Crypto Fraud Exposed: 2 Londoners Get 12 Years For $2M Scam
2025-07-08 23:11:27
Main Idea
Two Londoners were sentenced to prison for a $2.1 million cryptocurrency scam, highlighting the risks of fraudulent crypto schemes and the importance of investor vigilance.
Key Points
1. Raymondip Bedi and Patrick Mavanga were sentenced to over five and six years, respectively, for defrauding at least 65 victims of $2.1 million through a fake crypto platform.
2. The scam involved cold-calling victims, presenting fake investment graphs, and promising high returns, but no actual crypto trades occurred.
3. The UK's Financial Conduct Authority (FCA) uncovered the scheme, emphasizing the need for investors to verify companies and avoid rushed deals.
4. Victims lost amounts ranging from £5,000 to £200,000, with no payouts ever made despite promises of 10% monthly returns.
5. The case serves as a warning about crypto fraud and the importance of regulatory compliance and due diligence in investments.
Description
Crypto scammers continue to believe they can get away with their dirty tactics. Two residents of Greater London have been sent to prison after swindling more than £1.54 million—about $2.1 million—from at least 65 people. Sentences of over five years for Raymondip Bedi and six years for Patrick Mavanga came down this week. According to a press release from the UK’s Financial Conduct Authority, the duo ran a sham crypto scheme between February 2017 and June 2019 that left dozens out of pocket. FCA...
Latest News
- Bitcoin Trading Below Historical Bull Market Levels: Mayer Multiple Suggests BTC Is Undervalued2025-07-09 02:49:12
- Bitcoin Miners Quiet Down—Volume Hits Lowest Since 20222025-07-09 01:14:35
- XRP Price Closes Highest Quarterly Candle In History2025-07-09 00:25:06
- Crypto Fraud Exposed: 2 Londoners Get 12 Years For $2M Scam2025-07-08 23:11:27
- New Bitcoin Scam Unfolds: Old Wallets, Fake Lawyers2025-07-08 22:11:17