- FCA reports Bedi and Mavanga defrauded 65 investors of $1.95M through fake crypto investment scheme.
- Investors tricked as Bedi and Mavanga promised high returns via professional-looking crypto sites.
- FCA urges caution against unsolicited crypto offers with high returns, calling them likely scams.
Raymondip Bedi and Patrick Mavanga have been convicted of planning a fraudulent crypto investment scheme that swindled at least 65 people out of £1,541,799 (approximately $1.95 million. The UK’s Financial Conduct Authority (FCA) revealed that the duo tricked investors into investing in the fake cryptocurrency investment platforms between February 2017 and June 2019.
FCA Reveals Fraud Scheme
The scheme started with Bedi and Mavanga making a cold call to the potential investors then take them to a professional looking website to give credence to the claim of high returns on investment in crypto currency. As the FCA pointed out, their strategies manipulated individuals into thinking that they were participating in a legal financial venture when in fact they were not. This fraudulent business schemed to defraud investors of millions of dollars before the FCA intervention to stop it.
Bedi and Mavanga were also charged several times in the court of law. Bedi admitted to having committed conspiracy to defraud which is in breach of the Financial Services and Markets Act 2000 and money laundering. Mavanga also pleaded guilty to the charge of conspiracy to defraud and to charges of using a false document contrary to the law. Furthermore, Mavanga was found guilty of perverting the course of justice after erasing voice notes after the arrest of Bedi in March 2019, which the prosecution said was an effort to hide evidence.
The third defendant in the case will be tried again in September 2025 while the fourth person, Rowena Bedi, was also cleared of the money lending grouses. However, another associate, Minas Filippidis, is still on the wanted list regarding the same charges.
FCA Issues Investment Warning
Steve Smart of FCA’s joint executive director of enforcement and market oversight, commented on the case afterward. “
“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 two suspects Bedi and Mavanga will however be sentenced at a later date. The FCA still focuses on financial fraud cases, especially those related to the current trend of cryptocurrency. As more and more people turn to investment in cryptocurrencies, the FCA advises consumers to be on the lookout and to seek to confirm the authenticity of any investment opportunity, particularly if it is received unsolicited.
