UK Court Sentences Crypto Fraudsters to 12 Years in Prison

Two individuals involved in a cryptocurrency fraud scheme have been sentenced to a combined 12 years in prison by a UK court. Ramondip Bedi, 35, and Patrick Mavanga, 40, operated fake investment platforms through companies including CCX Capital and Astaria Group LLP, defrauding 65 investors of approximately £1.5 million.

The pair cold-called victims between 2017 and 2019, directing them to fraudulent websites that promised high returns on crypto investments. Bedi received a 5-year, 4-month sentence, while Mavanga was sentenced to 6 years and 6 months. Confiscation proceedings are ongoing to recover additional funds.

The Financial Conduct Authority (FCA) noted that both men pleaded guilty to fraud charges in 2023. Bedi faced charges including conspiracy to commit fraud and possession of criminal property, while Mavanga was additionally charged with possessing false identification documents.