Money Box presenter Paul Lewis and 'scam' victim Billy McNaught
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'I lost £100K on land investments'

Thousands of people are being persuaded to invest large sums of money in land which is almost worthless, the BBC has learned.

The Financial Services Authority (FSA) said it was investigating about 20 schemes, known as land-banking or land investments.

Billy McNaught from Yorkshire invested £100,000 in eight strips of land, one of which was later valued at just £75.

Paul Lewis reports.

  • 05 Mar 2011
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