Two jailed for £1.5M crypto scam amid FCA crackdown on financial fraud

Two men have been sentenced to a combined 12 years in prison for a £1.5 million crypto cold-calling scam, amid a wider crackdown by the UK’s FCA on financial fraud and illegal promotions.

On July 4, two men were sentenced to a combined total of 12 years in prison at Southwark Crown Court by His Honour Judge Griffiths for their involvement in a £1.5 million crypto investment fraud, following a prosecution led by the UK’s Financial Conduct Authority. Raymondip Bedi, from Bromley, was sentenced to 5 years and 4 months, while Patrick Mavanga, from Peckham, received 6 years and 6 months.

According to the FCA’s official press release, between February 2017 and June 2019, Bedi and Mavanga orchestrated a cold-calling scam targeting investors, promoting fake crypto investment opportunities through companies including CCX Capital and Astaria Group LLP. At least 65 investors were defrauded, losing a total of approximately £1,541,799. The scam involved persuading victims to invest in bogus crypto consultancy services, exploiting trust and bypassing regulatory safeguards.

Confiscation proceedings are ongoing to recover the proceeds of the crime. The FCA has urged any victims who have not been contacted to come forward via their dedicated helpline.

Both men had previously pleaded guilty to multiple charges in 2023, including conspiracy to defraud, conspiracy to breach the Financial Services and Markets Act 2000, and other related offences such as money laundering and possession of false identification documents. Mavanga was also convicted in November last year of perverting the course of justice.

Their sentencing comes amid a broader crackdown by the UK’s Financial Conduct Authority on illegal financial promotions and crypto-related fraud. In June, the FCA led a global enforcement campaign targeting unauthorised “finfluencers,” resulting in arrests, criminal charges, and hundreds of takedown requests for misleading social media content.