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.”