Warnings over land scam
PUBLISHED: 14:39 10 March 2011
East Devon residents warned over national land banking scam.
POLICE are warning East Devon residents to be on the look out for a national scam involving the purchase of land.
As part of the scam, known as landing banking, an offer is made to sale land, sometimes with the claim of huge returns if planning is obtained for development.
The land is often located in green belt or undeveloped areas and may be protected by planning laws or is unlikely to be developed.
It is bought at a low price and divided into smaller plots, which are then offered to members of the public on the basis that when future planning permission is secured the site will be more valuable.
Those targeted are normally elderly and vulnerable.
Anyone who has been a victim is asked to contact the police on 08452 777444 and ask for the fraud office.
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