Two men have been sentenced to a total of 12 years in prison in the UK for running a cryptocurrency scam that took more than £1.5 million (around $2.1 million) from unsuspecting investors.
Raymondip Bedi and Patrick Mavanga led a scheme where people were cold-called and convinced to invest in fake crypto services.
The pair worked with others between February 2017 and June 2019. They contacted individuals by phone and offered fake investment opportunities in crypto. Those who agreed were directed to a professional-looking website that promised strong returns.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
ICO vs IDO vs IEO: Which One’s the Best? (Easily Explained)
The funds were transferred to businesses, including Astaria Group LLP, CCX Capital, and copies of known financial firms like Ian Buckley Financial Services and Capital Partners Group.
In November 2024, Bedi and Mavanga were accused of several charges of fraud. The UK’s Financial Conduct Authority (FCA) said the two had tricked at least 65 people out of over £1.54 million.
On July 4, a London court sentenced Bedi to five years and four months in prison and Mavanga to six years and six months.
Southwark Crown Court Judge Griffiths said both had played leading roles in convincing people to invest in something that did not exist. He also noted that they had worked around the rules meant to protect investors.
Dwayne Golden, a 57-year-old man from the US, has been sentenced to nearly eight years in prison. What happened? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
