UK FCA Jails Duo in £1.5M Crypto Fraud—Proof Regulation Is Catching Up to Scammers

Crypto's wild west just got a sheriff—or at least a few handcuffs. The UK Financial Conduct Authority (FCA) slammed two fraudsters with prison time after they siphoned £1.5 million from investors in a classic too-good-to-be-true scheme.

How they pulled it off: Promised moon returns, delivered empty wallets. The usual.

Why it matters: While crypto purists scream 'decentralization or bust,' real-world regulators are proving they’ll bust you first. The FCA’s move signals tighter scrutiny—bad news for scammers, worse news for 'lambo dream' peddlers.

The kicker? These clowns thought they’d get rich quick. Instead, they got a lesson in how traditional finance still holds the keys—even in crypto.

TLDR

• Crypto Fraud Duo Jailed for £1.5M Scam Targeting Over 60 Victims
• Bedi & Mavanga Sentenced for Masterminding Crypto Investment Scam
• FCA Jails Two Men in Crackdown on Fake Crypto Ventures
• 12-Year Sentence for Crypto Scam That Fooled Dozens
• Crypto Conmen Behind £1.5M Scam Face Justice in FCA Crackdown

Two men have been jailed for a total of 12 years after orchestrating a crypto scam targeting over 60 individuals. The Financial Conduct Authority (FCA) led the prosecution against Raymondip Bedi and Patrick Mavanga for defrauding victims between 2017 and 2019. The total loss from the crypto scam reached £1.5 million prompting a strong enforcement response.

Raymondip Bedi Receives Over 5 Years for His Role

Raymondip Bedi, from Bromley, cold-called multiple people and offered fake crypto consultancy services. He persuaded victims to commit funds under the false promise of high returns from crypto-related ventures. The court sentenced him to 5 years and 4 months following his guilty plea to four criminal charges.

Raymondip Bedi and Patrick Mavanga have been sentenced to a combined total of 12 years for cold-calling victims to sell fake crypto investments, defrauding at least 65 investors.

Read more https://t.co/9Re7XaRFZJ #FinancialCrime #FraudPrevention #FinancialRegulation #Crypto pic.twitter.com/s7121kHXHk

— Financial Conduct Authority (@TheFCA) July 4, 2025

He admitted to conspiracy to defraud, breaching the general prohibition under financial law, and laundering criminal property. Authorities confirmed Bedi was one of the leading figures behind the crypto scam and held a central operational role. Confiscation efforts are ongoing to recover the financial gains he made during the scheme.

The sentencing judge said Bedi contributed significantly to undermining the financial regulatory system. Prosecutors established that Bedi misused companies like CCX Capital and Astaria Group LLP to appear legitimate. The FCA continues to identify and contact those impacted by his fraudulent conduct.

Patrick Mavanga Gets Over 6 Years After Extended Charges

Patrick Mavanga, from Peckham, played an equally prominent role in the crypto scam operation and received a heavier sentence. He was jailed for 6 years and 6 months after pleading guilty to conspiracy to defraud and related offenses. His sentence included time for a previously suspended sentence and tampering with evidence.

Mavanga destroyed recorded calls after Bedi’s arrest in 2019, leading to a conviction for perverting the course of justice. He also admitted to possessing false identification documents with criminal intent. These actions resulted in additional jail time, reflecting the seriousness of interfering with investigations.

Court records showed that Mavanga operated alongside Bedi and participated in misleading communication strategies. The FCA confirmed that both men consistently used deception to extract money under the false guise of crypto opportunities. They lured people into the crypto scam using aggressive tactics and unregulated promises.

FCA Enforces Accountability in Crypto Scam Crackdown

The FCA emphasized the case as part of a broader crackdown on financial fraud involving crypto schemes. Over the past month, the Authority completed several prosecutions linked to past crypto scams. Officials are currently pursuing asset recovery from Bedi and Mavanga under confiscation proceedings. The FCA urged those affected by the crypto scam to reach out for potential redress and assistance. It also continues to promote its ScamSmart campaign to raise awareness and prevent future scams.