The UK has handed down a tough sentence in a major cryptocurrency fraud case. Two men — Raymondip Bedi from Bromley and Patrick Mavanga from Peckham — were sentenced on July 4 by Southwark Crown Court to a combined 12 years in prison for orchestrating a £1.5 million investment scam. The verdict comes amid a broader crackdown by the UK’s Financial Conduct Authority (FCA) on illegal financial practices in the crypto sector.
🔹 The Scam: Fake Investment Opportunities and Exploited Trust
Between 2017 and 2019, the two orchestrated a sophisticated phone-based scam, cold-calling unsuspecting investors and offering them fraudulent crypto investment services. They operated under company names such as CCX Capital and Astaria Group LLP. At least 65 victims were defrauded, with total losses exceeding £1.54 million.
🔹 Charges Included Money Laundering and Forged Documents
Investigators uncovered not only fake investments but also money laundering and possession of false identity documents. Mavanga was additionally convicted of perverting the course of justice. Both men had pleaded guilty to most charges back in 2023.
🔹 FCA Ramps Up Fight Against Crypto Fraud and ‘Finfluencers’
This case is part of the FCA’s larger effort to clean up the crypto space. In June, the agency launched a global campaign targeting unauthorized influencers who promote misleading investment content on social media. The initiative led to dozens of arrests, hundreds of content removal requests, and formal criminal charges.
🔹 FCA Calls for Victims to Come Forward
Authorities are now pursuing asset confiscation to recover funds for defrauded investors. The FCA also urges anyone who believes they were affected but hasn’t been contacted to reach out via its dedicated helpline.
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