BTL business fraud, £2m missing and 4 men charged

BTL business fraud, £2m missing and 4 men charged


Four me

n have been charged in connection with a £2 million fraud investigation, following the collapse of a property development business in York.

Two Yorkshire men, aged 46 and 64, a 54-year-old from Towcester in Northamptonshire and a 41-year-old from Longfield in Kent, have all been charged with participating in fraudulent business.

The charges relate to the York-based property club, Challenor Property Developments, which dealt in the bulk sale of Buy-To-Let property in the UK and abroad.
In May 2008 the company collapsed and the offices, based in the Westminster Business Park, were cleared.

More than 180 clients have complained to the North Yorkshire police about the company and lost investments. It is believed £2 million has been ‘lost’.
According to police reports the majority of the company’s clients came to the firm via the internet. 

However, a brief internet search on the company name – Challenor Property – lacks a link to an official website, but reveals instead, dozens of complaint websites listing the worries of unsatisfied clients.

One site is a wordpress blog which claims its purpose is “to prevent the people who ran Challenor Property from scamming anyone else.”

The site lists hundreds of posts complaining about the fraudulent activities of the company, and the loss of their investments; which range from £2,000 to £23,500. 

Following an intense investigation, the four men are now due to appear at York Magistrates Court on Wednesday 22 September this year.

Three other people were arrested in connection with the investigation; two women aged 52 and 63, and a man aged 40, all from York. They have since been released without charge.

By Dawn Murden

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