UK Scammers Sentenced for $2 Million Crypto Fraud Scheme

Two UK fraudsters have been handed a combined 12-year prison sentence for orchestrating a cryptocurrency scam that siphoned over $2 million from unsuspecting investors. Raymondip Bedi, 35, and Patrick Mavanga, 40, operated under the guise of financial advisers, cold-calling victims between 2017 and 2019 to lure them to fraudulent investment platforms.

The duo's companies, CCX Capital and Astaria Group LLP, served as fronts for high-pressure sales tactics targeting retail investors with limited crypto experience. Their fake assets—marketed as legitimate opportunities—ultimately defrauded 65 victims before UK authorities intervened. The Financial Conduct Authority (FCA) secured convictions, with Bedi receiving 5 years and 4 months imprisonment while Mavanga was sentenced to 6 years and 6 months.

Court documents reveal the pair deliberately circumvented financial regulations and continued extracting funds even after their scheme was exposed. Authorities urge affected investors to seek support through designated channels to mitigate future scam risks.