UK Fraud Trial Opens Over $119m Car Investment Scheme

Two businessmen are standing trial at Southwark Crown Court in London over an alleged investor fraud of about £88 million, or $119 million, linked to a car investment scheme, according to the Serious Fraud Office (SFO).

The defendants are Reginald Larry-Cole, founder of the Raedex Consortium, and Scott Martin, its former chief executive. Each faces three counts of fraud and both have pleaded not guilty.

Raedex operated investment schemes including Buy2Let Cars, PayGo Cars, Wheels4Sure and Rent2Own Cars, which offered investors returns from fleets of leased vehicles. The companies went into administration in 2021, leaving hundreds of investors facing losses.

The SFO alleges that between 2012 and 2021 the two men made false representations about the financial health and operations of the businesses. It opened its criminal investigation in 2021 and later brought charges.

Article Credit: https://www.occrp.org/en/news/uk-fraud-trial-opens-over-119m-car-investment-scheme