British-Sierra Leonean businessman Reginald Larry-Cole and former company director Scott Martin find themselves entangled in a web of fraud charges linked to the ambitious nationwide car leasing venture, Buy2Let Cars.
For nearly a decade, Buy2Let Cars captivated investors with promises of lucrative returns from a diverse fleet featuring popular car brands such as Hyundai, Toyota, and Vauxhall. The scheme assured investors that these vehicles would be leased to the public, creating what seemed to be a secure and tangible income source.
A cascade of marketing efforts, spanning TV, radio, newspapers, and high-profile hotel conferences—amplified during the pandemic—targeted novice investors, especially key workers, painting the scheme as a secure choice during uncertain times.
However, the Serious Fraud Office (SFO) alleges that Larry-Cole and Martin orchestrated a grand deception, presenting false information to entice investors. The duo stands accused of actively promoting investments despite being aware that the promised car fleet and ensuing returns lacked genuine asset backing.
The SFO’s extensive investigation, launched in 2021, involved gathering testimonies from numerous investors, conducting interviews with the defendants, and executing searches at their properties.
Initially released on conditional bail due to a potential flight risk, Larry-Cole now faces formal charges alongside Martin. The duo is set to make their appearance at Westminster Magistrates’ Court on February 1st, 2024.
Director of the SFO, Nick Ephgrave QPM, remarked, “Hundreds of people suffered significant losses when this well-marketed, seemingly safe car hire scheme collapsed. Today’s charging marks a crucial step towards seeking justice for all those affected.”
