The UK Financial Conduct Authority (FCA) has successfully convicted two crypto fraudsters in a landmark case targeting modern investment scams.
- The fraudsters, Raymondip Bedi and Patrick Mavanga, defrauded at least 65 investors out of £1.5 million through a cold-calling scheme.
- The fraudulent scheme involved directing investors to a professional-looking website, with promises of high returns, which turned out to be false.
- Both Bedi and Mavanga pleaded guilty to conspiracy to defraud and other related charges under the Financial Services and Markets Act 2000.
- The FCA continues its efforts to combat financial fraud, including targeting social media influencers promoting risky investments.
The UK Financial Conduct Authority (FCA) has achieved a significant legal victory with the conviction of two individuals involved in cryptocurrency fraud. Raymondip Bedi and Patrick Mavanga orchestrated a sophisticated scam that duped at least 65 investors out of a total of £1.5 million. The operation, which ran from February 2017 to June 2019, relied on cold-calling potential investors and directing them to a professional-looking website that offered enticing, yet fraudulent, returns on crypto investments.
In a courtroom hearing, both Bedi and Mavanga admitted their guilt concerning charges of conspiracy to defraud and conspiracy to breach regulations under the Financial Services and Markets Act 2000. Mavanga further acknowledged possessing false identification documents and was found guilty of obstructing justice by deleting incriminating phone call records following Bedi’s arrest in March 2019. A third defendant in this case was inconclusively judged, with a retrial scheduled for September 2025, while another individual, Rowena Bedi, was acquitted of money laundering accusations.
Steve Smart, the FCA’s joint executive director of enforcement and market oversight, emphasized the deceptive nature of the scheme, warning investors about the risks of unsolicited investment propositions that seem overly lucrative. “If you’re contacted out of the blue about an investment opportunity that sounds too good to be true, then it probably is,” Smart advised. The court has yet to determine sentencing for Bedi and Mavanga.
In a related development, the FCA has been intensifying its crackdown on financial misconduct, extending its reach to social media platforms where influencers, dubbed ‘finfluencers’, have been found promoting high-risk investment schemes without proper credentials. Among those facing legal scrutiny is Scott Timlin, a reality TV personality accused of encouraging uninformed followers to invest in cryptoassets. This case underscores the FCA’s commitment to protecting consumers from diverse forms of financial deception.
This case highlights the FCA’s ongoing dedication to tackling financial fraud and protecting investors from deceptive schemes.
