UK Jails Two Men for $2.1M Crypto Scam Built on Cold Calls

Cryptos: 21,330
Exchanges: 1,873
Market Cap: $3.86T 0.36%
24h Vol: $435,204,835,325 31.35%
Dominance: BTC: 60.4% ETH: 11.8%
Gas: 1 GWEI

Connect

Crypto News Regulation

UK Jails Two Men for $2.1 Million Crypto Scam Built on Cold Calls

Written by Aaron S.,

Editor-In-Chief

Last Updated: July 07, 2025

Key Takeaways

Two men were jailed for a total of 12 years in the UK after running a fake crypto investment scheme that stole over £1.5 million;
Between 2017 and 2019, the pair cold-called victims and directed them to fake websites promising high crypto returns;
The scam used fake firms and cloned businesses to collect funds from at least 65 investors, according to the FCA.

Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now! 🔥

UK Jails Two Men for $2.1 Million Crypto Scam Built on Cold Calls

BITDEGREE IN YOUR SOCIAL FEED

Two men have been sentenced to a total of 12 years in prison in the UK for running a cryptocurrency scam that took more than £1.5 million (around $2.1 million) from unsuspecting investors.

Raymondip Bedi and Patrick Mavanga led a scheme where people were cold-called and convinced to invest in fake crypto services.

The pair worked with others between February 2017 and June 2019. They contacted individuals by phone and offered fake investment opportunities in crypto. Those who agreed were directed to a professional-looking website that promised strong returns.

How Does Cryptocurrency Work? (Explained with Animation)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

The funds were transferred to businesses, including Astaria Group LLP, CCX Capital, and copies of known financial firms like Ian Buckley Financial Services and Capital Partners Group.

In November 2024, Bedi and Mavanga were accused of several charges of fraud. The UK’s Financial Conduct Authority (FCA) said the two had tricked at least 65 people out of over £1.54 million.

On July 4, a London court sentenced Bedi to five years and four months in prison and Mavanga to six years and six months.

Southwark Crown Court Judge Griffiths said both had played leading roles in convincing people to invest in something that did not exist. He also noted that they had worked around the rules meant to protect investors.

Dwayne Golden, a 57-year-old man from the US, has been sentenced to nearly eight years in prison. What happened? Read the full story.