In a striking case that underlines the ongoing battle against crypto fraud, two individuals from Greater London have been sentenced for their roles in a deceptive scheme that defrauded investors out of over £1.54 million (approximately $2.1 million). The scam targeted at least 65 unsuspecting victims.

This week, Raymondip Bedi received a sentence of over five years, while his accomplice, Patrick Mavanga, was sentenced to six years in prison. As reported by the UK’s Financial Conduct Authority (FCA), the duo operated a phony crypto investment platform from February 2017 through June 2019, causing substantial financial harm to numerous investors.

FCA Exposes a Deceptive Crypto Scheme

The investigation revealed that Bedi and Mavanga engaged in cold calling, enticing potential investors to a fraudulent website that promised hefty returns on their crypto assets. Despite the site’s professional appearance, it was a complete facade designed to deceive.

Victims were presented with fictitious data, and funds they invested were funneled directly into the scammer’s accounts, with no legitimate trades occurring.

The sentences handed down to Bedi and Mavanga demonstrate the consequences of exploiting innocent investors through fake crypto opportunities. #FinancialCrime #FraudPrevention #Crypto

— Financial Conduct Authority (@TheFCA) July 4, 2025

Deceptive Promises Lure Investors

Those who answered the cold calls were lured by claims of potential to double or even triple their investments within a matter of months. The promise of easy, risk-free profits made their pitch irresistible. However, bank statements revealed that funds had evaporated into shell companies controlled by Bedi and Mavanga.

Bedi admitted guilt to conspiracy to defraud in May 2023, alongside charges of money laundering, while Mavanga pleaded guilty in June 2023 to similar charges and possession of false identification.

A Deep Dive into the Fraudulent Activities

At the recent court proceedings, prosecutors laid out the extent of the operation, revealing that Bedi and Mavanga made relentless cold calls, ultimately preying on 65 investors. Losses varied significantly, with some individuals losing as little as £5,000 while others suffered losses exceeding £200,000.

Each victim was promised a minimum of 10% monthly returns, yet no payments were ever made. FCA’s executive director of enforcement, Steve Smart, stated that these sentences serve as a formidable deterrent, underscoring that crime will not be tolerated.

Stay Vigilant Against Scams

Smart emphasized that legitimate investment firms do not conduct unsolicited calls with guaranteed returns. He advised anyone receiving such propositions to hang up immediately and check the FCA’s official register for legitimacy.

Remember: if an offer appears too good to be true, it likely is. The FCA has sharpened its oversight in recent years, successfully identifying numerous crypto-related scams.

Protecting Yourself in the Crypto Landscape

This case serves as a clarion call for investors to remain vigilant. Regulatory agencies are monitoring the crypto sphere as closely as traditional markets. Moreover, the relentless tactics employed by fraudsters emphasize the need for diligence.

Investors should always independently verify the credentials of any firm they engage with. Investigate companies, request documented verification, and avoid rushed decisions regarding investments.

Featured image from Unsplash, chart from TradingView