Two residents of Higher London have been sentenced to over a decade behind bars after they defrauded dozens of buyers of over $2 million in a years lengthy crypto scheme, a brand new press launch from the Monetary Conduct Authority (FCA) states.
Crypto Conmen Despatched To Jail
In accordance with the UK Monetary watchdog’s Friday press launch, Raymondip Bedi and Patrick Mavanga have been sentenced to over 5 years and 6 years in jail respectively for orchestrating the multi-million greenback digital asset scheme.
Raymondip Bedi and Patrick Mavanga have been sentenced to a mixed complete of 12 years for cold-calling victims to promote faux crypto investments, defrauding at the very least 65 buyers.
Learn extra https://t.co/9Re7XaRFZJ #FinancialCrime #FraudPrevention #FinancialRegulation #Crypto pic.twitter.com/s7121kHXHk— Monetary Conduct Authority (@TheFCA) July 4, 2025
“Bedi and Mavanga ruthlessly defrauded dozens of harmless victims, and it’s proper that they’ve obtained these jail sentences,” Steve Sensible, joint government director of enforcement and market oversight on the FCA, mentioned.
“Criminals must be clear that there’s a price to committing crime and we are going to search to make them pay,” he added.
FCA Exposes London Crypto Scheme
Between February 2017 and June 2019, Bedi and Mavanga defrauded at the very least 65 buyers out of a complete of £1,541,799, practically equal to $2,100,000 USD.
In accordance with a November 2024 press launch, Bedi and Mavanga cold-called customers to direct them to an internet site providing crypto funding alternatives.
In actuality, the positioning and its supposed excessive return cryptocurrency choices had been a sham for their very own monetary achieve.
Bedi pleaded responsible to conspiracy to defraud, conspiracy to breach the overall prohibition beneath the Monetary Companies and Markets Act 2000 and cash laundering offences at a Could 2023 listening to.
In the meantime, Mavanga pleaded responsible to conspiracy to defraud, conspiracy to breach the overall prohibition beneath the Monetary Companies and Markets Act 2000 and possession of false identification paperwork with an improper intention in June 2023.
‘Bedi and Mavanga lured buyers with guarantees of excessive returns on crypto investments, however their schemes had been nothing however a callous rip-off,” Sensible mentioned in an announcement on the time.
“In the event you’re contacted out of the blue about an funding alternative that sounds too good to be true, then it most likely is,” he continued. “In the event you’re in any doubt – don’t make investments.”
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