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The Financial Conduct Authority (FCA) has successfully secured a combined total of 12 years in prison time for two individuals, Raymondip Bedi and Patrick Mavanga, who were found guilty of perpetuating a massive fake crypto investment scam. The fraudulent scheme, which ran from 2017 to 2019, targeted at least 65 unsuspecting investors, resulting in the theft of over £1.5 million.
According to the FCA’s investigation, Bedi and Mavanga used cold-calling tactics to lure their victims into investing in fake cryptocurrency-related assets. They created fake websites and utilized unauthorized firms, including CCX Capital and Astaria Group LLP, to appear legitimate. Bedi even possessed false identity documents, further adding to the scam’s sophistication.
In addition to the prison sentences, both individuals also face serious criminal charges for money laundering, fraud, and breaching the Financial Services and Markets Act (FSMA). These offenses carry significant penalties, including up to 14 years in prison for unauthorized financial activity and a maximum of 10 years for fraud-related charges.
The FCA has strongly warned investors against cold calls promising guaranteed crypto returns, emphasizing that these schemes are likely to be fraudulent. The regulator is also urging anyone who interacted with Bedi or Mavanga and has not been contacted by the FCA to come forward immediately.
In a press release, Steve Smart, head of enforcement at the FCA, stated, “We continue to see the devastating impact that these scams can have on people’s lives. We urge all investors to remain vigilant and cautious when approached with unsolicited investment offers.”
This conviction serves as a stark reminder of the importance of thoroughly researching any potential investment opportunities before committing funds. The FCA has consistently stressed the significance of this due diligence, particularly in the ever-evolving cryptocurrency market.
The regulator’s relentless pursuit of financial criminals has resulted in an unprecedented nine successful prosecutions and 21 individuals charged in 2023/24, demonstrating its commitment to protecting investors and upholding financial law and order.
Source: blockonomi.com
