.........Continued from Part 1
The First Encounter with the EL Group
Before this disaster, my company had invested in another off-plan property development, known as OWS in Liverpool L1, also developed by the EL Group. Promising completion in 2018, the project dragged on and finally concluded in March 2019, a distressing delay. Despite being assured of an 8.5% rental guarantee, reality told a different story. The property was not ready for rental until June 2019, months after our supposed victory. Those initial delays were merely the beginning of a cascade of disappointments.
Political Corruption and Rumours
Rumour had it that the hold-up involved a former mayor's dealings with EL Group over planning permission—money exchanged hands, but not enough to satisfy the conspirators. Since 2017, Liverpool's mayors have been embroiled in their tangled webs of corruption, with four out of five facing arrest for the same crime: bribery.
The Collapse of The Residence
Then came the fateful day when I received a group email from the property agency and the lawyer they had appointed. The chilling news was that The Residence had officially gone into administration. EL Group's failure to complete the project left us in an agonising state of limbo. To add insult to injury, the property agency based in Westminster, London, which represented these projects, had shut down, leaving us without options.
Financial Devastation and Betrayal
We had believed our deposits—almost the full payments for our properties—were secured in escrow. To our horror, we discovered that the developer's lawyer had released these funds to EL Group just before the announcement of the administration. This betrayal ignited a lengthy court battle with their law firm, draining us both financially and emotionally.
Operation Aloft: The Corruption Unveiled
As the dark cloud of COVID-19 loomed over the nation, news broke in late 2019/2020. Mr N.K., the council's former Director of Regeneration, and Mr E.L., a property developer, were arrested as part of Merseyside Police's corruption investigation named Operation Aloft. Shocking revelations emerged, including substantial cash found hidden under Mr E.L.'s bed during the raid.
Personal Impact and Call to Action
The financial hardships were staggering—£168K lost to a single developer. The toll on my mental and physical health was devastating. Hospitalised for panic attacks and grappling with severe weight loss, I finally realised that silence was no longer an option.
To every reader out there:
Do not allow fear to paralyse you.
Stand firm against these injustices; fight for your rights. Knowledge is power. Educate yourself and manifest your strength. Let my story serve as both a warning and a rallying call to anyone contemplating property investment.
With💖 and fire,Sarah E. Stephenson
Unapologetic Boss Lady
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I've seen the story that you mentioned all over the newspapers in Liverpool. It's crazy how he could get away with it. Applaud you for doing this.
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