The Financial Services Authority (FSA) has won two decisions in the High Court to take down two land banking firms it believes to be linked.
The regulator secured a winding up order of Plott UK, which will now be liquidated.
Plott collected £3.9m from investors between May 2009 and April 2011, promising returns of up to 300%.
This is despite one of its units being a designated area of "outstanding natural beauty" unlikely to ever receive planning permission.
In a separate hearing, the High Court granted a world-wide freezing and restraint order against European Property Investments (EPI).
The FSA believes the EPI is a phoenix of Plott, formed when FSA action against Plott began.
EPI owned two of the sites promoted by Plott, but, the regulator said, only became active when FSA action against Plott started.
Last week, the High Court ordered the closure of six land banking firms.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till