The director of a letting agency has been jailed for two years after admitting a £60,000 fraud.

Bola Adeyoola, 57, took over a business in Slough, Berkshire, in 2004.

In the two years previously, an unnamed couple from Hampshire had bought three properties in the Slough area which were rented out via a letting agency called Sterling.

After Adeyoola took over the business – which he renamed Graceview Lettings – the couple went on to purchase a fourth property.

In February 2006, the couple received five cheques from Graceview as rent, but four bounced. Cheques continued to bounce and an agreement for Adeyoola to repay the couple broke down.

Detective Sergeant Ash Mohmood said after the sentencing at Reading Crown Court: “I am pleased that this case has finally concluded and hope that the sentence will go some way in supporting the victims who I know have found the whole process extremely draining both mentally and physically.”

Adeyoola has agreed he owes the couple in excess of £60,000 and a Proceeds of Crime Act process is now under way to identify his assets which can be used to pay back his victims.

A number of media reports in 2006 described Adeyoola as a millionaire, who had been a boxer before becoming an estate agent in Slough, and quoted him as saying he was a Christian.

As the law stands, there will be nothing to stop Adeyoola returning to work in the lettings market when he comes out of prison.

Letting agents are not legally classified as estate agents, and there is no legal framework to ban them from practising.

During their investigation the police used Allagents, where there is a string of very negative posts, to appeal for information from anyone owed money by Graceview.

http://www.allagents.co.uk/graceview/