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28th September 2011

Villa Villain

A few days ago a story hit the headlines involving fraudulent equity release schemes sited in Spain and today the foreign holiday home market has been blackened further after it has emerged that newly built homes were on land not owned by the developer, in this case by an English conman.

In just one year Gary Robb built 335 luxury Greek villas valuing over £1.2m while actively pursuing English people who would trust in him to buy. He chose those looking for the familiarity of a British man in unfamiliar surroundings. Sharing a common language ultimately made investing overseas simple and straight forward and for Mr Robb a great selling point but cynically a potential fantastic cover-up.

However under the rules of the European arrest warrant, Gary Robb, 48, was extradited from the UK in August for his involvement in AGA Development, a company which aimed to build on land owned by Greek Cypriots following the Turkish occupation in 1974. This is said to be the first of its kind in Cyprus and has led a ten-month prison sentence. He fled the country initially but authorities caught up with him and his assets were frozen.

Unfortunately the British buyers involved in most cases have been left out of pocket from Mr Robb’s fraudulent actions; however the 400 investors have launched legal action through the British courts to recover their money.

Buying a home abroad is a dream idea for many reaching retirement, wanting to relax and unwind in sunnier climbs. These recent claims overshadow what is supposed to be a happy and quiet time of life so it is imperative that you have credentials fully checked. If you are thinking of buying abroad or within the UK and are unsure about the legality of the housing development involve or just fancy the once over from a legal eye, contact Kiteleys.

Posted by Kiteleys.

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