28 Apr '12, 6pm

Brits Losing Millions To Land-Bank Fraud - World News Now - San Francisco Luxury News: Brits Losing Millions To

A Sky News investigation has uncovered evidence that increasing numbers of UK investors are falling victim to land-bank fraud. Figures released by the Insolvency Service reveal 67 land-bank companies have been forced into liquidation since 2009 which collectively lost investors £50m. In total, land-bank schemes are estimated to have lost UK investors £250m and complaints to the Insolvency Service have increased 33% since 2007. Sky News confronted Asset Land Investment (ALI), a company involved in a land bank scheme. The company markets plots of land to the public – land it says is about to receive planning permission to build homes, yielding huge profits for the investor. But the land is often in green belt areas that have little chance of being developed and investors can be left with plots they cannot sell. Claire McKendree-Wright from Tunbridge Wells was persuaded by As...

Full article: http://sfluxe.com/2012/04/28/brits-losing-millions-to-lan...

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