UK Sentences Two Men to Over 12 Years for $2M Cold-Calling Crypto Scam
Two men in the United Kingdom have been sentenced to a combined 12 years in prison for orchestrating a crypto investment scam that defrauded at least 65 victims out of more than £1.5 million ($2 million) through cold-calling tactics and fake investment websites.
The Financial Conduct Authority (FCA) announced on Friday that Raymondip Bedi and Patrick Mavanga were sentenced at Southwark Crown Court after pleading guilty to multiple charges in November 2023.
Raymondip Bedi and Patrick Mavanga have been sentenced to a combined total of 12 years for cold-calling victims to sell fake crypto investments, defrauding at least 65 investors.
Read more https://t.co/9Re7XaRFZJ #FinancialCrime #FraudPrevention #FinancialRegulation #Crypto pic.twitter.com/s7121kHXHk
— Financial Conduct Authority (@TheFCA) July 4, 2025
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Bedi received five years and four months
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Mavanga was sentenced to six years and six months
Fake Crypto Investments and Cold Calls
According to the FCA, between February 2017 and June 2019, Bedi and Mavanga were part of a wider operation that cold-called individuals, directing them to professional-looking websites promising high returns from crypto investments.
However, the investments were entirely fraudulent. The scam funneled victims’ funds into companies controlled by the duo, including:
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Astaria Group LLP
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CCX Capital
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Authorized clones of Ian Buckley Financial Services and Capital Partners Group
In total, the scheme collected £1.54 million ($2.1 million) from unsuspecting investors.
Judge: “Leading Players in a Conspiracy”
During sentencing, Judge Griffiths stated that both men were “leading players in a conspiracy” to exploit regulatory loopholes and defraud investors.
“You conspired to drive a coach and horses through the regulatory system,” he told the defendants.
Steve Smart, joint executive director of enforcement at the FCA, said the pair “ruthlessly defrauded dozens of innocent victims”, adding that it was appropriate they received substantial prison sentences.
Guilty Pleas and Further Charges
The FCA first brought charges in April 2023, and both men entered guilty pleas:
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Bedi admitted to conspiracy to defraud, money laundering, and conspiracy to breach UK financial services laws.
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Mavanga pleaded guilty to conspiracy to defraud, breaching financial laws, and possessing fake identification with malicious intent.
Mavanga was also convicted by jury of perverting the course of justice for deleting call recordings after Bedi’s arrest in March 2019.
A third defendant, whose case ended in a hung jury, is scheduled for retrial in September. A fourth individual, Rowena Bedi, was acquitted of a money laundering charge.
This case marks one of the FCA’s most prominent crypto-related enforcement actions to date, as UK regulators increase pressure on fraudulent schemes exploiting interest in digital assets.
