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Cold-Calling Crypto Scammers Get 12 Years
Two British crypto crooks have been handed a combined 12-year prison sentence for orchestrating a massive £1.5 million ($2 million) cryptocurrency investment fraud scheme that swindled at least 65 individuals.
Raymondip Bedi and Patrick Mavanga, both from London, used a network of cold callers operating under the pseudonyms CCX Capital and Astaria Group to dupe investors with promises of high returns from “cryptocurrency consultancy services.” However, in reality, victims’ money was diverted into personal accounts and utilized for lavish spending.
Between February 2017 and June 2019, Bedi and Mavanga convinced numerous individuals to invest their hard-earned cash by cold-calling them and persuading them that their funds would generate substantial profits. The duo’s scheme eventually raked in a staggering £1.5 million from at least 65 people.
A Southwark Crown Court judge criticized the perpetrators, stating they had “conspired to drive a coach and horses through the regulatory system.” Mavanga attempted to cover his tracks by deleting phone recordings and using fake identification.
The Financial Conduct Authority (FCA), which investigated the case for years, described Bedi and Mavanga as “ruthless” in their fraudulent activities. The organization emphasized that criminals must be made aware that there is a cost to committing crimes and that they will be pursued vigorously.
A separate hearing will determine how much of the stolen money can be recovered and returned to its rightful owners, while the FCA is urging any additional victims who have not been contacted to reach out to their consumer helpline.
Source: fullycrypto.com
