UK sentences two crypto consulting fraudsters to prison for 2 million USD

Two individuals, Raymondip Bedi and Patrick Mavanga, have been sentenced to prison by a UK court for defrauding 65 victims who invested in a fake crypto consulting company, embezzling a total of 2.03 million USD. #England

Details of the case and the sentence

From 2017 to 2019, Bedi and Mavanga operated scam companies such as CCX Capital and Astaria Group LLP. Mavanga was sentenced to 6 years and 6 months in prison, while Bedi received 5 years and 4 months in prison. Both pleaded guilty to fraud, money laundering, and possession of counterfeit identification documents. Mavanga was also convicted of obstructing justice by deleting phone recordings related to the case.

New trends in financial crime

This case is part of a larger effort by the UK government to crack down on financial crimes that exploit the gaps between traditional markets and less regulated digital platforms. Last week, a UK court also sentenced two brothers, Redinel Korfuzi and his sister, for insider trading conspiracy, earning nearly 1.35 million USD by exploiting crypto-style trading applications.

Both cases highlight the rise of various forms of scams and fraud in the increasingly overlapping financial and crypto markets, necessitating regulatory bodies to enhance oversight and law enforcement. #anhbacong