简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The Financial Conduct Authority (FCA) recently secured convictions against Raymondip Bedi and Patrick Mavanga, from CCX Capital and Astaria Group respectively, for orchestrating a £1.5 million investment fraud that affected over 65 investors between February 2017 and June 2019.
The Financial Conduct Authority (FCA) recently secured convictions against Raymondip Bedi and Patrick Mavanga for orchestrating a £1.5 million investment fraud, affecting over 65 investors between February 2017 and June 2019. This significant case, led by the FCAs enforcement team, highlights the persistent risk of fraudulent investment schemes and serves as a warning to investors to exercise caution with high-return offers, particularly those related to cryptocurrency.
Bedi and Mavanga conducted their fraudulent activities through companies such as CCX Capital and Astaria Group LLP. Operating through cold-calling tactics, they directed unsuspecting consumers to professional-looking websites, where they were enticed with promises of lucrative returns from non-existent cryptocurrency investments. This meticulously constructed scheme exploited the growing interest in cryptocurrency to deceive investors into parting with substantial sums of money.
Both individuals faced numerous charges for their roles in the scheme. Bedi, in an earlier hearing, pleaded guilty to conspiracy to defraud, conspiracy to breach the Financial Services and Markets Act 2000, and money laundering. Similarly, Mavanga admitted to conspiracy to defraud and conspiracy to breach the Financial Services and Markets Act, along with possession of false identification documents with malicious intent. In addition, he was convicted of perverting the course of justice after deleting phone call recordings following Bedis arrest in March 2019.
Meanwhile, the FCA also noted the involvement of other individuals. One defendant will face a retrial in September 2025 after the jury failed to reach a verdict. Another individual, Rowena Bedi, was acquitted of money laundering charges. Meanwhile, a fifth associate, Minas Filippidis, remains wanted in connection to similar offences.
Steve Smart, Joint Executive Director of Enforcement and Market Oversight at the FCA, underscored the lessons to be learned from this case. He highlighted how Bedi and Mavanga enticed investors with promises of high returns in cryptocurrency but ultimately delivered only financial losses and distress. Smart advised the public to remain cautious about unsolicited investment opportunities, adding that offers sounding “too good to be true” are likely scams.
This case is part of the FCAs broader effort to curb investment fraud. Earlier this year, the FCA charged three other individuals—Kristofer McGuire, Keith Williamson, and Karla Walker—in a separate scheme involving contracts for difference (CFDs). This scheme reportedly targeted pension savings, resulting in over £8 million in losses. The FCA alleged that the defendants provided false information, encouraging investors to use pensions for risky CFD investments, only to generate excessive commissions from failed trades.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
A Russian lawmaker has urged the country’s Finance Minister to investigate the possibility of establishing a strategic Bitcoin reserve. The proposal aims to provide Russia with an alternative financial safeguard amid the ongoing challenges posed by international sanctions, inflation, and currency volatility.
Crypto.com has announced its acquisition of Orion Principals Limited, an Abu Dhabi-based brokerage firm licensed by the Abu Dhabi Global Market (ADGM).
'Crypto Man,' starring the late Song Jae-rim, premieres Jan. 15, 2025. Based on true events, the movie explores South Korea’s $34.9B crypto crash and its impact.
Abu Dhabi Global Market grants Tether’s USDt stablecoin full recognition for regulated services, enabling licensed firms in the region to offer USDt services.