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A British-Sierra Leonean businessman, Reginald Larry-Cole, has been charged with fraud alongside a former company director, Scott Martin, in relation to the nationwide car leasing scheme, Buy2Let Cars.
For nine years, Buy2Let Cars promised high returns through investments in a fleet of popular car brands like Hyundai, Toyota, and Vauxhall. These cars, claimed the scheme, would be leased to the public, generating a seemingly secure and tangible income stream.
Extensive marketing campaigns across TV, radio, newspapers, and even hotel conferences targeted first-time investors, particularly during the pandemic, presenting the scheme as a safe option for key workers.
However, the Serious Fraud Office (SFO) alleges that Larry-Cole and Martin misled investors with false information. They are accused of encouraging investments despite knowing that the promised car fleet and corresponding returns were not backed by genuine assets.
The SFO’s investigation, initiated in 2021, has involved testimonies from hundreds of investors, interviews with the defendants, and searches of their properties. Larry-Cole, initially arrested and released on conditional bail due to flight risk, has now been formally charged alongside Martin. Both are due to appear in Westminster Magistrates’ Court on February 1st, 2024.
“Hundreds of people suffered significant losses when this well-marketed, seemingly safe car hire scheme collapsed,” stated Nick Ephgrave QPM, Director of the SFO. “Today’s charging marks a crucial step towards seeking justice for all those affected.”
Our own government will conspire with Super Advertis and orange to fraud or scam the entire country with impunity. With no investigation, simply because it a cartel. You think of it wealth builder fraud the people of Sierra leone the government did nothing. Bitcoin and now super Advertis. Nothing is done
Exactly my brother, Sierra Leone is a semi-hell for it citizens.
It’s a pity that some of you talk with malice, did Govt twisted your hand to join Super Advertis? Were you intending to share your profits with Govt?
When Wealth Builders frustrated and fraud you did you blame Govt then ? My Bet Coin who did you blame or who fought for you.
When mr.Larry cole came with this cladestine aim investment he was hailed as a true brother coming back to help little did we know about him yet we are now blaming the Govt. Let him face the law.
I think we only blame government when bad things happen, forgetting the fact that we are also responsible to protect our resources. If Nigerians can be scamm who we think they have higher technology system than us?What made think we cannot be a victim.If scammers can scam countries whose technology are better than us,how Sierra Leone can withstand this.
It our responsibility as citizens to that scammers can come in many fold.Sometime government is not aware of the presence in the country.No body will report such to government, rather we invest alot money in it. When the deal go bad we blame government.