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5/12/25 2:40 pm
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Hundreds of investors who were scammed out of more than £13 million by a property firm in a Ponzi scheme up to a decade ago can now try to get their money back.
An investigation into Essex and London Properties Ltd (ELP) found that more than 800 people had invested between £5,000 and £14,000 in the firm between 2015 and 2017 which was wound up in September 2018. ELP claimed it was buying properties along the Cross Rail route running from London to Essex, which it would then refurbish and sell at a profit, but only one property was ever bought by the company.
Once the initial payment had been made, investors were then pressured to buy increasingly larger stakes in the fraud using high-pressure sales tactics. Four of the five convicted men involved in the scam received prison sentences in 2022.
The Insolvency Service says that following the police investigation, prosecution and Proceeds of Crime legal action by the Crown Prosecution Service, funds are being made available to the Official Receiver to pay creditors a dividend, which is expected to start early next year.
However, it warns that some creditors have been approached by people claiming to represent legitimate companies looking to help with the liquidation process. It adds: “The Official Receiver confirms that it has not sought any assistance with any third party for this liquidation and that all offers for assistance needs to be treated with suspicion.”
To register as a creditor in the company, you need to complete a Proof of Debt form emailed to: piu.or@insolvency.gov.uk
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