Crypto Fraud Exposed: 2 Londoners Get 12 Years For $2M Scam

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Crypto scammers continue to believe they can get away with their dirty tactics. Two residents of Greater London have been sent to prison after swindling more than £1.54 million—about $2.1 million—from at least 65 people.

Related Reading: War Wallets Exposed: 60 Crypto Operators Under Ukraine’s GunSentences of over five years for Raymondip Bedi and six years for Patrick Mavanga came down this week. According to a press release from the UK’s Financial Conduct Authority, the duo ran a sham crypto scheme between February 2017 and June 2019 that left dozens out of pocket.

FCA Uncovers Massive Fake Crypto Platform

Based on reports from the FCA, Bedi and Mavanga cold‑called potential investors and directed them to a website that promised big returns on digital assets. The site looked legit, but it was entirely fake.

Victims were shown graphs and figures that never existed. Money went straight into the pair’s accounts. No real crypto trades happened.

Victims Misled With Promises Of High Returns

Individuals who responded to those calls were informed they could double, even triple their money within months. It was an easy sell. Easy money, no risk. But subsequent bank statements revealed funds vanished into shell firms owned and run by the two men.

Bedi pleaded guilty in May 2023 to conspiracy to defraud, contrary to the Financial Services and Markets Act 2000, and money laundering. Mavanga pleaded guilty in June 2023 to the same offenses along with possession of false ID documents.

BTCUSD now trading at $108,785. Chart: TradingView### Court Hears Details Of The Scheme

At a hearing this week, prosecutors noted that the pair made cold calls day after day. They targeted 65 investors in total. Some lost as little as £5,000; others gave up to £200,000.

All were told they’d get at least 10% returns every month. But no payouts ever arrived. The FCA’s joint executive director of enforcement, Steve Smart, said the sentences send a clear warning: crime won’t pay.

Victims Urged To Stay Alert

Smart added that genuine investment firms don’t ring out of the blue with guaranteed profits. He urged anyone approached with such deals to hang up and check the FCA’s register.

He reminded people: if it sounds too good to be true, it probably is. The watchdog has tightened its oversight in recent years, tracking down dozens of crypto‑related frauds.

Related Reading: Will 600K Bitcoin Be The Tipping Point? Saylor’s Strategy Sparks Institutional Wave### A Wake‑Up Call For Crypto Investors

This case shows that regulators are watching digital assets as closely as traditional markets. It also highlights how the phone remains a tool for crooks.

Investors should always verify who they’re dealing with. Look up companies on the FCA website, ask for official paperwork, and never rush into a deal.

Featured image from Unsplash, chart from TradingView

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