London Crypto Con Artists Jailed 12 Years After Swindling $2M From Investors

Crypto's dark underbelly strikes again—this time with a British twist. Two London-based fraudsters just got slapped with a combined 12-year sentence for running a $2 million digital asset scam. Here's how their house of cards collapsed.

The Rise and Fall of a Phantom Empire

Operating like something out of a low-budget crime thriller, the duo promised moon-shot returns through a 'revolutionary' crypto scheme. Instead, they delivered empty wallets and broken dreams—classic exit scam playbook, just with worse accents.

Regulators finally caught up after victims—including several pensioners—reported suspiciously consistent losses. Forensic blockchain analysis traced the funds to offshore exchanges, proving even digital breadcrumbs lead somewhere.

While the sentencing brings closure, it's another reminder: the crypto wild west still attracts outlaws. Though at least these ones got something rare in finance—actual consequences.

FCA Uncovers Massive Fake Crypto Platform

Based on reports from the FCA, Bedi and Mavanga cold‑called potential investors and directed them to a website that promised big returns on digital assets. The site looked legit, but it was entirely fake.

Victims were shown graphs and figures that never existed. Money went straight into the pair’s accounts. No real crypto trades happened.

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

Victims Misled With Promises Of High Returns

Individuals who responded to those calls were informed they could double, even triple their money within months. It was an easy sell. Easy money, no risk. But subsequent bank statements revealed funds vanished into shell firms owned and run by the two men.

Bedi pleaded guilty in May 2023 to conspiracy to defraud, contrary to the Financial Services and Markets Act 2000, and money laundering. Mavanga pleaded guilty in June 2023 to the same offenses along with possession of false ID documents.

At a hearing this week, prosecutors noted that the pair made cold calls day after day. They targeted 65 investors in total. Some lost as little as £5,000; others gave up to £200,000.

All were told they’d get at least 10% returns every month. But no payouts ever arrived. The FCA’s joint executive director of enforcement, Steve Smart, said the sentences send a clear warning: crime won’t pay.

Smart added that genuine investment firms don’t ring out of the blue with guaranteed profits. He urged anyone approached with such deals to hang up and check the FCA’s register.

He reminded people: if it sounds too good to be true, it probably is. The watchdog has tightened its oversight in recent years, tracking down dozens of crypto‑related frauds.

This case shows that regulators are watching digital assets as closely as traditional markets. It also highlights how the phone remains a tool for crooks.

Investors should always verify who they’re dealing with. Look up companies on the FCA website, ask for official paperwork, and never rush into a deal.

Featured image from Unsplash, chart from TradingView