The schemes under investigation are:
- Angelgate, Dantzic Street, Manchester – which was being developed by a company called Pinnacle (Angelgate) Ltd that is now in liquidation;
- North Point Pall Mall, 70-90 Pall Mall, Liverpool – which is being developed by a company called North Point (Pall Mall) Ltd that is in receivership; and
- New Chinatown, Great George Street, Liverpool – which is being developed by China Town Development Company Ltd, the only developer of the three to be still trading.
The Serious Fraud Office said that, as part of a joint investigation with North-West Regional Organised Crime Unit, search warrants were executed at a number of addresses across the UK yesterday.
The three projects have been characterised by stalled progress and changes in ownership. There have been reported issues with contractors collapsing and investors paying for flats up front and getting nothing back.