65 Investors Duped in UK Crypto Scam Promising ‘Easy Profits’

Crime

65 Investors Duped in UK Crypto Scam Promising ‘Easy Profits’

Two men from Greater London have been sentenced to prison for orchestrating a fake crypto investment scheme that defrauded over 65 victims out of £1.54 million (around $2.1 million).

Raymondip Bedi and Patrick Mavanga received sentences of over five and six years, respectively, after pleading guilty to conspiracy to defraud and money laundering.

The UK’s Financial Conduct Authority (FCA) revealed that between 2017 and 2019, the pair cold-called potential investors and lured them into a phony digital asset platform. The website promised high returns, backed by fake charts and fabricated trading activity—but no crypto was ever bought or sold. Instead, funds were funneled into shell companies under their control.

Victims were misled with promises of risk-free profits, some being told they could earn 10% returns monthly. One investor lost as much as £200,000, with others contributing thousands under false pretenses. Mavanga also admitted to using false identity documents.

“This case should serve as a warning,” said Steve Smart, the FCA’s joint enforcement chief. “Fraud doesn’t pay, and we’re watching the crypto space closely.”

The FCA continues to urge the public to be wary of unsolicited investment calls, reminding consumers to verify firms on its official register and avoid anyone offering guaranteed profits.

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Author

Alexander Stefanov

Reporter at Coindoo

Alex ist ein erfahrener Finanzjournalist und ein Enthusiast für Kryptowährungen und Blockchain. Mit mehr als 8 Jahren Erfahrung in der Berichterstattung über die Krypto-, Blockchain- und Fintech-Branche ist er mit der komplexen und sich ständig weiterentwickelnden Welt der digitalen Vermögenswerte bestens vertraut. Seine aufschlussreichen und zum Nachdenken anregenden Artikel vermitteln den Lesern ein klares Bild von den neuesten Entwicklungen und Trends auf dem Markt. Sein leidenschaftlicher Ansatz ermöglicht es ihm, komplexe Ideen in zugängliche und aufschlussreiche Inhalte aufzuschlüsseln. Verfolgen Sie seine Inhalte, um über die wichtigsten Trends und Themen auf dem Laufenden zu bleiben.

Source: https://coindoo.com/65-investors-duped-in-uk-crypto-scam-promising-easy-profits/