Fraudulent Cryptocurrency Scheme Conviction
Raymondip Bedi and Patrick Mavanga, who operated from Bromley and Peckham respectively, have been convicted for their roles in a fraudulent scheme involving fake cryptocurrency investments that spanned from February 2017 to June 2019. The two men targeted unsuspecting victims through cold calls, ultimately swindling at least 65 investors out of a staggering total of £1,541,799.
Sentencing Details
On Friday, July 4th, Bedi was handed a prison sentence of 5 years and 4 months by His Honour Judge Griffiths during proceedings at Southwark Crown Court, while Mavanga received a term of 6 years and 6 months. The court is currently pursuing confiscation proceedings to reclaim assets gained through their illicit activities.
Judge’s Remarks
In his remarks, Judge Griffiths highlighted the significant role both defendants played in orchestrating a scheme that misled victims into believing they were investing in legitimate cryptocurrency consultancy services. He noted that their actions blatantly disregarded established regulatory frameworks intended to protect investors.
Regulatory Response
Steve Smart, the joint executive director for enforcement and market oversight at the Financial Conduct Authority (FCA), expressed that the sentences serve as a crucial reminder of the consequences faced by those who engage in financial crimes. He emphasized that both Bedi and Mavanga demonstrated a callous disregard for their victims, and the FCA remains committed to ensuring that similar offenders are held accountable for their actions.
