Raymondip Bedi and Patrick Mavanga have been convicted in a £1.5 million crypto fraud case in the UK, where they defrauded 65 investors through cold calls and fake investment schemes.
Between February 2017 and June 2019, the two men posed as representatives of companies like CCX Capital and Astaria Group LLP, luring investors with promises of high returns on digital assets through a professional-looking website. However, the investment opportunities were fabricated, leaving investors with significant financial losses.
The court also found Mavanga guilty of additional charges, including possession of false identification documents and attempting to pervert the course of justice by deleting incriminating call recordings after Bedi’s arrest in March 2019. The case, led by the UK’s Financial Conduct Authority (FCA), highlighted the persistent risks of fraudulent schemes targeting unsuspecting investors in the crypto market.
A third defendant involved in the case will face a retrial in 2025 after the jury was unable to reach a verdict, while a fourth individual, Rowena Bedi, was acquitted of money laundering charges. Authorities are still seeking a fifth suspect, Minas Filippidis, in connection with the same offenses.
Following the convictions, the FCA issued a warning to the public about unsolicited investment offers. “If you’re contacted out of the blue about an investment opportunity that sounds too good to be true, then it probably is,” said Steve Smart, the FCA’s joint executive director of enforcement and market oversight. “If you’re in any doubt – don’t invest.” The FCA is working to reach affected investors and continues to advise caution in response to cold-call investment opportunities.
Bedi and Mavanga are scheduled to be sentenced at a later date.
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