2 UK men convicted of crypto investment fraud

The UK Financial Conduct Authority has successfully prosecuted two men involved in a £1.5 million cryptocurrency investment fraud scheme targeting 65 investors.

According to the FCA, Raymondip Bedi and Patrick Mavanga deceived potential investors by promising high returns through fake crypto investment platforms.

Between February 2017 and June 2019, Bedi and Mavanga reportedly cold-called consumers and directed them to professional-looking websites advertising lucrative crypto investments, which turned out to be scams.

By establishing credibility with a sophisticated online presence, the duo persuaded victims to invest their money, causing 65 investors to suffer losses of over £1.5 million (approximately $1.95 million).

Cybersecurity experts warn that seemingly legitimate phone calls can lead to crypto fraud and financial losses.

“When it comes to scams and scams, if someone calls you on the phone and says they’re from a company like JP Morgan, Chase, Coinbase, Kraken, I don’t care what company it’s from when someone calls you and says they are. “He’s from the company and wants you to do something urgently, hang up the phone.”

Discussing social engineering scams, Coinbase CISO Jeff Lunglhofer told crypto.news:

According to the FCA, Bedi and Mavanga pleaded guilty to charges including conspiracy to defraud, operating without FCA authorization and money laundering.

FCA law

The FCA’s regulatory role highlighted in this case includes licensing legal financial services and cracking down on unauthorized activity.

Under UK law, only those registered with the FCA are allowed to legally promote or offer financial products. As this case shows, any attempt to circumvent these regulations is considered a serious offence.

The FCA’s investigation into Bedi and Mavanga is an example of the agency applying these standards.

Additional charges and defendants

Mavanga faced additional charges for deleting phone records documenting the fraud scheme; The court ruled that this action perverted the course of justice. Both men are scheduled to be sentenced at a later date.

The FCA also stated in its release that a third defendant will be retried in September 2025, while the fourth defendant, Rowena Bedi, was acquitted.

Another suspect, Minas Filippidis, remains at large.