- The scam defrauded £1.5 million through cold calls.
- No actual crypto trading occurred.
- Investors’ funds went directly to fraudulent accounts.
In the United Kingdom, Raymondip Bedi and Patrick Mavanga were sentenced to 12 years for orchestrating a crypto investment scam from February 2017 to June 2019, targeting 65 investors.
Bedi and Mavanga’s operation highlights vulnerabilities in crypto investments. The fraud, conducted via a fake website, bypassed crypto market impact by siphoning funds without real trades.
Bedi and Mavanga led a fraudulent crypto scheme, promising high returns. They used companies like Astaria Group LLP and CCX Capital, and were apprehended by the UK FCA.
Bedi received five years, Mavanga six years and six months.
Victims lost over £1.5 million to the scam, involving fake crypto acquisitions. Funds were routed to scammers’ accounts, with no trading executed. The (FCA) confirmed no disruption occurred in actual crypto assets like BTC or ETH.
Steve Smart of the UK FCA remarked on the deceitful tactics, underscoring the need for vigilant regulatory enforcement. Social media highlighted fraud prevention, keeping emphasis away from protocol or asset threats.
The scam mirrored past UK cold-calling frauds which typically bypass direct currency impact. Awareness and regulatory actions could enhance protection against future schemes, safeguarding personal investments in nascent crypto markets.
“Bedi and Mavanga lured investors with promises of high returns on crypto investments, but their schemes were nothing but a callous scam.” – Steve Smart, Joint Executive Director, UK FCA
