In the latest event, two men, Raymondip Bedi and Patrick Mavanga, have been convicted for their involvement in a £1.5 million fraudulent cryptocurrency investment scheme. The pair 35-year-old Bedi from Bromley and 39-year-old Mavanga from Peckham in Southwark, London, were found guilty of conspiracy to defraud and possessing a counterfeit identity document, in breach of the Financial Services and Markets Act 2000.
Their scheme, which operated between February 2017 and June 2019, tricked at least 65 investors. The scammers cold-called individuals, promising high returns and directing them to a polished website designed to look legitimate. This deceptive front lured unsuspecting people keen to benefit from the cryptocurrency boom, though im reality it was entirely fraudulent.
Mavanga also faced an additional charge for attempting to obstruct justice by deleting phone recordings after Bedi’s arrest in March 2019. According to reports, the FCA is still seeking Minas Filippidis, another suspect linked to the same crimes. One defendant awaits a retrial in September after the jury couldn’t reach a verdict, while another involved party, Rowena Bedi, was acquitted of money laundering charges.
The FCA identified the companies CCX Capital and Astaria Group as fronts for the illegal activities. The authority has reached out to affected investors in an attempt to provide some compensation for their losses.
This case underscores the FCA’s intensified focus on tackling financial crime. The regulator’s annual report for 2023/24 reveals a strong commitment to holding firms and individuals accountable. In that period, the FCA achieved nine successful convictions in financial crime cases and charged 21 individuals, setting a new record for the regulator.
Nikhil Rathi, CEO of the FCA, emphasised the regulator’s dedication to maintaining high standards, stating that only firms meeting strict standards will continue to operate with official approval.
Cryptocurrency fraud remains a growing concern due to the volatile and often opaque nature of digital currencies. Scammers prey on investors’ limited understanding and eagerness for high returns. Recent measures by the FCA aim to strengthen regulatory oversight and enforcement to tackle these issues.
This case serves as a cautionary reminder to potential investors to be vigilant and verify the legitimacy of any investment opportunity. The FCA also urges people to check the Financial Services Register and report any suspicious activities, striving to keep the financial market secure and transparent.
If you’re wondering how to protect yourself from falling under the influence of such scammers, the best advice is to steer clear of financial advisers who promise exceptionally high returns in a short period. Instead, take a moment to question how a company could realistically deliver such gains in such a short time. Conduct your own due diligence: check if the firm is registered with the FCA, and don’t rely solely on their professional-looking website or suspiciously positive reviews.
If you are worried you may have received poor financial advice it costs nothing for us to investigate for you and if we find out you have been a victim of crypto fraud, we may be able to advise you on how to recover your losses.
Contact our specialist claims team and book a free 15-minute consultation to discuss your case. Our experts know how to navigate these situations and will do all they can to assist you.
