Key Takeaways
- Two members of the fraud have been convicted and will receive their sentencing at a later date.
- A third member of the fraud has a retrial scheduled for Sept. 2025; a fourth was acquitted of money laundering charges.
- The UK is increasingly introducing new rules and regulations around crypto and digital assets.
U.K. citizens Raymondip Bedi and Patric Mavanga have been convicted for defrauding investors of £1.5 million in a two-year-long crypto investment fraud scheme.
Crypto Fraud
According to the official release from the UK Financial Conduct Authority (FCA), the London-based duo began their fraudulent scheme in 2017 and, for two years, scammed 65 investors out of £1.54 million (roughly $2 million).
The pair conducted a cold-calling scheme where they posed as investment brokers and directed victims to a professional-looking website to receive high returns for their crypto investments. The FCA writes:
“If you’re contacted out of the blue about an investment opportunity that sounds too good to be true, then it probably is. If you’re in any doubt – don’t invest.”
Bedi pleaded guilty to conspiracy to defraud and “conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000.” He also pleaded guilty to money laundering at a prior hearing.
At an earlier hearing, Mavanaga pleaded guilty to the same charges, including possession of false ID documents and “improper intention.” More specifically, Mavanga was convicted of perverting the course of justice after deleting phone call recordings after Bedi was arrested in 2019.
A third individual involved in the scheme faces a Sept. 2025 retrial, and a fourth individual was acquitted of money laundering.
UK Crypto
Throughout 2023 and 2024, the U.K. began making great strides in crypto rules and regulations, which included enhancing powers for authorities to tackle crypto crime.
Perhaps as a direct result, this year has seen the UK make some considerable crypto busts, including the historic six-year conviction of a woman involved in a multi-billion pound Bitcoin fraud.
The UK has recently introduced a fresh bill that could see cryptocurrencies granted the same rights as traditional personal property. This may end the U.K.’s undecided approach to crypto regulations.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
