Pair jailed for £1.5m crypto fraud

Editorial

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Between 2017 and 2019, Raymondip Bedi and Patrick Mavanga cold-called victims, directing them to a professional-looking website where they were offered high returns for fake investments in crypto. At least 65 investors were defrauded and lost £1,541,799.

The men, along with two other people, were charged in 2023 and pled guilty following a prosecution brought by the Financial Conduct Authority. Bedi has now been sentenced to 5 years and 4 months and Mavanga to 6 years and 6 months.

Confiscation proceedings are continuing to recover the benefit from the crimes of both defendants.

In sentencing, His Honour Judge Griffiths remarked that Bedi and Mavanga “were both leading players in a conspiracy whereby the victims of the fraud were persuaded to invest in crypto currency consultancy” and “you conspired to drive a coach and horses through the regulatory system”.