TWO individuals have been convicted for their roles in a £1.5 million investment scam following a prosecution by the Financial Conduct Authority (FCA).

The scheme, run between February 2017 and June 2019, defrauded at least 65 investors through cold calls and a professional-looking website offering fake crypto investments.

Raymondip Bedi and Patrick Mavanga, who were both involved, pleaded guilty to conspiracy to defraud, conspiracy to breach the Financial Services and Markets Act 2000, and additional offences. Bedi admitted to money laundering, while Mavanga also faced charges for using false identification documents. Mavanga was additionally convicted of perverting the course of justice after deleting phone call recordings following Bedi’s arrest in March 2019.

A jury was unable to reach a verdict on a third defendant, who faces a retrial in September 2025. Another individual, Rowena Bedi, was acquitted of money laundering.

The FCA’s Steve Smart, joint executive director of enforcement, commented: "Bedi and Mavanga lured investors with promises of high returns on crypto investments, but their schemes were nothing but a callous scam. 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.”

Sentencing for Bedi and Mavanga will occur later. The FCA continues to seek another individual, Minas Filippidis, in relation to the case. The ScamSmart campaign by the FCA offers guidance on identifying investment scams, and affected investors are encouraged to contact the FCA if they have not yet been reached.

The convicted individuals operated companies including CCX Capital and Astaria Group LLP.