Boss lands ban for losing plots.
Byline: PENMAN INVESTIGATES
There was a sickening irony to the claims made on the website of land investment company Towers Property Development Limited.
It promised "low risk and high rewards" to investors who bought plots of land.
The company would "vigorously" fight for planning permission, which would make the value of the plots shoot up.
"We are aware that there are some unscrupulous companies who have promoted land which is never likely to get planning permission due to its location," the website gushed, insisting that it "is in no way associated with such companies."
The reality was that Towers Property was yet another landbanking scam that fleeced the public of more than PS2million.
The land it flogged in Kent and Sussex was never going to make a profit, not least because the company sold it at 15 times the price it had paid.
Investors were never warned about planning restrictions that meant there was virtually no chance that permission to build would be granted.
The sham was run by Carlos Amaya-Torres, a 50-year-old from Brighton, who has now been banned from being a company director for 14 years.
Trading standards in the city took enforcement action to prevent him peddling his misleading sales pitch.
That eventually resulted in the removal of the promise to "vigorously" fight for planning permission.
Shortly before the company was liquidated in 2013, the website stated: "Neither Towers Property Development Limited nor its agents will take any steps to obtain planning permission for residential development on your plot.
"There is a considerable risk that the land sold will not obtain planning permission for residential development in the foreseeable future.
"In that case, you will lose a considerable part of your money."
A fair warning, just several years too late.
LANDBANK SCAM Website's home page
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|Title Annotation:||Features; Opinion Column|
|Publication:||The Mirror (London, England)|
|Date:||Jan 28, 2016|
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