Couple Sentenced for £1.5M Crypto Fraud Scheme: Justice Served!
Two Men Sentenced to 12 Years for £1.5 Million Cryptocurrency Scam
Overview of the Fraud Case
A UK court has handed down a combined prison sentence of 12 years to two individuals involved in a significant cryptocurrency fraud scheme that defrauded investors of £1.5 million.
Details of the Scheme
Between 2017 and 2019, Raymondip Bedi and Patrick Mavanga executed a cold-calling operation, luring victims to a professionally designed website that promised substantial returns on fictitious cryptocurrency investments. This fraudulent activity resulted in at least 65 victims losing a total of £1,541,799.
Legal Proceedings and Sentencing
In 2023, Bedi and Mavanga, along with two accomplices, faced charges brought forth by the Financial Conduct Authority (FCA). Both men admitted their guilt in court. Bedi received a sentence of 5 years and 4 months, while Mavanga was sentenced to 6 years and 6 months.
Ongoing Recovery Efforts
The court is currently engaged in confiscation proceedings aimed at recovering the financial gains derived from the fraudulent activities of both defendants.
Judge’s Remarks
During the sentencing, His Honour Judge Griffiths emphasized that both Bedi and Mavanga played pivotal roles in orchestrating a conspiracy that misled victims into investing in a fraudulent cryptocurrency consultancy. He criticized their actions as a blatant disregard for the regulatory framework designed to protect investors.
