A UK court has sentenced two men, Raymondip Bedi and Patrick Mavanga, to a combined total of 12 years in prison for arranging a cold-calling cryptocurrency investment scam that defrauded at least 65 victims of over £1.54 million (approximately $2 million).
The scam took place between February 2017 and June 2019, during which the pair cold-called potential investors, posing as financial advisers and directing them to professional-looking but fraudulent websites promising high returns on crypto investments. Bedi was sentenced to five years and four months, while Mavanga received six years and six months in prison.
The scam operated through companies and the perpetrators used high-pressure sales tactics and attractive sales materials to lure retail investors, many of whom had little experience with cryptocurrencies. Victims suffered significant financial and emotional harm, with some losing their life savings and others incurring debt or experiencing mental health issues as a result of the fraud.
The Financial Conduct Authority (FCA), which prosecuted the case, highlighted that Bedi and Mavanga were central figures in a conspiracy that deliberately undermined the financial regulatory system.
Beyond the fraud, Mavanga was also convicted of perverting the course of justice by deleting incriminating phone call recordings after Bedi’s arrest. Confiscation proceedings are ongoing to recover the proceeds of their crimes.
The FCA emphasized that these sentences send a clear message that financial criminals will face serious consequences for exploiting investors.
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