According to Cointelegraph, two men have been sentenced to a total of 12 years in prison by a UK court for orchestrating a fraudulent cryptocurrency scheme that defrauded victims of over 1.5 million British pounds ($2 million). The Financial Conduct Authority (FCA) announced that Raymondip Bedi and Patrick Mavanga received their sentences from a central London court after pleading guilty to multiple charges in November. Bedi was sentenced to five years and four months, while Mavanga received a sentence of six years and six months.
The FCA revealed that between February 2017 and June 2019, Bedi and Mavanga were involved in a cold-calling operation that directed victims to a professional-looking website promising high returns on fake crypto investments. This scheme defrauded at least 65 investors, resulting in losses exceeding 1.54 million British pounds ($2.1 million). The funds were funneled through companies operated by the duo, including Astaria Group LLP, CCX Capital, and authorized clones of Ian Buckley Financial Services and Capital Partners Group.
During the sentencing, Southwark Crown Court Judge Griffiths described Bedi and Mavanga as "leading players" in the conspiracy, which persuaded victims to invest in a fraudulent cryptocurrency consultancy. The judge noted that the pair conspired to exploit the regulatory system. Steve Smart, the FCA's joint executive director of enforcement and market oversight, stated that the duo "ruthlessly defrauded dozens of innocent victims," and their prison sentences were justified.
The two men were initially charged in April 2023. In November of the previous year, the FCA reported that Bedi pleaded guilty to conspiracy to defraud, money laundering, and conspiracy to breach the UK's financial services laws. Mavanga also pleaded guilty to conspiracy to defraud and conspiracy to breach finance laws, in addition to possessing fake identification documents with improper intent. He was further convicted by a jury for perverting the course of justice by deleting phone call recordings following Bedi's arrest in March 2019. A third unnamed defendant faced a retrial in September, while Rowena Bedi, another individual charged in connection with the scheme, was acquitted of a money laundering charge.