CashNews.co
The UK Financial Conduct Authority (FCA) has secured convictions against two crypto fraudsters, marking a significant step in its battle against digital asset fraud.
- Raymondip Bedi and Patrick Mavanga were found guilty of defrauding 65 investors out of £1.5 million through a sophisticated cold-calling scheme.
- The duo pled guilty to conspiracy charges, with Mavanga also admitting to possessing false identification and interfering with judicial proceedings.
- Attempts to reach a verdict on a third accomplice were unsuccessful, resulting in a scheduled retrial.
- The FCA continues to intensify actions against financial influencers promoting high-risk investments.
In a landmark judgment, the Financial Conduct Authority (FCA) has successfully prosecuted Raymondip Bedi and Patrick Mavanga for orchestrating a fraudulent cold-calling scheme that exploited the burgeoning interest in cryptocurrencies. Between February 2017 and June 2019, they lured at least 65 unsuspecting investors, promising substantial returns through fake crypto investments.
The impromptu investment opportunity that Bedi and Mavanga presented to victims was based on a well-crafted façade, involving a professional-looking website designed to add credibility to their claims. As a result, the pair amassed £1.5 million from the scheme, highlighting the vulnerability of investors enticed by the prospect of high returns.
Both defendants pled guilty to conspiracy to defraud and conspiracy to breach the Financial Services and Markets Act 2000. Furthermore, Mavanga admitted to the possession of false identification documents, intending to deceive, and was charged with obstructing justice by deleting crucial phone call recordings post-arrest.
While a jury could not reach a consensus on a third defendant involved in the case, leading to a retrial set for September 2025, Rowena Bedi was acquitted of money laundering charges. The pursuit of justice continues as another associate, Minas Filippidis, remains at large.
The FCA has been diligently working to combat fraud within the financial sector, particularly focusing on individuals and entities using the allure of digital assets. Recently, the regulator has intensified efforts to curb the influence of ‘finfluencers’, including legal actions against public figures like Scott Timlin, accused of promoting risky investments without adequate understanding.
The UK FCA’s stringent efforts underscore its commitment to protecting investors from financial scams.