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Hundreds of UK investors are nursing huge loses after being ripped off by a scam that promised to make money from the World Cup.
The idea was that people would invest in plots of land that would be snapped up by developers in the building frenzy around the World Cup and the 2016 Olympics. The reality has seen some of them lose their life savings.
Now they have hired a lawyer to chase the cash, but it's hard to see how they will ever trace this money.
Pantheon Realty Consultants (and four related companies) sold the dream between 2010 and 2013 to UK investors who were looking for a way to make money in a struggling world economy.
The Insolvency Service reported that in total 320 people were conned out of £5 million. However, the BBC said today that the number of victims could be double that estimate - and the total lost as much as £19 million.
They were sold land which was apparently set to be turned into hotels and resorts - which would return around 20% a year.
The plots of land were supposed to be prime beachfront property near Fortaleza and cost around £10,000 each. Some who bought land were then targeted by sales people trying to sell them more.
Back in March last year scam-buster Tony Levene got hold of their brochures and warned "any firm that talks about "a shortage in this valuable asset [land] in the future" is unaware of just how vast Brazil is.... hold on to your money."
He also did some background checking on the company's directors and discovered they were young Afghan men living in London.
young Afghan men living in London
amazing what greed does
The idea was that people would invest in plots of land that would be snapped up by developers in the building frenzy around the World Cup and the 2016 Olympics. The reality has seen some of them lose their life savings.
Now they have hired a lawyer to chase the cash, but it's hard to see how they will ever trace this money.
Pantheon Realty Consultants (and four related companies) sold the dream between 2010 and 2013 to UK investors who were looking for a way to make money in a struggling world economy.
The Insolvency Service reported that in total 320 people were conned out of £5 million. However, the BBC said today that the number of victims could be double that estimate - and the total lost as much as £19 million.
They were sold land which was apparently set to be turned into hotels and resorts - which would return around 20% a year.
The plots of land were supposed to be prime beachfront property near Fortaleza and cost around £10,000 each. Some who bought land were then targeted by sales people trying to sell them more.
Back in March last year scam-buster Tony Levene got hold of their brochures and warned "any firm that talks about "a shortage in this valuable asset [land] in the future" is unaware of just how vast Brazil is.... hold on to your money."
He also did some background checking on the company's directors and discovered they were young Afghan men living in London.
young Afghan men living in London
amazing what greed does
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