Four to stand trial over land banking scam

Four to stand trial over land banking scam




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Four men are due to stand trial over an increasingly recurrent land scam, which will mark the first time charges have been brought for this type of offence in the UK. 

Land-banking fraud - a scam whereby pieces of non utilisable land are sold to investors with the promise that they may provide fruitful development prospects - have become more and more common as of late. 

The FSA has wound down several firms already, however following investigations by City of London Police, the first ever criminal charge has now been made against the fraud. 

Omar Eshpari, 30, from Enfield, Dean Straker, 32, from St Albans, Stefan Mitchell, from Coulsdon, Surrey, and Derial White, 26, from London were charged with conspiracy to defraud, before being released on bail. 

They are due to appear at City Magistrates today (23 June 2011). 

The charges are related to activities carried out by the men in relation to the following companies: Pemberton International, Eldon International, Willow International and Allied Investment Management. 

City of London Police allege that the companies duped investors out of millions of pounds, since the land was misrepresented in both its potential use and its ownership when it was sold.

The City of London Police are now launching further criminal investigations across the country.  

 

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