Latest SFO investigation evidences growing cooperation between enforcement agencies

The Serious Fraud Office (SFO) announced last week that it has opened an investigation regarding suspected fraudulent activity in connection with the Raedax Consortium group of companies, which includes Buy2Let Cars, PayGo Cars, Raedex trading as Wheels4Sure and Rent2Own Cars. The SFO has not provided details of the suspected fraudulent conduct at this stage, although “investors and lessees of the suspected fraudulent schemes” are invited to check the SFO website for an update on 10 May.

It is notable that the SFO announcement acknowledged assistance the SFO has received with the matter from the National Economic Crime Centre (NECC) and Financial Conduct Authority, and from the National Crime Agency and City of London Police with searches conducted on two residential premises in connection with the investigation. Increased information-sharing, coordination and cooperation of this kind between enforcement agencies facilitated by the NECC, is a strategic priority of the UK’s Economic Crime Plan and is viewed by Government as key to tackle economic crime in the most effective way (as is increased cooperation and information-sharing between the public and private sectors). We can therefore expect to see increased joint activity of this kind in connection with other financial crime investigations in the future.