More than 600 investors are preparing to take legal action to recover almost £20m invested in land in Brazil but which has now gone missing, according to reports.
On this morning’s BBC Today programme it was reported the investors typically paid £10,000 for a plot of land they thought was ripe for development, some of it near the World Cup destination of Fortaleza.
According to the report, many of the plots turned out to be scrubland worth barely £50 a plot.
Last year two separate operations, Pantheon Realty Consultants and Green Planet Investment Ltd, were shut down by the Insolvency Service.
Now the investors, many of whom face losing their life savings, have turned to London-based law firm Carter Lemon Camerons in a bid to recover the funds.