Raedex Consortium Limited (Raedex) was part of an investment scheme where consumers invested in car leases through Buy 2 Let Cars Ltd and Rent 2 Own Cars Ltd.
November 2021 update: Raedex Consortium – Serious Fraud Office investor questionnaire
On 9 April 2021, the SFO announced that it is investigating[1] suspected fraud in relation to the activities of the Raedex Consortium, including the companies Buy2Let Cars, PayGo Cars, Raedex trading as Wheels4Sure and Rent2Own Cars, in the period 2012 to 2021.
The SFO is now asking for investors to fill in a confidential questionnaire[2] by 7 January 2022. The information provided will help the SFO to continue to progress its investigation.
The investment scheme was conducted through Buy 2 Let Cars Ltd which is not FCA authorised. The cars were leased to customers by Raedex. Raedex is authorised by the FCA.
On 19 February 2021, we imposed a number of restrictions on Raedex[3] requiring the firm to cease conducting regulated activities because of serious concerns about its finances.
The restrictions (which can be found in full on the FCA Financial Services Register[4]) stopped Raedex from entering into any new car leases, while allowing existing lease agreements to remain. Buy 2 Let Cars Ltd subsequently stated it was not accepting any new investment.
Following the FCA’s concerns, the directors of Raedex obtained further financial accounting advice, the advice of insolvency practitioners and, on 15 March 2021, appointed Graham Bushby and Matt Haw of RSM Restructuring Advisory LLP as administrators over Raedex, Buy 2 Let Cars Ltd and Rent 2 Own Cars Ltd.