British-Sierra Leonean Businessman Reginald Larry-Cole Faces Serious Fraud Charges in £88 Million Scandal

Reginald Larry-Cole, a British-Sierra Leonean businessman, faces fraud allegations from the UK’s Serious Fraud Office in connection with the Buy2Let Cars nationwide car leasing program. The scheme, which amassed around £88 million from British investors, led to charges against Larry-Cole and his co-director, Scott Martin.

Over almost a decade, Buy2Let Cars Ltd presented an investment opportunity centred on a fleet of renowned vehicles from brands like Hyundai, Toyota, and Vauxhall. The premise was straightforward: acquire these cars, lease them to the public, and anticipate significant returns.

Many new investors joined the scheme, attracted by the seemingly affordable and secure nature of an investment tied to a physical asset – a car. The accused are alleged to have given false information to enrollees, encouraging them to invest while knowing the promised cars did not genuinely back up the investments.

The Serious Fraud Office initiated investigations in April 2021 after receiving testimonials from numerous investors. Subsequently, Larry-Cole was arrested and granted conditional bail in October 2021. 

On Friday, January 19, 2024, he and Martin were charged with the aforementioned crime. Larry-Cole is scheduled to appear at Westminster Magistrates’ Court on February 1, 2024.