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Monday, June 30, 2014

World cup land banking fraud

Another fraudulent land banking scheme has left UK property investors out of pocket. This one had a World Cup flavour, with plots supposed;y ripe for development near to World Cup Stadia selling for £10,000.

Pantheon Realty Consultants,  promised UK investors returns of 20 percent, though it has now turned out that these plots are worthless, and will never be developed.

According to the BBC, possibly as many as 600 investors have scored an own goal. The total value of their lost investment as high as £19m, with one investor losing £70,000 on the scheme.

The Financial Conduct Authority warned: "The number of land banking schemes being reported to us has been rising. We estimate land banking schemes have cost UK investors as much as £200m."

Investors are hoping to salvage a result if the companies assets are traced and frozen, but like the England team, I'm guessing they've made and early exit.

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