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I read about this at the weekend and as I have been considering investing my pension fund in overseas property, I thought it wise to share this with other property investors who may have already considered what originally looked like a superb investment opportunity.

 The Financial Services Authority (FSA) has issued an ‘alert’ about Harlequin Property and the Serious Fraud Office (SFO) has been asked to investigate.

Harlequin Property proposal for luxury resort

Artist impression of Harlequin Property proposal for luxury resort

Up to 3,000 UK based property investors have poured up to £250 Million (GBP) of their savings into a controversial Caribbean property scheme which is now facing the threat of legal action.

Many investors say they fear financial calamity after being persuaded by pension advisers to put large sums into projects run by Essex-based  Harlequin Property, who promised to build 6,000 luxury villas in St Lucia, St Vincent, Barbados and the Dominican Republic.

So far only 300 have been constructed.

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