UK Jails Two for $2 million Crypto Scam Luring 65 Investors

- Raymondip Bedi and Patrick Mavanga orchestrated a complex scheme using fake websites. - They defrauded 65 victims of over $2 million and received combined sentences of 12 years. The Southwark Crown Court sentenced two men, Raymondip Bedi and Patrick Mavanga, to a combined 12 years in prison on July 7, 2025, for masterminding a $2 million cryptocurrency scam that defrauded at least 65 investors. On July 7, 2025, the Financial Conduct Authority (FCA) reported that the pair orchestrated the scheme over a two-year period by cold-calling victims and directing them to professional-looking websites, which falsely promised lucrative returns on crypto investments. Bedi received a prison term of five years and four months, while Mavanga was sentenced to six years and six months. They funneled approximately 1.5 million British pounds (around $2.1 million) of their victims’ money into companies they controlled, including Astaria Group LLP and CCX Capital. Both men had admitted their guilt in November 2024. Bedi pleaded guilty to conspiracy to defraud, money laundering, and conspiracy to breach financial services laws. Mavanga also pleaded guilty to conspiracy to defraud, conspiracy to breach financial services laws, and possessing fake identification documents with intent to deceive. In addition, prosecutors charged Mavanga with perverting the course of justice after he deleted phone call recordings following Bedi’s arrest. The FCA confirmed it is pursuing confiscation proceedings to retrieve the proceeds of their crimes, and authorities continue to investigate the broader implications of this scam.