Buy2Let Cars Fraud Raids - Arrests Made by Serious Fraud Office

By J Drew -

 The Serious Fraud Office (SFO) have announced that they are investigating suspected fraud in relation to Raedex Consortium which includes the companies Buy2Let Cars and Wheels4Sure. This follows the companies going into administration in March 2021. One person was arrested and interviewed in connection with raids in premises connected to the investigation.

This website has previously highlighted the dubious sales tactics used by Buy2Let cars to target investors (as shown by the ad below) and the speed of the collapse of the company when they were prevented from taking in new money would suggest that there may have been a Ponzi scheme at work if a constant flow of new investors were needed to keep the company afloat.

Buy2Let Cars Fraud Raids - Arrests Made
A number of car leaseholders have posted on the MSE forums very worried that their cars will be taken away but also struggling with the servicing and taxing of their vehicles which was meant to be handled by Wheels4Sure the leasing arm of Buy2Let cars.

It now looks like the Wheels4Sure website has been taken offline so owners have nothing other than the phone number or email to contact administrators.

The SFO have said they will update their website about the company on 10th May 2021

https://www.sfo.gov.uk/2021/04/09/sfo-announces-investigation-into-the-raedex-consortium-group-of-companies/

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