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CRYPTO FRAUD
UK Jails Duo for $2M Fake Crypto Consultancy Scam
The scheme involved the pair cold-calling 65 victims and convincing them to invest in a fake crypto consultancy firm.
UK authorities have jailed a pair of criminals for cold-calling 65 victims and convincing them to invest in a fake crypto consultancy firm.
Raymondip Bedi and Patrick Mavanga "conspired to drive a coach and horses through the regulatory system," Judge Martin Griffiths said at Southwark Crown Court sentencing last week.
The pair ran their scam between 2017 and 2019 under company names including CCX Capital and Astaria Group LLP, eventually stealing $2.03 million (£1.5 million).
Both men pleaded guilty to fraud and related charges, including money laundering and possession of false identification documents. Mavanga received a separate conviction for perverting the course of justice after deleting phone recordings linked to the scheme.
Mavanga was jailed for six years and six months, while Bedi was sentenced to five years and four months in jail.
Blurred lines
The case forms part of a wider sweep by UK authorities targeting financial crimes that blur the lines between regulated markets and loosely policed digital platforms.
Last week, a UK court sentenced two siblings to prison for orchestrating an insider trading scheme that netted nearly $1.35 million (£1 million) by exploiting gaps between traditional finance and crypto-style trading apps.
The case centered on Redinel Korfuzi, an analyst at Janus Henderson, who used his position to feed his sister advance notice of 13 confidential share placements. Authorities found the pair coordinated trades from their shared London flat during the lockdowns from the COVID-19 pandemic in 2020.
Using WhatsApp and Telegram to time short bets, the Korfuzis utilized CFD (Contract for Difference) apps and spread betting platforms that allowed users to bet on whether stock prices would rise or fall without actually buying the shares.
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UK Jails Duo for $2M Fake Crypto Consultancy Scam
The scheme involved the pair cold-calling 65 victims and convincing them to invest in a fake crypto consultancy firm.
UK authorities have jailed a pair of criminals for cold-calling 65 victims and convincing them to invest in a fake crypto consultancy firm.
Raymondip Bedi and Patrick Mavanga "conspired to drive a coach and horses through the regulatory system," Judge Martin Griffiths said at Southwark Crown Court sentencing last week.
The pair ran their scam between 2017 and 2019 under company names including CCX Capital and Astaria Group LLP, eventually stealing $2.03 million (£1.5 million).
Both men pleaded guilty to fraud and related charges, including money laundering and possession of false identification documents. Mavanga received a separate conviction for perverting the course of justice after deleting phone recordings linked to the scheme.
Mavanga was jailed for six years and six months, while Bedi was sentenced to five years and four months in jail.
Blurred lines
The case forms part of a wider sweep by UK authorities targeting financial crimes that blur the lines between regulated markets and loosely policed digital platforms.
Last week, a UK court sentenced two siblings to prison for orchestrating an insider trading scheme that netted nearly $1.35 million (£1 million) by exploiting gaps between traditional finance and crypto-style trading apps.
The case centered on Redinel Korfuzi, an analyst at Janus Henderson, who used his position to feed his sister advance notice of 13 confidential share placements. Authorities found the pair coordinated trades from their shared London flat during the lockdowns from the COVID-19 pandemic in 2020.
Using WhatsApp and Telegram to time short bets, the Korfuzis utilized CFD (Contract for Difference) apps and spread betting platforms that allowed users to bet on whether stock prices would rise or fall without actually buying the shares.
pls follow me I will follow you back kind request lovely people 🍭🤗🙂
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