The government is to crackdown on large buy-to-let property get-rich-quick schemes. The department for productivity, energy and industry (DPEI) will go to the high court to close down six companies selling the schemes to residential property investors, some of them through expensive seminars aimed at creating property “millionaires.” The DPEI said it was “very sceptical” about the claims made by many property investment companies and had the sector under heightened scrutiny. Many investors could be left with negative equity having borrowed heavily to buy unbuilt flats that have since fallen in price. Inside Track, the UK’s largest buy-to-let property syndicate, called for the government to expose bad apples. It charges £2,400 for a two-day seminar and £6,000 to become a member of its syndicate. (FT)