A United Kingdom court has sentenced a combined 12-year prison to two London men for orchestrating a £1.5 million crypto investment scam. The duo, Raymondip Bedi from Bromley and Patrick Mavanga from Peckham, tricked at least 65 victims between 2017 and 2019. They cold-called individuals and sold fake crypto consultancy services under false pretenses.
The UK’s Financial Conduct Authority (FCA) led the investigation and prosecution with the sentencing taking place on Friday, July 4, at Southwark Crown Court.
As per the release by FCA, Bedi was handed a sentence of 5 years and 4 months in prison, while Mavanga received a longer term of 6 years and 6 months. Both men admitted to multiple charges, fraud, regulatory violations, and money laundering being part of them. Additionally, Mavanga was charged with tampering with evidence and having fake ID documents.
Their fraudulent activities resulted in a loss of over £1.5 million for unsuspecting investors, raising serious alarm and concern throughout the UK’s financial community.
FCA Tightens Grip on Crypto Scams
The FCA described the men as “leading players” in a serious crypto conspiracy. The judge highlighted how they “drove a coach and horses through the regulatory system.” This conviction adds to the FCA’s recent success in tackling financial crimes involving digital assets. In June, it secured guilty verdicts against several individuals for fraud and insider trading.
Moreover, the FCA is still committed to recovering the stolen funds. Confiscation proceedings are underway. Steve Smart, the FCA’s executive director of enforcement, said the pair “ruthlessly defrauded” their victims and must now face the consequences.
Details Behind the Sentencing
Bedi’s 5-year sentence covered conspiracy to defraud and financial crime offenses. Mavanga received time for similar charges, plus extra months for tampering with evidence. Moreover, this ruling warns fraudsters exploiting crypto. The FCA continues to pursue such cases to restore investor trust and market integrity.
Also Read: $40K in Crypto Seized in Trump-Vance Inaugural Fraud Case
