggested to the MP the use of international judicial cooperation mechanisms, notably with Brazilian authorities and European jurisdictions. Furthermore, the PJ highlighted that “this investigation assumed particular relevance within the scope of the Civil Police’s actions in combating organized crime and money laundering”.
“CEO Fraud”
According to the most recent Annual Homeland Security Report (RASI), similar to 2024, “CEO Fraud remains a relevant threat”. There were 192 incidents recorded in 2025, which represents an increase of 20% compared to the previous year. As a result, this scam became the most frequently observed subtype in the period.
In this type of scam, based on social engineering, the targets are companies and their financial departments. Criminals impersonate senior executives, such as the CEO or directorsusing falsified emails or compromised accounts to request financial transfers, such as payment of invoices.
To make the fraud more convincing, scammers use public information about the structure and employees of organizations, often obtained from social networks. The effectiveness of the scheme lies in psychological manipulation and the exploitation of hierarchical trust within companies.
amanda.lima@dn.pt
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