Two men have been sentenced in the UK for orchestrating a crypto investment scam that defrauded over 65 victims of more than £1.5 million.
Scam Details: Fake Crypto Investments
According to the FCA, from February 2017 to June 2019, Raymondip Bedi and Patrick Mavanga deceived individuals into investing in fake crypto opportunities. They targeted victims through cold calls, directing them to professional-looking websites that promised high returns. A total of 65 investors lost more than £1.54 million during this period.
Roles of the Convicted in the Conspiracy
During sentencing, Judge Griffiths pointed out that both men played 'leading roles in a conspiracy,' attempting to bypass the regulatory system while preying on individuals eager to enter cryptocurrency investments. Bedi was sentenced to five years and four months, while Mavanga received a longer term of six years and six months.
Outcomes and Consequences
The investigation revealed that Bedi pleaded guilty to conspiracy to defraud, money laundering, and conspiracy to breach UK financial services laws. Mavanga also pleaded guilty to conspiracy to defraud and acknowledged the possession of fake identification documents. Additionally, Mavanga was convicted of perverting the course of justice after deleting call recordings following Bedi's arrest.
This case highlights the importance of protecting investors from fraudulent schemes in the crypto industry. The FCA continues to work on preventing such crimes and ensuring market safety.
