$2M UK Crypto Scam Sparks Warning: DYOR or Risk Losing More Than Tokens

Two Londoners, Patrick Mavanga and Raymondip Bedi, have been sentenced to over ten years combined for orchestrating a $2 million cryptocurrency fraud. The Financial Conduct Authority (FCA) confirmed the duo deceived at least 65 investors through cold calls promising high returns between 2017 and 2019.

"Bedi and Mavanga ruthlessly defrauded dozens of innocent victims," stated Steve Smart, the FCA's joint executive director of enforcement. The scheme misappropriated funds under the guise of crypto consultancy services, with the judge condemning their deliberate evasion of regulatory safeguards.

The case underscores persistent risks in unverified crypto investments. While no specific tokens or exchanges were implicated, the FCA's pursuit signals heightened scrutiny of UK-based fraud. Investors face renewed calls for due diligence as regulators intensify crackdowns on predatory schemes.