Crypto Fraudsters Sentenced to 12 Years for £1.5 Million Scam

Two individuals, Raymondip Bedi and Patrick Mavanga, have been sentenced to a combined total of 12 years in prison for their involvement in a £1.5 million crypto investment fraud. The sentencing, which took place at Southwark Crown Court, was part of a broader crackdown on financial fraud and illegal promotions by the UK’s Financial Conduct Authority (FCA). Bedi, from Bromley, received a sentence of 5 years and 4 months, while Mavanga, from Peckham, was sentenced to 6 years and 6 months.

The fraudulent scheme, which operated between February 2017 and June 2019, involved cold-calling victims to promote fake crypto investment opportunities through companies such as CCX Capital and Astaria Group LLP. The scam defrauded at least 65 investors, resulting in losses totaling approximately £1,541,799. The perpetrators persuaded victims to invest in bogus crypto consultancy services, exploiting trust and bypassing regulatory safeguards.

Both men had previously pleaded guilty to multiple charges in 2023, including conspiracy to defraud, conspiracy to breach the Financial Services and Markets Act 2000, and other related offenses such as money laundering and possession of false identification documents. Mavanga was also convicted in November last year of perverting the course of justice.

The sentencing comes amid a broader crackdown by the FCA on illegal financial promotions and crypto-related fraud. In June, the FCA led a global enforcement campaign targeting unauthorised “finfluencers,” resulting in arrests, criminal charges, and hundreds of takedown requests for misleading social media content.

Confiscation proceedings are ongoing to recover the proceeds of the crime. The FCA has urged any victims who have not been contacted to come forward via their dedicated helpline. This case highlights the FCA's commitment to protecting investors from financial fraud and ensuring that regulatory safeguards are upheld. The sentencing of Bedi and Mavanga serves as a stark reminder of the consequences of engaging in fraudulent activities and the importance of regulatory compliance in the financial sector.