The UK’s Financial Conduct Authority (FCA) has successfully prosecuted two individuals involved in a £1.5 million crypto scam.
- Raymondip Bedi and Patrick Mavanga targeted at least 65 investors through a deceptive cold-calling strategy.
- They directed potential victims to seemingly reputable online platforms, promising high returns on fake investments.
- Both individuals have pleaded guilty to multiple charges, including conspiracy to defraud and use of false identification.
- Sentencing is pending, while another related individual is on the FCA’s wanted list.
In a significant legal move, the Financial Conduct Authority (FCA) of the United Kingdom has convicted two individuals, Raymondip Bedi and Patrick Mavanga, involved in a fraudulent crypto scheme worth £1.5 million. This case is part of the FCA’s ongoing efforts to combat fraudulent activities in the emerging digital assets market.
Bedi and Mavanga defrauded at least 65 victims from February 2017 to June 2019. They employed a cold-calling method to lure unsuspecting investors, directing them to a professional-looking website that offered fraudulent high returns from supposed crypto investments.
Both defendants pleaded guilty to conspiracy to defraud and conspiracy to breach the Financial Services and Markets Act 2000. Mavanga also confessed to possessing false identification documents with improper intentions and was convicted of obstructing justice by deleting phone call recordings post-arrest.
Though a third defendant’s verdict remains undecided and is scheduled for retrial in September 2025, Rowena Bedi was acquitted of any money laundering charges related to this case. Additionally, Minas Filippidis is sought by authorities concerning similar offenses.
This crackdown is indicative of a broader FCA strategy to tackle financial deception. Recently, the FCA also took actions against social media influencers promoting high-risk investments without necessary qualifications, spotlighting the case of Scott Timlin, a reality TV star accused of endorsing risky crypto investments through social platforms.
The FCA’s legal actions highlight its commitment to safeguarding investors from fraudulent schemes within the digital assets sector.
