FCA secures convictions as two fraudsters jailed for £1.5 million cryptocurrency scam

In a significant result for crypto fraud enforcement, two individuals have been sentenced to a combined 12 years’ imprisonment for their roles in a £1.5 million cryptocurrency scam, following a successful prosecution by the Financial Conduct Authority (FCA).

Between February 2017 and June 2019, Raymondip Bedi, of Bromley, and Patrick Mavanga, of Peckham, operated a cold-calling scheme that targeted unsuspecting investors with fraudulent offers of cryptocurrency investments. The fraud deceived at least 65 victims, resulting in losses totalling £1,541,799.

On Friday 4 July, Southwark Crown Court heard that Mr Bedi and Mr Mavanga were central figures in orchestrating the scam, persuading victims to part with their money under the guise of crypto investment consultancy services. His Honour Judge Griffiths described both men as "leading players in a conspiracy" and remarked that they "conspired to drive a coach and horses through the regulatory system".

Mr Bedi was sentenced to five years and four months’ imprisonment, while Mr Mavanga received a sentence of six years and six months. Confiscation proceedings remain ongoing as the FCA seeks to recover the criminal proceeds from both defendants.

Steve Smart, joint executive director of enforcement and market oversight at the FCA, commented:

Bedi and Mavanga ruthlessly defrauded dozens of innocent victims, and it is right that they have received these prison sentences. Criminals need to be clear that there is a cost to committing crime and we will seek to make them pay.

This case underscores the FCA’s determination to combat fraud in the crypto sector and reinforces the importance of regulatory safeguards for consumers engaging with cryptoassets. The FCA continues to warn investors to exercise caution when approached with unsolicited investment offers, especially in high-risk areas like cryptocurrency, where fraudulent schemes remain prevalent.

Read the press release here.