65 Investors Duped in UK Crypto Scam Promising ‘Easy Profits’
Two men from Greater London have been sentenced to prison for orchestrating a fake crypto investment scheme that defrauded over 65 victims out of £1.54 million (around $2.1 million).
Raymondip Bedi and Patrick Mavanga received sentences of over five and six years, respectively, after pleading guilty to conspiracy to defraud and money laundering.
The UK’s Financial Conduct Authority (FCA) revealed that between 2017 and 2019, the pair cold-called potential investors and lured them into a phony digital asset platform. The website promised high returns, backed by fake charts and fabricated trading activity—but no crypto was ever bought or sold. Instead, funds were funneled into shell companies under their control.
Victims were misled with promises of risk-free profits, some being told they could earn 10% returns monthly. One investor lost as much as £200,000, with others contributing thousands under false pretenses. Mavanga also admitted to using false identity documents.
“This case should serve as a warning,” said Steve Smart, the FCA’s joint enforcement chief. “Fraud doesn’t pay, and we’re watching the crypto space closely.”
The FCA continues to urge the public to be wary of unsolicited investment calls, reminding consumers to verify firms on its official register and avoid anyone offering guaranteed profits.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
