A UK judge has sentenced two men to a total of 12 years in prison for a £1.5 million cryptocurrency fraud.
Between 2017 and 2019, Raymondip Bedi and Patrick Mavanga cold-called victims, directing them to a professional-looking website that promised high returns on fake cryptocurrency investments. At least 65 investors were defrauded, losing a total of £1,541,799.
The men, along with two others, were charged in 2023 and pled guilty following a prosecution by the Financial Conduct Authority. Bedi received a sentence of 5 years and 4 months, while Mavanga was sentenced to 6 years and 6 months.
Confiscation proceedings are underway to recover the benefits from the crimes committed by both defendants. In the sentencing, His Honour Judge Griffiths noted that Bedi and Mavanga were leading figures in a conspiracy that misled victims into investing in cryptocurrency consultancy, effectively bypassing regulatory measures.