The UK Financial Conduct Authority (FCA) has confirmed the sentencing of two individuals for orchestrating a large-scale crypto investment scam, which defrauded dozens of victims through deceptive cold-calling tactics.
Over $2 Million Lost in Cold-Calling Crypto Fraud
Between February 2017 and June 2019, Raymondip Bedi and Patrick Mavanga participated in a fraudulent scheme targeting retail investors across the UK. Using cold calls, the duo directed unsuspecting individuals to professional-looking fake websites, promising high returns on cryptocurrency investments that never existed.
The scam successfully defrauded at least 65 investors, resulting in financial losses totaling £1.54 million (approximately $2.1 million).
Prison Sentences Handed Down by UK Court
Following a thorough investigation by the FCA, the case was brought before Southwark Crown Court, where both defendants had already pleaded guilty in November 2024. On Friday, the court sentenced:
- Raymondip Bedi to five years and four months in prison
- Patrick Mavanga to six years and six months in prison
The sentencing judge described both men as “leading players in a conspiracy”, adding that they “drove a coach and horses through the regulatory system.”
Multiple Charges and Fake Companies Involved
The FCA revealed that the stolen funds were funneled through companies controlled by the duo, including Astaria Group LLP, CCX Capital, and fraudulent versions (clones) of Ian Buckley Financial Services and Capital Partners Group.
Bedi pleaded guilty to conspiracy to defraud, money laundering, and conspiracy to breach UK financial regulations. Mavanga was convicted of similar charges and additionally found guilty of possessing fake ID documents and perverting the course of justice after deleting phone recordings to obstruct the investigation.
A Warning to Crypto Investors
The case highlights the ongoing risks of crypto investment scams, particularly those involving unsolicited communication and unregulated firms.
The FCA’s enforcement director emphasized that the fraudsters had “ruthlessly defrauded dozens of innocent victims”, stressing the importance of verifying the legitimacy of investment opportunities.
While two key perpetrators have been sentenced, one third defendant will face retrial in September, and Rowena Bedi, also linked to the case, was acquitted of a single money laundering charge.
Outlook
This sentencing marks a significant step in the UK’s continued effort to combat cryptocurrency-related financial crimes. It serves as a strong reminder that unregulated investment schemes, no matter how sophisticated they appear, can result in devastating losses and criminal prosecution.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.