Two jailed over £1.5m crypto investment scam

TWO people who duped investors of £1.5 million by selling fake investments in crypto have been jailed for 12 years, the Financial Conduct Authority (FCA) said.

Raymondip Bedi, of Bromley, and Patrick Mavanga, of Peckham, conned at least 65 people by cold-calling them between February 2017 and June 2019. They operated companies including CCX Capital and Astaria Group LLP.

Bedi was sentenced on July 4 by judge Griffiths sitting at Southwark Crown Court to five years and four months, while Mavanga was sentenced to six years and six months.

Judge Griffiths said Bedi and Mavanga “were both leading players in a conspiracy whereby the victims of the fraud were persuaded to invest in crypto currency consultancy” and “you conspired to drive a coach and horses through the regulatory system”, according to the FCA.

It said anyone scammed by Bedi and Mavanga and who had not yet heard from the FCA should call 0800 111 6768 or email operationhickory@fca.org.uk.

Bedi on May 2, 2023, pleaded guilty to four charges – conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000 and money laundering offences at an earlier hearing.

Mavanga pleaded guilty to three charges – conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000 and possession of false identification documents with an improper intention – on June 9, 2023.
He was also convicted of perverting the course of justice on November 7, 2024, for the deletion of phone call recordings following the arrest of Bedi in March 2019.

The FCA’s ScamSmart campaign [https://www.fca.org.uk/scamsmart] provides advice on how to spot and avoid investment scams.