Economy
Nine million euros in accounts and assets seized in 'Hermes' operation
Authorities arrested 63 people across Portugal, Spain, and Italy, including 40 residents in Portugal, as part of an investigation into a major international VAT carousel fraud. Investigators have identified 410 million euros in tax evasion, with over 130 million euros linked specifically to Portugal, leading to the freezing of bank accounts and the seizure of luxury goods including supercars, yachts, and mansions.
Why it mattersWhile this is a large-scale criminal investigation, it confirms that authorities are actively targeting systemic tax fraud; for a resident, it serves as a reminder of the strict enforcement against tax-evasion schemes that can impact business and financial compliance.
