UK Sentences 2 Men to Jail for $2M Crypto Cold-Calling Scam
Two British men have been committed to jail for a total of 12 years for their involvement in a cold-calling crypto scam that swindled investors out of over $2 million. Raymondip Bedi and Patrick Mavanga pleaded guilty in November 2024 and accepted different charges against them.
The Cold-Calling Crypto Scheme
Between February 2017 and June 2019, Bedi and Mavanga, and other accomplices, cold-called unsuspecting victims. They promised high returns on cryptocurrency investments, enticing them onto fake professional-looking websites. While doing this scam, they managed to con 65 investors worth over £1.54 million ($2.1 million). The funds passed through companies they had run, including Astaria Group LLP and CCX Capital.
The Sentences and the FCA’s Response
At a recent sentencing hearing, Southwark Crown Court Judge Griffiths had termed both Bedi and Mavanga “leading players” within an elaborate fraud scheme. The judge criticized the duo for exploiting the financial regulatory system. The Financial Conduct Authority (FCA) said they were pleased with the sentences, terming the duo’s actions as “ruthless.”
Bedi and Mavanga’s Guilt
Bedi was handed five years and four months, while Mavanga was sentenced to six years and six months. The two men pleaded guilty to conspiracy to defraud and violating UK financial services regulations. Mavanga was further convicted of perverting the course of justice after he erased key evidence, including audio recordings of phone calls, after Bedi was arrested in March 2019.
Legal Consequences for Others Concerned
While Bedi and Mavanga were given their jail sentence, a third defendant in the case will face a retrial in September. The fourth suspect, Rowena Bedi, has been acquitted of a money laundering charge.
