Crypto Crooks Caught and Caged 🚔

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Ah, the ignominy of it all! Two enterprising individuals from the UK, Raymondip Bedi and Patrick Mavanga, have found themselves on the wrong side of the law, and are now facing a rather lengthy sojourn in Her Majesty’s pleasure. Their crime, you ask? A cryptocurrency caper of epic proportions, involving a cool $2.1 million and a cast of 65 unsuspecting investors. 🤑

It appears that between February 2017 and June 2019, our dynamic duo spent their days cold-calling victims, peddling fake investments in cryptocurrency with all the finesse of a pair of snake oil salesmen. And, alas, their marks were not exactly the most discerning of individuals, parting with a staggering £1,541,799 (about $2,096,795) in the process. 💸

Bedi, the less culpable of the two, received a sentence of 5 years and 4 months, while Mavanga, the mastermind behind the operation, was handed a rather more substantial 6 years and 6 months by His Honour Judge Griffiths at Southwark Crown Court. The judge, in his infinite wisdom, noted that both defendants played significant roles in a conspiracy that exploited the regulatory system with all the subtlety of a sledgehammer. 🤦‍♂️

And, as one would expect, the authorities are now seeking to recover the proceeds of their crimes through confiscation proceedings. After all, one must ensure that crime does not pay, or at least, not too handsomely. 😉 Steve Smart, joint executive director of enforcement and market oversight at the UK Financial Conduct Authority (FCA), was quick to emphasize the importance of holding these crypto crooks accountable for their actions. 👮

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2025-07-07 13:57