Serious Fraud Office | Raedex Consortium | Rosenblatt’s Financial Crime Team

14th April 2021

On 9 April 2021, the Serious Fraud Office (SFO) announced that it had launched an investigation into the alleged fraudulent activities of the Raedex Consortium which comprises a number of car leasing companies, including, Buy2Let Cars, PayGo Cars, Radeax trading as Wheels4Sure and Rent2Own Car.

SFO Investigation | Rosenblatt’s Financial Crime Team

On Thursday 8 April 2021, the SFO with the assistance of the National Crime Agency and City of London Police, conducted searches on two residential premises in connection with this investigation. The SFO have arrested and interviewed one individual and conducted an interview with a further individual.

As this investigation is ongoing the information released by the SFO is sparse. The SFO have however, stated investors and lessees of the suspected fraudulent schemes can expect an update on the investigation on Monday 10 May 2021.

This announcement comes after Buys2Let Cars and its parent company Raedex entered administration on 16 March 2021 weeks after the Financial Conduct Authority (FCA) required the firm to cease conducting regulated activities. On 19 February 2021 the FCA had asked Raedex to stop entering into any new car leases citing concerns about its finances, but permitted the continuance of their existing car lease agreements.

Raedex Consortium Limited (Raedex) was part of an investment scheme where customers invested in car leases through Buy2Let Cars and Rent2Own Cars. The investment scheme was conducted through Buy2Let Cars which is not FCA authorised. However, the cars bought with this money were then leased to customers by Raedex, which is authorised by the FCA.

Last month the FCA said that “based on a range of new information which heightened our concerns about the financial viability and structure of the business, we took assertive action to protect consumers and ensure that the firm ceased all regulated activities.”

Our Financial Crime team will continue to monitor this investigation and provide updates as and when they arise.

Rosenblatt can help

Rosenblatt has a wealth of experience in financial crime and is uniquely placed to support clients’ that are the subject of a Serious Fraud Office investigation and prosecution having being involved in high profile investigations into a global pharmaceuticals company, a multi-million pound affordable property investment scheme, a multi-million pound pension fraud scheme and a world leading global security company.

Contact us

Should you wish to discuss the services we offer further please contact Frances Murray from the Financial Crime team at or +44 (0)20 7955 0880.