Court convicts duo in UK crypto fraud worth $2 million
Victims faced serious financial and emotional harm after falling for a high-pressure crypto scam.
A UK court has sentenced Raymondip Bedi and Patrick Mavanga to a combined 12 years in prison for a cryptocurrency fraud scheme that defrauded 65 victims of around $2 million. Between 2017 and 2019, the pair cold-called investors posing as advisers, which led them to fake crypto websites.
Bedi was sentenced to five years and four months, while Mavanga received six years and six months behind bars. Both operated under CCX Capital and Astaria Group LLP, deliberately bypassing financial regulations to extract illicit gains.
The scam targeted retail investors with little crypto experience, luring them with promises of high profits and misleading sales materials.
Victim impact statements revealed severe financial and emotional consequences. Some lost their life savings or fell into debt, and others developed mental health issues. Mavanga was also found guilty of hiding incriminating evidence during the investigation.
The Financial Conduct Authority (FCA) led the prosecution amid a heavy backlog of crypto fraud cases, exposing regulators’ challenges in enforcing laws.
The court encouraged victims to seek support and highlighted the need for vigilance against similar scams. While the prosecution offers closure for some, the lengthy process underscores the ongoing difficulties in policing the fast-evolving crypto market.
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