14:47 PM, 3rd January 2012, About 10 years ago
Nine Leeds-based companies have been shutdown after they preyed on investors already duped by landbanking scams.
Each company claimed to be able to return some of the money lost on specific plots of land and investors bought shares. They were found to receive no influence in return; instead the money was used to pay salaries, leaving the company with no means of succeeding in its aims.
The shares, which amounted to nearly £150,000, were supposed to be paying for obtaining planning permission on the sites sold by English Land Partnership and then later by London Land and Property Exchange Ltd, unconnected to the nine Leeds companies.
The companies selling the ‘rescue schemes’ were Recoverykingshill Ltd, Recoverylittlemilton Ltd, Recoveryweybridge Ltd, Recoverysaunderton Ltd, Recoverykensworth Ltd, Recoveryscholes Ltd, Recoverycookridge Ltd, Recoverywombourne Ltd and Recoverymilford Ltd and were operating from the same address.
“This is a particularly unfortunate situation.” A spokesman from the Insolvency Service said.
“People who have previously been scammed have lost out again because they invested in a scheme on the basis of promises which the companies haven’t delivered.
“The public must be protected in these situations and we will pursue such cases to the end.”
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