- Two UK men jailed twelve years total for massive crypto scam fraud.
- Scam ran two years, sixty-five victims lost life savings completely.
- FCA warns public strongly: crypto fraud rising, crime never truly pays.
Two men in the UK have been jailed for running a large crypto scam. This case shows how the UK is cracking down on crypto fraud. On July 4, Southwark Crown Court sentenced Raymondip Bedi and Patrick Mavanga to a total of 12 years in prison. Bedi was sentenced by His Honour Judge Griffiths to five years and four months. Additionally, Mavanga was handed down with a sentence of six years and six months.
UK Sees Rise in Crypto Scams, FCA Issues Fresh Warning
The fraud lasted between February 2017 and June 2019. In the same period, Bedi and Mavanga cold-called individuals and defrauded them on false investments in crypto. They promised to get high returns; all they did was pocket the money. More than 65 of the victims lost over 1.5 million altogether. These individuals, mainly, and many of them, entrusted their savings to the men. They were not aware that they were investing in fake investments, unfortunately.
It should be mentioned that both men were characterized as the major actors in this crime. According to Judge Griffiths, they had driven a coach and horses through the regulatory system. This implies that they ignored the law and many rules were broken. The judge ensured that they understood that what they did caused pain to many innocent individuals.
In the meantime, the investigation was headed by Financial Conduct Authority (FCA). The FCA is doing its best to prevent this kind of scam. The case was discussed by Steve Smart who is the joint executive director of enforcement of the FCA. He termed Bedi and Mavanga as those who cheated thousands of honest individuals ruthlessly. He stressed that criminals would need to be aware that there is a price to be paid for committing a crime.
UK Government Shows Crypto Crime Will Lead Straight to Prison
This case accompanies a larger initiative to prohibit fraud. In recent years, the number of those who fell into the traps of crypto scams has increased. In order to attract many fraudsters will be offering easy and fast money. They tend to cold-call or even post fraudulent advertisements on the Internet. Due to this, the FCA has cautioned citizens to be keener.
Bedi and Mavanga were not working alone. In 2023, they were charged together with two other individuals. Each of them was found guilty. The court is also making an attempt to retrieve the looted cash. However, confiscation procedures are yet to take place. In addition, it is aimed at getting back the maximum amount of money to the victims.
On the other hand, the message that this case conveys is eminent. The UK government wants to show that it will not ignore crypto frauds. Moreover, it aims to prove that anyone who commits such crimes will face strict consequences.
Finally, the case of Bedi and Mavanga sentencing is an indication that the law is catching up. It could be said that crypto scams are new, but at the end of the day, fraud is fraud. Victims have got justice due to the work of the FCA and the courts. This is caution with others who would want to do the same. As people are becoming aware of crypto risks each day, crime does not pay.
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