A British court has sentenced two men from Greater London to prison for running a fraudulent cryptocurrency investment scheme that stole over £1.54 million (about $2.1 million) from at least 65 victims between 2017 and 2019.
UK Jails Duo for $2M Fake Crypto Consultancy Scam
► https://t.co/0Mm88QsieV https://t.co/0Mm88QsieV— Decrypt (@DecryptMedia) July 8, 2025
Raymondip Bedi and Patrick Mavanga cold-called potential investors, promising them risk-free digital asset investments with high monthly returns. The pair lured victims onto a fake crypto platform, using fabricated trading charts and fake activity to convince them that their money was being invested in real digital assets. In reality, no crypto was ever bought or sold. Instead, the funds were funnelled through shell companies controlled by the scammers.
“Fraud doesn’t pay, and we’re watching the crypto space closely,”
said Steve Smart, the UK Financial Conduct Authority’s (FCA) joint enforcement chief.
Victims were told they could earn up to 10% returns every month. Some lost their life savings, with one individual reportedly losing as much as £200,000. Mavanga also admitted to using fake identity documents to further the scam.
The FCA, which led the investigation, warned the public to be wary of unsolicited investment offers, mainly those promising guaranteed profits. The regulator urged consumers to always check the FCA’s official register before investing and to avoid any scheme that claims to offer risk-free or guaranteed returns.
Both Bedi and Mavanga pleaded guilty to conspiracy to defraud and money laundering. The court handed down sentences of over five and six years, respectively.
The case highlights the ongoing risks in the crypto investment space and the need for increased public awareness and regulatory vigilance.
For the first time, the UK government has introduced a 27-page draft legislation aimed at formally regulating cryptocurrency activities. This initiative seeks to protect consumers and promote innovation by expanding existing financial regulations to encompass digital assets, including crypto exchanges, stablecoins, and custodial services.
UK crypto businesses, including stablecoin issuers and exchanges, must get FCA approval, aligning the UK with the US’s security-based crypto regulations rather than the EU’s MiCAR system.
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