Two individuals have been convicted for their involvement in a £1.5 million investment fraud, following a prosecution by the FCA.

Between February 2017 and June 2019, Raymondip Bedi and Patrick Mavanga defrauded at least 65 investors, amassing £1,541,799 through a fraudulent scheme. The pair cold-called potential victims, directing them to a sophisticated website that falsely promised high returns from crypto investments.

Raymondip Bedi previously pleaded guilty to charges of conspiracy to defraud, conspiracy to breach the Financial Services and Markets Act 2000’s general prohibition, and money laundering.

Patrick Mavanga also pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition, and possession of false identification documents with improper intent. Additionally, Mavanga was convicted of perverting the course of justice after he deleted phone call recordings following Bedi’s arrest in March 2019.

A third defendant will face a retrial in September 2025, as the jury could not reach a verdict on their involvement. A fourth individual, Rowena Bedi, was acquitted of a money laundering charge.

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

“Bedi and Mavanga lured investors with promises of high returns on crypto investments, but their schemes were nothing more than a heartless scam. If you’re contacted unexpectedly about an investment opportunity that seems too good to be true, it likely is. If you’re uncertain – don’t invest.”

Bedi and Mavanga will be sentenced at a later date. Another suspect, Minas Filippidis, is currently wanted in connection with these offenses.