Empty Promises and Deceptive Cold Calls: UK Court Sentences Crypto Fraudsters to Over 12 Years for Luring Investors Through Fake Website and Calls

Cold Calls and Fake Promises Led to $2 Million Crypto Scam

Two men who orchestrated a cryptocurrency scam targeting unsuspecting UK investors through unsolicited phone calls and a fake investment website have been jailed after admitting to defrauding more than £1.5 million from at least 65 victims.

Raymondip Bedi and Patrick Mavanga were sentenced at Southwark Crown Court to five years and four months, and six years and six months respectively, following a criminal investigation led by the Financial Conduct Authority (FCA).

The scheme ran from February 2017 to June 2019.

A Carefully Manufactured Crypto Illusion

Operating through firms they controlled — including Astaria Group LLP and CCX Capital — the pair lured investors with slick sales pitches over the phone.

Victims were then directed to a convincing website that appeared to offer legitimate cryptocurrency consultancy services, promising high returns.

But there were no real investments.

The money was channelled into Bedi and Mavanga’s pockets, with the FCA confirming that the total amount lost was £1,541,799 — around $2.1 million.

Steve Smart, joint executive director of enforcement and market oversight at the FCA, said,

“These two men ruthlessly defrauded dozens of innocent victims. It is right that they have received these prison sentences.”

How The Scam Was Built

The operation used cold-calling tactics — a common red flag in fraudulent investment schemes.

Once they gained the victims’ trust, Bedi and Mavanga directed them to a professional-looking website that claimed to offer access to high-yield crypto investments.

Behind the scenes, companies under their control — including unauthorised clones of Ian Buckley Financial Services and Capital Partners Group — were receiving and laundering the funds.

Judge Griffiths, who handed down the sentences, called them “leading players in a conspiracy,” and said they had “conspired to drive a coach and horses through the regulatory system”.

Multiple Offences, Long Sentences

Both men pleaded guilty to conspiracy to defraud and breaching the Financial Services and Markets Act 2000.

Bedi also admitted to money laundering, while Mavanga was convicted of perverting the course of justice for deleting phone records after Bedi’s arrest in 2019.

A third unnamed individual connected to the case is due for retrial later this year.

Another defendant, Rowena Bedi, was acquitted of a single money laundering charge.

Where Did The Money Go?

Although sentencing has concluded, efforts to trace and recover the stolen funds are still ongoing under the Proceeds of Crime Act.

The FCA confirmed that confiscation proceedings are underway, though it remains uncertain how much, if any, of the lost funds will be returned to victims.

Why Crypto Remains a Fraud Magnet

This case is part of a growing trend of crypto-related scams in the UK.

The combination of volatile markets, fast-moving trends and widespread misunderstanding of digital assets makes it fertile ground for fraudsters.

Cold calls, fake websites, and unrealistic return promises remain key tools for scammers.

The FCA has consistently warned the public about investment schemes promoted by unregistered firms, especially when initiated by unsolicited communication.

Smart urged consumers to remain cautious:

“If you’re contacted out of the blue about an investment opportunity that sounds too good to be true, then it probably is.”

The Real Cost of Trust in a Digital Age

This case wasn’t just about lost money.

Behind the numbers are victims who may have lost life savings, retirement funds, or financial security.

It’s a reminder that in a financial world increasingly shaped by technology, the oldest tricks in the book — manipulation, pressure, and lies — remain just as dangerous.

For regulators and the crypto industry alike, the lesson is clear: transparency, education, and enforcement are no longer optional — they’re essential.