Two men behind a crypto investment scam that defrauded victims of over £1.5 million have been sentenced to a combined 12 years in prison by a London court, following a lengthy investigation led by the UK’s Financial Conduct Authority (FCA).
Raymondip Bedi and Patrick Mavanga admitted to orchestrating a fraudulent scheme between 2017 and 2019, during which they cold-called unsuspecting individuals and lured them to slick-looking websites promising high crypto returns. In reality, the investments were fake, and the money was funneled into companies they controlled, including Astaria Group LLP, CCX Capital, and unauthorized clones of regulated firms.
Bedi received five years and four months in prison, while Mavanga was sentenced to six years and six months. The court described them as “leading players” in a sophisticated conspiracy that exploited regulatory loopholes to mislead at least 65 investors.
The FCA said Mavanga also held fake identity documents and was convicted of attempting to obstruct justice by deleting call recordings after Bedi’s arrest in 2019. Both men pleaded guilty to multiple offenses, including conspiracy to defraud and breaches of financial laws.
A third suspect faces retrial in September, while a fourth individual was acquitted of money laundering. The FCA’s Steve Smart said the pair “ruthlessly defrauded dozens of innocent victims,” adding that the convictions demonstrate the regulator’s commitment to cracking down on crypto-related fraud.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/two-jailed-for-running-fake-crypto-investment-scheme-in-the-uk/