A daily newspaper has been praised for its year-long coverage of a multi-million-pound financial scandal after building societies agreed to repay tens of millions of pounds to victims.

More than 2,000 building society customers lost out on investments, life savings and properties totalling £138m to an unregulated finance firm, Philips Trust Corporation (PTC).

Campaigners have since been fighting hard for justice, with the help of the Yorkshire Post whose head of business Chris Burn, pictured, shone a light on the devastating impact of the scandal.

Yesterday the Leeds, Nottingham and Newcastle building societies all announced their intention to pay back their PTC victims in full, with Leeds Building Society chief executive Richard Fearon acknowledging the work of the YP in leading to this result.

He told the paper: “Your coverage on this has been a great comfort to the people involved, knowing that you are giving it a thorough and fair hearing.”

In announcing the move, the societies stressed that they were under no obligation to refund the cash, but expressed their desire to “do the right thing.”

John Ledgard, whose family home was lost to what has been described as an effective ponzi scheme and subsequently sold on for £180,000 without he or his family receiving a penny of the proceeds, said:

He said: “I can’t thank The Yorkshire Post enough for all the work. Just to see it in writing – they will reimburse the full amount! – was amazing.”

In an editorial, the Post reiterated its calls for a police investigation into the affair.

It said: “This newspaper’s attempts to get building societies to listen has only been possible as a result of the persistence of campaigners. However, this is not the end to the matter. The police must commit to a full investigation into PTC.”

Editor James Mitchinson said: “More than anything, I am elated for those people who, through no fault of their own, lost so much – not least their faith in financial institutions and in the law. It is hard to imagine the joy and relief they must be feeling right now.

“One of the campaigners told us that this feels like a victory for the underdog, the ‘little man’ as he described it, and that feels right to me.

“Whilst he will be reluctant to take any credit at all for this incredible result, it should not be underestimated how significant a contribution Chris’ journalism has made on this occasion – a contribution only made possible by the brilliance of those campaigners.

“I hope now that justice will be done in the courts – a full police investigation is now a matter of urgency – and that we can close this campaign for good.”