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High Court winds up £3.3m land banking scam | News | Money Marketing
A land banking scam which raised £3.3m from investors has been wound up by the High Court following an investigation by the Insolvency Service. Four companies involved in the misselling of undeveloped land for investment to the public have been ordered into liquidation. via High Court winds up £3.3m land banking scam | News | […]
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Complete Building Systems, Rawtenstall CBS, Evesham CBS and Hounslow West London were all wound-up on 18 December.
The firms sold plots of land to investors for between £4,500 and £15,000 each.
One site had been initially bought by a third party for £40,000 and divided into 165 plots, while another was initially bought for £45,000 and divided into 100 plots.
At least £3.3m was raised from the public, of which £1.4m was paid out in commission to sales staff.
More...
Complete Building Systems, Rawtenstall CBS, Evesham CBS and Hounslow West London were all wound-up on 18 December.
The firms sold plots of land to investors for between £4,500 and £15,000 each.
One site had been initially bought by a third party for £40,000 and divided into 165 plots, while another was initially bought for £45,000 and divided into 100 plots.
At least £3.3m was raised from the public, of which £1.4m was paid out in commission to sales staff.
