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Julia Smith
Author
Julia Smith
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Two residents of Greater London have been sentenced to over a decade behind bars after they defrauded dozens of investors of over $2 million in a years long crypto scheme, a new press release from the Financial Conduct Authority (FCA) states.
Crypto Conmen Sent To Jail
According to the UK Financial watchdog’s Friday press release, Raymondip Bedi and Patrick Mavanga have been sentenced to over five years and six years in prison respectively for orchestrating the multi-million dollar digital asset scheme.
“Bedi and Mavanga ruthlessly defrauded dozens of innocent victims, and it is right that they have received these prison sentences,” Steve Smart, joint executive director of enforcement and market oversight at the FCA, said.
“Criminals need to be clear that there is a cost to committing crime and we will seek to make them pay,” he added.
FCA Exposes London Crypto Scheme
Between February 2017 and June 2019, Bedi and Mavanga defrauded at least 65 investors out of a total of £1,541,799, nearly equivalent to $2,100,000 USD.
According to a November 2024 press release, Bedi and Mavanga cold-called consumers to direct them to a website offering crypto investment opportunities.
In reality, the site and its supposed high return cryptocurrency offerings were a sham for their own financial gain.
Bedi pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000 and money laundering offences at a May 2023 hearing.
Meanwhile, Mavanga pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000 and possession of false identification documents with an improper intention in June 2023.
‘Bedi and Mavanga lured investors with promises of high returns on crypto investments, but their schemes were nothing but a callous scam,” Smart said in a statement at the time.
“If you’re contacted out of the blue about an investment opportunity that sounds too good to be true, then it probably is,” he continued. “If you’re in any doubt – don’t invest.”
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