Cryptographers continue to believe they can escape with dirty tactics. Two Greater London residents were sent to prison after scaming at least 65 to more than £1.54 million (over $2.1 million).
Raymondip Bedi’s five-year sentence and Patrick Mavanga’s six-year sentence fell this week. According to a press release from the UK Financial Conduct Office, the duo implemented a fake cryptographic scheme between February 2017 and June 2019, leaving dozens of people with pockets left behind.
FCA discovers large fake crypto platforms
Based on reports from potential cold call investors from FCA, Bedi and Mavanga, we have turned to websites that promise big returns on digital assets. The site looked legal, but it was completely fake.
The victims were shown with graphs and numbers that were not present. The money went directly into the pair’s accounts. No actual crypto transactions occurred.
Raymondip Bedi and Patrick Mavanga have been sentenced to a total of 12 years in prison for fraudulent at least 65 investors, with Cold-Calling victims selling fake crypto investments.
Read more https://t.co/9RE7XARFZJ #financialcrime #fraudprevention #financialregulation #crypto pic.twitter.com/s7121khxhk
– July 4th, 2025, Financial Conduct Bureau (@thefca)
The victim was misled by the promise of a high return
Individuals who answered those calls were informed that they could even triple their money within a few months. That was a simple selling point. Easy money, no risk. However, subsequent bank statements revealed that the funds that have disappeared into shell companies owned and run by the two men.
Bedi pleaded guilty to conspiracy to fraud in May 2023, contrary to the Financial Services and Markets Act of 2000 and money laundering. Mavanga pleaded guilty to the same crime in June 2023 along with possession of a false ID document.
The court will ask for details of the scheme
At this week’s hearing, prosecutors said the pair made cold calls every day. They targeted a total of 65 investors. Some have lost just 5,000 pounds. Others have given up to £200,000.
I was told I would get at least 10% return each month. However, the payment did not arrive. FCA executive director Steve Smart said the ruling would send a clear warning. He said he would not pay for crimes.
Victims urged to remain vigilant
Smart added that real investment companies won’t ring out of blue with guaranteed profits. He urged everyone to approach such a transaction and check the FCA register.
He reminded people: if it seems too good, it is probably. Watchdog has been increasing surveillance in recent years and has tracked dozens of crypto-related scams.
Wake-up Calls for Crypto investors
This case shows that regulators look at digital assets as closely as they do in traditional markets. It also highlights how mobile phones remain a tool for scammers.
Investors should always check who they are dealing with. Search for companies on the FCA website, seek official documents, and don’t drive them to trade.
Unsplash featured images, TradingView charts
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