UK Court Sentences Two Fraudsters in $2M Crypto Investment Scam

A United Kingdom court has handed down a combined 12-year prison sentence to two London men for orchestrating a £1.5 million cryptocurrency investment scam. Raymondip Bedi and Patrick Mavanga deceived at least 65 victims between 2017 and 2019 through cold calls and fraudulent crypto consultancy services.

The Financial Conduct Authority (FCA) spearheaded the investigation, culminating in Friday's sentencing at Southwark Crown Court. Bedi received 5 years and 4 months, while Mavanga was sentenced to 6 years and 6 months for fraud, money laundering, and regulatory violations. Mavanga faced additional charges for evidence tampering and fake documents.

Their scheme drained £1.5 million from unsuspecting investors, sending shockwaves through the UK's financial sector. The FCA labeled them as key figures in a sophisticated crypto conspiracy, with the judge condemning their blatant disregard for financial regulations.

This case marks another victory for the FCA in its crackdown on digital asset-related crimes, following multiple successful prosecutions in June.