Between February 2017 and June 2019, Raymondip Bedi and Patrick Mavanga orchestrated a £1.5 million crypto investment scam, defrauding at least 65 unsuspecting investors.
Using cold-calling techniques, the pair directed victims to a polished website that falsely promised high returns from cryptocurrency investments.
Raymondip Bedi admitted to charges of conspiracy to defraud, conspiracy to breach the Financial Services and Markets Act 2000, and money laundering.
His accomplice, Patrick Mavanga, also pleaded guilty to conspiracy to defraud, conspiracy to breach the Act, and possession of false identification documents.
Additionally, Mavanga was convicted of obstructing justice by deleting phone call recordings after Bedi’s arrest in March 2019.
A third defendant in the case will face a retrial in September 2025, while a fourth individual, Rowena Bedi, was acquitted of a money laundering charge.
Meanwhile, Minas Filippidis remains wanted by authorities in connection with the offences.
Steve Smart, joint executive director of enforcement and market oversight at the Financial Conduct Authority (FCA), commented: “Bedi and Mavanga lured investors with promises of high returns on crypto investments, but their schemes were nothing but a callous scam. If you’re contacted out of the blue about an investment opportunity that sounds too good to be true, then it probably is. If you’re in any doubt – don’t invest.”
The FCA’s ScamSmart campaign offers guidance on identifying and avoiding investment fraud. Bedi and Mavanga will receive their sentencing at a later date.
The Blockchain Association has voiced strong criticism of the U.S. Securities and Exchange Commission (SEC), claiming that the regulatory body’s approach under Chair Gary Gensler has stifled the cryptocurrency industry’s growth.
Since Gensler’s appointment in 2021, the SEC has initiated 104 legal actions against crypto firms, resulting in over $426 million in legal costs for these companies.
This “regulation by enforcement” strategy, according to the association, has not only curbed industry development but also led to significant job losses.
