UK Court Sentences Duo in $2 Million Cold-Calling Crypto Fraud Case
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On July 4, the UK’s Financial Conduct Authority (FCA) sentenced Raymondip Bedi and Patrick Mavanga for running a cold-calling crypto fraud that defrauded at least 65 victims of over £1.5 million (approximately $2.1 million).
The two men used fake investment websites and promised high crypto returns that never existed. The court handed down a combined 12-year prison sentence.
Cold-Calling Meets Crypto: A Dangerous Mix
According to the FCA press release, Bedi received a sentence of five years and four months, while Mavanga was sentenced to six years and six months. They contacted unsuspecting individuals by phone, posing as cryptocurrency consultants from firms such as Astaria Group LLP, CCX Capital, and fake versions of licensed financial entities.
https://twitter.com/TheFCA/status/1941165972796199170
These calls were all part of a calculated operation. Victims were persuaded to invest in crypto through sleek websites that looked professional and secure.
Behind the scenes, however, their funds were being siphoned into accounts controlled by the fraudsters.
The scheme ran between 2017 and 2019. Victims believed they were making smart investments, even watching fake dashboards that showed fabricated growth.
The damage wasn’t just financial; many were strung along for months, believing their savings were growing. This kind of scam doesn’t rely on hacking or technical tricks. It thrives on psychology and trust.
Fraud Without Borders: Global Scams on the Rise
The UK is not alone in dealing with this kind of deception. In June, the U.S. Department of Justice reported that five men admitted to laundering over $36.9 million stolen through a crypto fraud that targeted Americans using call centers in Cambodia.
https://twitter.com/DOJCrimDiv/status/1932220122745143645?t=KJv72Y3TMyqoNFA0Hz8rRg&s=19
This case involved criminals building trust with victims before convincing them to invest in fake crypto platforms. Victims believed their portfolios were growing, but the money was long gone.
Meanwhile, Australian authorities dismantled a $124 million money-laundering ring that used a “security” company to convert illicit cash into cryptocurrency.
Four people were charged, and over $13 million in assets were frozen. The group operated from Queensland, using cryptocurrency to conceal the origin of their illicit funds.
Cases like these from the UK, the US, and Australia demonstrate how crypto scams are evolving. Scammers now combine old tricks, such as cold-calling, with digital tools to appear more trustworthy. No advanced hacking is required; just a victim’s misplaced trust is needed.
