Two individuals have been convicted for crypto fraud amounting to £1.5 million.
- Raymondip Bedi and Patrick Mavanga defrauded at least 65 investors.
- The fraud involved a cold-calling scheme misrepresenting fake investment returns.
- The Financial Conduct Authority (FCA) led the prosecution efforts against the fraudsters.
- A third individual is set for retrial, while a fourth was acquitted of charges.
In a significant move by the UK’s financial regulator, two individuals involved in a fraudulent cryptocurrency scheme have been convicted. The scheme, orchestrated by Raymondip Bedi and Patrick Mavanga, deceived at least 65 investors, resulting in illegal gains of £1.5 million. This conviction is part of a broader campaign by the Financial Conduct Authority (FCA) to tackle fraud in the digital assets market.
The fraudulent activities took place between February 2017 and June 2019, where victims were targeted through a cold-calling operation. The victims were directed to a seemingly legitimate website, promising high returns on cryptocurrency investments. However, these investments turned out to be fictitious, causing significant financial damages to the investors.
Bedi and Mavanga admitted to conspiracy to defraud and to breaching regulations under the Financial Services and Markets Act 2000. Mavanga further admitted to possessing false identity documents and was also convicted for attempting to obstruct justice by deleting phone call recordings following Bedi’s arrest in March 2019. Sentencing for both will occur at a later date.
The FCA’s pursuit of justice in this case reflects its intensified focus on preventing financial misconduct. While a verdict was not reached for a third individual linked to this fraud, a retrial has been scheduled for September 2025. Moreover, Rowena Bedi, involved in the case, was acquitted of money laundering charges.
The crackdown extends beyond direct fraudsters to social media influencers promoting risky investments. The FCA has been actively targeting these ‘finfluencers,’ including public figures like Scott Timlin, who have been implicated in promoting high-risk crypto investments without appropriate qualifications. Such regulatory actions highlight the FCA’s commitment to safeguarding the public from deceptive investment schemes.
The FCA’s actions underscore its determination to protect investors from fraudulent activities in the evolving crypto market.
