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Two Londoners Sentenced to 12 Years for $2.1M Crypto Fraud
Two Londoners Sentenced to 12 Years for $2.1M Crypto Fraud
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BTCCSquare news:
Raymondip Bedi and Patrick Mavanga have been handed prison sentences totaling 12 years for orchestrating a fraudulent crypto investment scheme that duped 65 victims out of £1.54 million ($2.1 million). The duo operated a fake platform between 2017 and 2019, luring investors with promises of doubling or tripling their money through non-existent digital asset trades.
The UK's Financial Conduct Authority (FCA) revealed the pair used cold calls and a sophisticated-looking website to showcase fabricated returns. Funds flowed directly into their accounts—no actual cryptocurrency transactions ever occurred. This case underscores regulators' increasing scrutiny of crypto-related financial crimes as digital assets gain mainstream traction.
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