UK court sentences crypto fraudsters to 12 years in prison
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A United Kingdom court has sentenced two men to prison for their alleged involvement in a crypto investment fraud worth over $2 million. According to the Financial Conduct Authority (FCA), the two men will serve a combined 12 years in prison for their part in the criminal scheme. According to the report, the perpetrators, 35-year-old Ramondip Bedi and 40-year-old Patrick Mavanga cold-called their victims between February 2017 and June 2019, luring them to fake websites under their control. These websites promised their victims promises on lucrative returns on their crypto investments. The police reported that the pair were able to scam about 65 investors out of £1,541,799 (approximately $2,104,555). The criminals were said to operate their investment platforms through several companies, including CCX Capital and Astaria Group LLP. United Kingdom court sentenced the men for 12 years According to the FCA, both men had pleaded guilty to fraud charges in 2023, but the final criminal proceedings just wrapped up with their sentencing. According to reports, Judge Griffiths, presiding over the case at the Southwark Crown Court, sentenced Bedi to 5 years and 4 months in prison, while Mavanga was sentenced to 6 years and 6 months of prison time. The authorities are still carrying out confiscation proceedings to recover more funds from their criminal gains. According to reports from the FCA, Bedi was charged with conspiracy to commit fraud, conspiracy to breach the general prohibition, and the possession and conversion of criminal property. On the other hand, Mavanga was charged with conspiracy to commit fraud, breach of general prohibition, possession of false identification documents with an improper intent, and perverting the course of justice. Their prison terms are expected to run consecutively. In his sentencing, Judge Griffiths said, “Bedi and Mavanga were both leading players in a conspiracy whereby the…
