FCA cracks down on £1.5 million crypto scam targeting UK investors
The duo used cold calls and fraudulent websites to promote fake crypto platforms, resulting in significant investor losses.
The UK’s Financial Conduct Authority (FCA) has successfully prosecuted two men, Raymondip Bedi and Patrick Mavanga, for running a £1.5 million cryptocurrency investment fraud that misled 65 investors. Between 2017 and 2019, Bedi and Mavanga lured investors through cold calls and fraudulent, professional-looking websites, offering high returns on fake crypto platforms. The tactic resulted in substantial losses for their victims, totalling over £1.5 million.
The FCA charged both men with conspiracy to defraud, operating without FCA authorisation, and money laundering. Mavanga also faced additional charges for perverting the course of justice by deleting phone records linked to the scheme. The prosecution underscores the FCA’s mandate to uphold financial service standards and highlights the importance of being wary of unsolicited calls and online investment offers.
Two other suspects were involved: Rowena Bedi was acquitted, while a third defendant awaits a retrial in 2025. Another individual, Minas Filippidis, remains at large. The FCA advises consumers to stay vigilant against scams and only trust financial services authorised by the agency.
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