Land banking scams are when small plots of agricultural land are advertised on the internet or over the phone as investment opportunities.
Sometimes land banking scams are often committed after fraudsters take stands at lifestyle exhibitions.
The plots tend to be sold in areas where house prices are high, which might be near urban areas or close to zones of land that have been allocated for development.
Victims are told that once planning permission has been granted, the land can be sold to a developer for a good profit. In reality, there is often virtually no development potential.
For example, reported land banking scams have been advertised in places such as: Panama, Ukraine, Brazil, Bulgaria and Africa, including Sierra Leone and Ghana
If fraud has been committed, report it to Action Fraud.
See also:
Property investor scams
Share sale fraud
Business opportunity scams
