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Director banned over £1.7m land banking scam

A man who ran a £1.7m land banking scam through his three companies has been disqualified from acting as a company director for 14 years.

Eren Metcalfe, formerly known as Eren Cemal Ibrahim, was the sole director of Natural Wealth Solutions, Proctor Capital and Land Security Management. The companies were wound up in July 2013 following an investigation by The Insolvency Service and after complaints from consumers.

The three companies received at least £1.7m for selling plots of land for investment, when there was no real prospect of building on the land.

Sites sold in the West Midlands and Buckinghamshire were within protected green belt areas, and included land designated as an area of outstanding natural beauty.

Land was sold to customers at mark ups of between 18 and 63 times the purchase price per acre.

The Insolvency Service public interest unit official receiver Paul Titherington says: “As with all the other land banking companies that the official receiver has dealt with over many years, these companies have brought misery to unsuspecting members of the public, who were persuaded to part with their savings in exchange for virtually worthless plots of land. Every single customer has lost their money in what was a horrendous investment.

“Whilst land can obviously be a secure investment, the way in which these companies sold it ultimately means there was no viable exit strategy for their so called investment.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Big deal. Why not a jail sentence?

  2. I agree this crook should have been jailed

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