Two Jailed for £1.5M Crypto Cold-Calling Scam in FCA Crackdown

Two men have been sentenced to a combined 12 years in prison for orchestrating a £1.5 million cryptocurrency investment fraud. Raymondip Bedi and Patrick Mavanga targeted at least 65 victims through cold calls, promoting fake crypto consultancy services under companies like CCX Capital and Astaria Group LLP.

The UK's Financial Conduct Authority led the prosecution, marking a significant step in its broader crackdown on financial fraud and illegal promotions. Bedi received 5 years and 4 months, while Mavanga was sentenced to 6 years and 6 months at Southwark Crown Court.

Between 2017 and 2019, the duo exploited investor trust, bypassing regulatory safeguards. The case underscores growing regulatory scrutiny of crypto-related financial crimes as authorities worldwide tighten oversight of digital asset markets.