TLDR:
FCA secures 12-year sentence for £1.5M crypto scam using cold-calling schemes.
Fraudsters posed as legit brokers with fake sites and unauthorized firms.
Over 65 victims were duped over two years; one suspect still at large.
FCA urges public caution, citing record enforcement activity in 2023/24.
Two men behind a fake crypto investment scheme have been sentenced to a total of 12 years following a prosecution by the Financial Conduct Authority (FCA).
The duo, Raymondip Bedi and Patrick Mavanga, used cold-calling tactics and fake websites to lure unsuspecting investors. Over two years, they stole more than £1.5 million from at least 65 people. The FCA labeled their conduct as deliberate fraud designed to exploit those unfamiliar with digital assets.
This marks another successful case in the regulator’s ongoing crackdown on financial crime involving crypto.
Convictions Follow Cold-Call Crypto Scam
Between 2017 and 2019, Bedi and Mavanga targeted victims by making unsolicited investment calls. They directed investors to fake professional-looking websites that promised high returns from cryptocurrency-related assets.
According to the FCA, these investments were entirely fabricated.
Bedi pleaded guilty to conspiracy to defraud, money laundering, and breaching the Financial Services and Markets Act (FSMA). Mavanga admitted to the same charges and was also convicted of destroying evidence after Bedi’s arrest in 2019.
The jury did not reach a verdict on a third suspect, who now faces retrial in September 2025.
The fraudsters operated through firms including CCX Capital and Astaria Group LLP, neither of which had FCA approval. These companies were used as fronts to appear legitimate. The FCA revealed that Mavanga possessed fake identity documents to support the operation.
Another individual, Rowena Bedi, faced money laundering charges but was cleared. A fifth suspect, Minas Filippidis, remains wanted in connection with the same fraud.
Raymondip Bedi and Patrick Mavanga have been sentenced to a combined total of 12 years for cold-calling victims to sell fake crypto investments, defrauding at least 65 investors.
Read more https://t.co/9Re7XaRFZJ #FinancialCrime #FraudPrevention #FinancialRegulation #Crypto pic.twitter.com/s7121kHXHk
— Financial Conduct Authority (@TheFCA) July 4, 2025
FCA Issues Investor Warning
Steve Smart, who leads enforcement at the FCA, urged investors to remain cautious.
He emphasized that cold calls promising guaranteed crypto returns are likely to be fraudulent. The FCA continues its ScamSmart campaign to educate the public on how to spot fake investment schemes.
The authority has asked anyone who dealt with Bedi or Mavanga and has not been contacted to reach out directly. In 2023/24, the FCA recorded nine successful prosecutions and laid charges against 21 individuals, marking its busiest year for financial crime enforcement.
The crimes committed carry serious penalties. Under the FSMA, unauthorized financial activity is a criminal offence. Money laundering and fraud-related charges can lead to sentences of up to 14 and 10 years, respectively.
Possession of false documents can result in 10 years’ imprisonment.
Bedi and Mavanga were sentenced this week. Their convictions highlight the risks of unregulated crypto schemes and the FCA’s increasing vigilance in tackling them.
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