In a major development in the ongoing UK crypto fraud crackdown, two men have been sentenced to a combined 12 years in prison for running cryptocurrency scams that defrauded victims of over $2 million.
The Financial Conduct Authority (FCA), the UK’s top financial regulator, led the prosecution against Raymondip Bedi and Patrick Mavanga. The pair tricked at least 65 victims between February 2017 and June 2019 by selling fake cryptocurrency tokens and offering fraudulent crypto consultancy services.
Court sentences crypto fraudsters
Bedi and Mavanga pleaded guilty to fraud charges in 2023. However, the sentencing was delayed as the FCA continued its investigations into related cases. In court, Judge Griffiths described their crimes as a calculated effort to bypass financial regulations and deceive investors.
Mavanga received an additional sentence after admitting to destroying evidence by deleting recorded phone conversations with Bedi, pushing his total sentence to six years and six months. Bedi was sentenced to five years and six months.
FCA intensifies crackdown on crypto scams
The FCA has been actively pursuing crypto-related fraud cases, some dating back nearly a decade. In the past month alone, it concluded cases against 11 other scammers involved in similar crypto schemes.
The FCA warned that it is still seeking more victims in this case and vowed to recover as much money as possible for those affected.
“There is a cost to committing crime, and we will ensure that Bedi and Mavanga pay,” the FCA said in a statement.
Crypto industry watches FCA’s aggressive stance
While the FCA has been advocating for stronger crypto regulations, its tough stance on crypto fraud has drawn mixed reactions from the industry. Critics argue that the regulator’s aggressive tactics may discourage innovation, but supporters see it as a necessary step to protect investors from rising crypto crimes.
Despite criticism, the FCA remains firm on its commitment to prosecute crypto scammers and strengthen market protections.
