Documented Case

R v Bedi and Mavanga (FCA prosecution)

Raymondip Bedi and Patrick Mavanga cold-called investors and sold fake cryptocurrency investments through a professional-looking website. The FCA reported losses of £1,541,799 across at least 65 investors, and both men were convicted and imprisoned.

Investment type: Fake cryptocurrency investments sold by cold-calling
Documented investor losses: £1,541,799 lost by at least 65 investors (FCA)
Date / period: February 2017 to June 2019; sentenced 4 July 2025
Relevant organisation: Financial Conduct Authority
Nature of the matter: Criminal prosecution — conspiracy to defraud and unauthorised activity

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Background

Between February 2017 and June 2019, Raymondip Bedi and Patrick Mavanga operated a cold-calling operation offering cryptocurrency investments to members of the public in the United Kingdom.

The operation was investigated and prosecuted by the Financial Conduct Authority.

What investors were promised

Investors were contacted without invitation and offered high returns from cryptocurrency investments.

They were directed to a professional-looking website designed to give the operation the appearance of an established investment business.

How the scheme operated

Investors were cold-called and subjected to sales pressure
A professional-looking website was used to establish credibility
Investments in cryptocurrency were offered that did not exist
Money received was not invested as represented
Neither man held the FCA authorisation required to carry on the activity

What happened to investors

The FCA identified at least 65 affected investors and reported total losses of £1,541,799.

No genuine investment was made on their behalf.

Investigation and prosecution

The FCA investigated the operation and brought criminal proceedings. The charges included conspiracy to defraud and breach of the general prohibition in the Financial Services and Markets Act 2000 — that is, carrying on regulated activity without authorisation — together with related money laundering matters and, in one instance, perverting the course of justice.

Both men were convicted and were sentenced to a combined total of 12 years' imprisonment, reported by the FCA on 4 July 2025. The FCA also pursued confiscation proceedings.

What the case demonstrates

The case is a clear example of a boiler-room operation adapted to cryptocurrency: unsolicited contact, a credible-looking website, and an investment product that never existed.

It also demonstrates the FCA's willingness to use its criminal prosecution powers, rather than regulatory measures alone, in cryptoasset fraud.

Key Lesson

A polished website proves nothing. Unsolicited contact about an investment opportunity is itself a warning sign, and the firm's status should always be checked on the FCA Register before any payment is made.

Source & Further Information

Two individuals sentenced to a combined 12 years for £1.5m crypto fraud
Financial Conduct Authority — published 4 July 2025
View the official source

These case studies summarise matters recorded in public sources including FCA publications, Insolvency Service and Serious Fraud Office material on GOV.UK, court judgments and the Companies House register. They are provided for information only, are not legal advice, and do not describe work carried out by BJM Recovery Ltd for any client. Where an investigation or set of proceedings remains open, the position stated is the position recorded at the date of the cited source.

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How We Approach Investment Loss Cases

Every investment recovery matter is assessed individually. The circumstances of the investment, the available evidence, the parties involved and the applicable recovery process will determine the appropriate course of action.

Our starting point in any matter is the documentation. We reconstruct the investment chronologically from agreements, payment records, statements, correspondence and marketing material, and we establish precisely which entities and individuals were involved at each stage, and in what capacity.

We then examine what is on the public record: the Companies House position, any insolvency appointments, regulatory publications, enforcement action and court proceedings. Public records frequently determine which routes remain open, whether that is a creditor claim in an insolvency, a claim against a regulated party in the advice or pension chain, participation in a distribution administered by a regulator, or civil proceedings.

Where a matter has been formally referred to us, we deal with the referring organisation directly and work within the process that applies to that referral.

If you have lost money through an investment that has failed, become insolvent or stopped communicating, we can review the information available and set out the position clearly.

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Investment losses can be complex and every situation is different. If you have lost money through an investment that has failed, become insolvent or stopped communicating, our team can assess the information available and discuss the potential next steps.

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