Four men have been charged after police investigated four companies that were allegedly involved in ‘land banking’ fraud.
Omar Eshpari, Dean Straker, Stefan Mitchell and Derial White have all been charged with conspiracy to defraud before being released on bail. They are all set to appear at a City Magistrates Court on June 23.
The charges come on the back of enquiries conducted into Pemberton International, Eldon International, Willow International and Allied Investment Management. All four are believed to have been involved in land investments which resulted in millions of pounds worth of losses, with the land being apparently misrepresented in both its potential use and ownership when it is sold.
Land banking fraud is where investors are duped into purchasing plots of land which end up being worthless.
City of London police commissioner Adrian Leppard says: ““Land is a tangible asset and is increasingly viewed as a safer place to invest than stocks and shares.
“Unfortunately organised crime gangs appear to be wise to this and are now targeting people across the UK, especially the elderly and vulnerable, with cold calls offering bogus investments.
“These criminal charges are an important landmark and emphasise how tackling ’land banking’ fraud is now a major priority for the City of London Police.”