UK Court Orders Crypto Scammers to Repay £851,402 in Fake Investment Scheme
Two UK men convicted of running a fake crypto investment scheme have been ordered to repay £851,402.27 in losses to their victims.
The pair, Raymondip Bedi and Patrick Mavanga, cold-called investors between February 2017 and June 2019, convincing them to invest in non-existent crypto opportunities through companies including CCX Capital and Astaria Group LLP.
Bedi was sentenced to five years and four months in prison, while Mavanga received six years and six months. They have three months to pay the ordered amount or face additional prison time.
The UK Financial Conduct Authority (FCA) plans to return recovered funds to victims, who lost a total of £1,541,799 in the scheme. The FCA has identified and contacted victims, but those who have not heard from them can contact the Consumer Helpline for assistance.