SMI (Overseas) Ltd, a company set-up with the intention of helping investors build property portfolios in Spain and Turkey has been wound up by the High Court after an investigation revealed that the company appeared to be fraudulent.

SMI (Overseas) Ltd, which is based in Stamford, Lincolnshire, lured investors by convincing them that they could build enormous international property portfolios within emerging overseas property markets.

However an investigation conducted by the Department of Trade and Industry found that despite taking money from investors, there was no evidence that any properties had been purchased by the company.

Back in May this year, two similar companies, Sterling Mansion (UK) Limited and Mansion Investments Limited were also wound up.