Bulgarian Dreams, a London-based estate agency that folded last year, is being investigated by the City of London Police Economic Crime Department, the Sunday Times reported.
"We have received a number of complaints about Bulgarian Dreams and have begun an investigation," a spokeswoman said. She confirmed that the company closed its Moorgate offices at the end of 2008, but could not comment further.
Founded and owned by Robert Jenkin, a Cambridge graduate, and his Bulgarian wife, Mariya Georgieva, the company sold flats and houses at more than 40 developments in Sofia, the capital, in ski resorts such as Bansko and Pamporovo, and on the Black Sea coast.
A message on the Bulgarian Dreams website says that the company has ceased trading "following the extraordinarily difficult economic conditions" and suggests those who bought property through it should contact the Bulgarian developers directly.
