Novobanco says it has been targetted in a 10 billion-euro scam
A company called FNBC Invest is asking for a compensation of more than ten billion euros in what the bank considers to be a fraudulent scheme that has already been reported to the authorities.
Novobanco says it is the target of a 10 billion euro scam attempt by an unknown company called FNBC Invest, based in Barcelos, a city in northern Portugal. The bank already reported the alleged fraudulent scheme to the authorities more than two years ago, but that hasn’t stopped the company — which presents itself as a bank and provides financial services, including cryptocurrencies — from now filing a multi-million lawsuit against Novobanco.
In this case, which was brought before the Braga court last May, FNBC Invest is demanding compensation totalling exactly 10,087,404,548.07 euros, according to Novobanco in its first half report and accounts.
Although the case dates back to March 2022, it was only in the last few months that the organisation decided to take action against Novobanco, when the bank was entering the decisive phase of the sale process. The timing came as no surprise to the bank’s managers, who saw it as a form of pressure.
A deal with German debt of ten billion
According to information gathered by ECO, Novobanco is being accused of withholding, without having given any justification, a sum of five billion euros from a “supposed transfer” from Deutsche Bank that was destined for the account of FNBC’s majority shareholder, engineer Carlos Manuel Carvalho.
The company claims before the court that this money resulted from the partial payment of a contract with Immobilien Partner GMBH, worth ten billion euros, related to the sale of German government bonds.
Due to the retention of the money in Novobanco’s ‘camera account’, it claims that it has stopped receiving the remaining payments from the contract signed with Immobilien Partner, thus estimating compensation of more than ten billion euros, including interest on late payment, according to an order from the Braga Court to which ECO has had access.
Fraud attempt reported to the authorities
On the bank’s side, which already had the opportunity to present its defence in June, the whole affair is considered to be based on “facts and documents whose falsity was criminally reported to the authorities in December 2022”.
Speaking to ECO, he explains that he is dealing with a “situation that constitutes an attempt at fraud which, in the past, has already been the subject of a criminal complaint, because it involves facts that could constitute the commission of criminal offences, namely qualified fraud and falsification of documents”. Among the documents it says are false is a supposed proof of transfer from Deutsche Bank to Novobanco, the ECO understands.
Novobanco also adds that “it will adopt the measures it deems necessary to protect its interests”.
In the report and accounts, the bank also revealed that given the “manifest falsity of the documents that allegedly support the lawsuit, the probability of success of FNBC’s claim is nil and, for this reason, the recording of any provision is not justified”.
ECO knows that the case has already been reported to the Attorney General’s Office (PGR) and the Judicial Police, as well as to the financial regulators, the Bank of Portugal and the Portuguese Securities Market Commission (CMVM). The banking supervisor is not commenting and it was not possible to get a reaction from the other entities by the time this article was published. Carlos Manuel Carvalho referred his position to his lawyer.
What is FNBC Invest?
Founded in June 2020 in Vila Franca de Xira, FNBC Invest has a share capital of 20 million euros and in 2023 moved its headquarters to Barcelos.
Carlos Manuel de Carvalho is the largest shareholder, with 97% of the company’s capital, which is also associated with Seven Bank and Grupo Seven. “We can help your financial business”, says the group on its website. Neither FNBC nor Seven Bank are registered with the Bank of Portugal or the CMVM.
Although linked to the financial sector, FNBC Invest also holds a majority stake in the company Sublime TR, based in Évora and dedicated to the commercialisation of clothing items, and another minority stake in the company Sete Netas, in Margazão, which produces wine.
