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Such an obvious scam

Investors who put millions of pounds into Brazilian property investments – hoping to profit from the “World Cup effect” – are now pinning their hopes on a legal action to reclaim some of their money.

The firm at the centre of the property investment scheme, Pantheon Realty Consultants, had a prestigious address in London and UK directors whose details were held at Companies House.

During early 2013 the firm sold plots in areas supposedly close to World Cup stadiums and likely to benefit from Brazil’s more widely rising land prices. The plots were to be developed as hotels and resorts, the salesmen promised, and should return 20pc per year.

But the land that was sold to investors for an average £10,000 per plot has turned out to be almost worthless and unlikely ever to be developed.

that there was land that might be developed as a result of the “World Cup effect”.

Given that the World Cup is in 2014, by 2013 it would already be being developed, wouldn’t it?

8 thoughts on “Such an obvious scam”

  1. Not necessarily in Brazil, Tim, where I believe that the day before the whole shebang began they were painting the mud green in some grounds, having left it late to plant grass. See also painting steelwork in Greece after the tournament has started.

    But I take your point.

  2. The investors should have their “documents” framed but before they do they should insert an “i” into the word “Realty”. Thus meaning that they acknowledge that they have been taught a lesson by “Pantheon Reality Consultants”. That, and the amended behaviour inspired by such documents hanging on their wall, is the only good they are likely to get back from this mess.

  3. Point out my error here but, looking at its carefully considered criteria, commiting fraud like this wouldn’t orevent Pantheon Consultants obtaining a Fair Tax Mark would it?

    Or, say, Wonga?

    Just saying and I do stand to be corrected.

  4. I’ve heard that several of the stadia were built in places which have no interest in football, and there is little by way of infrastructure or development save for a giant stadium which will get used for a handful of games before…well, who knows? The attendance at some of these games seems to suggest that, too. I doubt these prestigious projects being advertised were in Rio (where you could still make a bundle) but in the arse-end of nowhere – assuming they existed at all.

  5. Governments keep telling people that there will be spin-offs pouring billions into hosting sports events.

    So, this seems to be a good thing. A few people learn from experience not to trust the government.

  6. Governments keep telling people that there will be spin-offs pouring billions into hosting sports events.

    There is, for certain well-connected contractors and consultants.

  7. Odd that this article should appear close to the one on estate taxes.

    Forget estate taxes, encourage fraudsters, they are far more amusing and righteous too.

    It is immoral to let a sucker keep his money.

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