London Crypto Scammers Slammed with Jail Time After $2M Heist—Here’s How They Got Busted
Crypto crime doesn’t pay—just ask this London duo, now trading their Lambo dreams for prison jumpsuits.
The Setup: Smoke, Mirrors, and Empty Promises
Promising sky-high returns? Check. Faking wallet balances? Check. Classic Ponzi moves—just with a blockchain veneer.
The Takedown: Regulators Finally Wake Up
Authorities sliced through their flimsy scheme like a hot knife through butter. Turns out, ‘decentralized’ doesn’t mean ‘above the law.’
The Irony: They Forgot the First Rule of Crypto
Anonymous wallets won’t save you when your mugshot’s on the evening news. Bonus lesson for aspiring scammers: KYC exists for a reason.
Another win for the ‘wild west’ of finance—where the sheriff’s still faster than Wall Street’s SEC. *slow clap*
Crypto Conmen Sent To Jail
According to the UK Financial watchdog’s Friday press release, Raymondip Bedi and Patrick Mavanga have been sentenced to over five years and six years in prison respectively for orchestrating the multi-million dollar digital asset scheme.
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
“Bedi and Mavanga ruthlessly defrauded dozens of innocent victims, and it is right that they have received these prison sentences,” Steve Smart, joint executive director of enforcement and market oversight at the FCA, said.
“Criminals need to be clear that there is a cost to committing crime and we will seek to make them pay,” he added.
FCA Exposes London Crypto Scheme
Between February 2017 and June 2019, Bedi and Mavanga defrauded at least 65 investors out of a total of £1,541,799, nearly equivalent to $2,100,000 USD.
According to a November 2024 press release, Bedi and Mavanga cold-called consumers to direct them to a website offering crypto investment opportunities.
In reality, the site and its supposed high return cryptocurrency offerings were a sham for their own financial gain.
Bedi pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000 and money laundering offences at a May 2023 hearing.
Meanwhile, Mavanga pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000 and possession of false identification documents with an improper intention in June 2023.
‘Bedi and Mavanga lured investors with promises of high returns on crypto investments, but their schemes were nothing but a callous scam,” Smart said in a statement at the time.
“If you’re contacted out of the blue about an investment opportunity that sounds too good to be true, then it probably is,” he continued. “If you’re in any doubt – don’t invest.”
