London Duo Sentenced to Over a Decade for $2 Million Cryptocurrency Fraud
By Julia Smith, Crypto News – July 7, 2025
Two men from Greater London have been sentenced to lengthy prison terms after orchestrating a multi-million dollar cryptocurrency scam that defrauded dozens of investors. The Financial Conduct Authority (FCA) revealed in a recent press release that Raymondip Bedi and Patrick Mavanga were responsible for a sophisticated crypto fraud scheme that resulted in losses exceeding $2 million.
Conviction and Sentencing
Raymondip Bedi and Patrick Mavanga were sentenced to a combined total of over 12 years in prison—Bedi receiving five years and Mavanga six years—for their roles in orchestrating the elaborate scam. The two conmen cold-called at least 65 victims, promising high returns through fake cryptocurrency investment opportunities. Instead of investing the funds as promised, the duo funneled the money into their own pockets.
Steve Smart, the FCA’s Joint Executive Director of Enforcement and Market Oversight, condemned the actions of Bedi and Mavanga, stating, “They ruthlessly defrauded dozens of innocent victims. It is right that they have received these prison sentences. Criminals need to be clear that there is a cost to committing crime and we will seek to make them pay.”
The Scheme
The scam operated from February 2017 until June 2019. Bedi and Mavanga contacted consumers via cold calls, directing them to a fraudulent website masquerading as a legitimate cryptocurrency investment platform. The website falsely advertised high-yield returns on crypto assets, but the investment opportunities were entirely fabricated.
According to the FCA, the pair defrauded victims out of approximately £1,541,799, nearly $2.1 million USD.
Legal Proceedings
Bedi pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000, and money laundering offenses during a May 2023 hearing. Mavanga pleaded guilty to conspiracy to defraud, conspiracy to breach the same act, and possession of false identification documents with improper intent in June 2023. At the time of the initial charges, FCA officials warned the public to remain cautious of unsolicited investment opportunities. Steve Smart remarked, “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.”
Regulatory Impact and Investor Awareness
This case highlights the ongoing challenges regulators face in policing the rapidly evolving cryptocurrency sector. The FCA continues to emphasize its commitment to combating financial crime in the digital asset space and protecting investors from fraudulent schemes.
As cryptocurrency adoption expands globally, experts urge investors to exercise heightened vigilance, verify the credentials of investment platforms, and be skeptical of cold calls or unsolicited offers promising unusually high returns.
About the Financial Conduct Authority (FCA)
The FCA is the UK’s regulatory body tasked with overseeing financial markets and protecting consumers. Since the emergence of cryptocurrencies, the FCA has increasingly focused on fraud prevention and regulatory enforcement within the crypto industry.
For more updates on cryptocurrency regulations and fraud prevention, follow Crypto News.
Related Articles:
- How to Recognize and Avoid Cryptocurrency Scams
- The Role of the FCA in Crypto Market Oversight
- Expert Tips for Safely Investing in Digital Assets
Crypto Market Snapshot
- Bitcoin (BTC): $108,615.85 (+0.04%)
- Ethereum (ETH): $2,611.38 (+2.02%)
- Solana (SOL): $152.65 (+1.09%)
- Ripple (XRP): $2.33 (+1.90%)
Stay informed with real-time crypto market updates through our Price Tracker and Tools section.
Julia Smith is an experienced editor with a passion for covering political and regulatory developments related to emerging technologies. She regularly reports on cryptocurrency market regulation and blockchain industry trends for Crypto News.