The Financial Conduct Authority announced that two individuals have been sentenced to a combined 12 years’ imprisonment following an FCA prosecution over a crypto investment fraud that took GBP 1,541,799 from at least 65 investors. The fraud involved cold-calling victims and selling fake crypto investment opportunities between February 2017 and June 2019. At Southwark Crown Court, Raymondip Bedi received 5 years and 4 months’ imprisonment and Patrick Mavanga received 6 years and 6 months. The sentencing reflected convictions including conspiracy to defraud and conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000, alongside further offences including money laundering (Bedi) and possession of false identification documents and perverting the course of justice (Mavanga); confiscation proceedings are continuing to recover the benefit from the crimes.
Financial Conduct Authority 2025-07-04
Financial Conduct Authority secures prison sentences totaling 12 years for GBP 1.5m crypto investment fraud
The Financial Conduct Authority secured convictions against Raymondip Bedi and Patrick Mavanga, resulting in a combined 12 years' imprisonment for a crypto investment fraud defrauding GBP 1,541,799 from at least 65 investors. The fraud involved cold-calling and selling fake crypto investments between 2017 and 2019. Sentences included conspiracy to defraud, breach of the Financial Services and Markets Act 2000, money laundering, and other offences, with confiscation proceedings ongoing.