UK Jails Two Men for $2M Crypto Cold-Calling Scam

Two men have been sentenced to a total of over 12 years in prison in the UK for orchestrating a crypto investment scam that defrauded victims of more than £1.5 million ($2 million). The Financial Conduct Authority (FCA) announced on Friday that Raymondip Bedi and Patrick Mavanga received their sentences at a central London court after pleading guilty to multiple charges in November. Bedi was sentenced to five years and four months, while Mavanga received a longer term of six years and six months for his role in the scheme. “Bedi and Mavanga lured investors with promises of high returns on crypto investments, but their schemes were nothing but a callous scam,” said Steve Smart, the FCA’s joint executive director of enforcement and market oversight. Scam Details: Fake Crypto Investments Between February 2017 and June 2019, Bedi and Mavanga targeted individuals through cold calls, persuading them to invest in fake crypto opportunities by directing them to professional-looking websites that promised high returns. According to the FCA, at least 65 investors fell victim to the scheme, collectively losing over £1.54 million during this period. The funds were funneled through companies operated by the duo, including Astaria Group LLP, CCX Capital, and authorized clones of Ian Buckley Financial Services and Capital Partners Group, enabling them to disguise the scam activity as legitimate crypto consultancy services. Leading Roles in Conspiracy During sentencing at Southwark Crown Court, Judge Griffiths highlighted that both men played “leading roles in a conspiracy,” noting they “conspired to drive a coach and horses through the regulatory system” while preying on individuals eager to explore cryptocurrency investments. The FCA’s Steve Smart stated that the pair “ruthlessly defrauded dozens of innocent victims,” emphasizing that the prison sentences were appropriate in light of the scale of the scam. The investigation revealed that Bedi pleaded guilty to conspiracy to defraud, money laundering, and conspiracy to breach UK financial services laws. Mavanga pleaded guilty to conspiracy to defraud and conspiracy to breach financial regulations, alongside admitting possession of fake identification documents. Additionally, Mavanga was convicted for perverting the course of justice after deleting call recordings following Bedi’s arrest in March 2019. The FCA noted that a third unnamed defendant in the case will face retrial in September, while Rowena Bedi, who was also charged in connection with the scheme, was acquitted of a money laundering charge. The post UK Jails Two Men for $2M Crypto Cold-Calling Scam appeared first on TheCoinrise.com .

Source: The Coin Rise