A non-existent property development scheme has been shut down by the High Court.
Investment Building Bank of London Plc (IBBL) claimed to have investment projects worth £4 billion offering investors an opportunity to buy flats at a discounted price, but the property investment ‘opportunity’, advertised on an internet website, was based on non-existent property developments in London.
IBBL has now been wound up in the High Court Following an investigation by the Insolvency Service’s Companies Investigation Branch (CIB).
The investigation established that IBBL, which for a time occupied prestigious offices in Knightsbridge, operated a website, ib-bank.com and ran adverts in a national newspaper promoting itself as “an international building and investment company”” with alleged projects planned for the construction of residential and commercial property in London. IBBL also claimed to offer ‘an opportunity to invest’ in the company through the purchase of promissory notes which attracted generous rates of return.