He is believed to have been recruited and trained by an international criminal cryptocurrency investment structure, according to the Judiciary Police (PJ).

Operation “Fluxo Nr1” was led by the National Unit for Combating Cybercrime and Technological Crime of the PJ following requests for international collaboration. The suspect has already appeared before a judge and is subject to “periodic appearances, passport seizure, and restricted access to computer platforms.”

The suspect is “strongly suspected of committing the crimes of aggravated fraud, computer and communications fraud, forgery, and unauthorised access, having allegedly been recruited and trained by a criminal organisation based abroad, dedicated to committing fraud related to fake cryptocurrency investment platforms,” says the PJ (Portuguese Judicial Police).

“Although the suspect resides in Portugal, he continues to maintain links with structures that operate internationally in a multifaceted manner, aimed at creating and managing fictitious investment platforms,” the Portuguese authorities point out.

According to the PJ, the network seeks to identify and exploit “vulnerabilities in potential investors” and develops “mechanisms for concealing funds, causing significant financial losses to numerous victims in different geographical areas.”

“Following a house search, several computer devices were seized and a vast collection of documents and digital material was collected, demonstrating the illicit activity carried out by the suspect,” adds the PJ (Judicial Police).

Warning

This operation also serves for the PJ to reinforce advice to citizens who wish to invest in the cryptocurrency market, especially those who “have never done or have no experience with financial investments” and who are confronted with “opportunities that arise in online advertisements or news.”

“First, seek information from official sources, namely the CMVM (Portuguese Securities Market Commission) and the Bank of Portugal,” and all “investment opportunities that arise on social networks should be verified with official entities,” warns the PJ, which points out the associated risks and the problems of the authorities' actions at the international level.

The police also suggest that citizens “not be fooled by promises of guaranteed and immediate returns,” stating that “this doesn’t exist in this market,” and that they should be wary of “direct and insistent contact” when registering on some investment platforms known through social media.

The PJ (Judicial Police) further emphasises that these operations, when fraudulent, are associated with other cyber scams, therefore recommending against installing “remote access programs on the computer or cell phone” or “direct access to accounts by third parties.”