Equity Options Ltd, a Manchester-based property agency, has been wound up following a DTi investigation.
The company contacted house sellers claiming it had buyers lined up, and took a fee of £392 it said was to cover costs and searches.
In reality, Equity Options had no potential buyers and simply placed the property back on the market, usually with the same estate agent.
The company had a similar strategy to Unity Investments, another Manchester-based operation wound up in April this year.
References: EGi News 19/11/04
