- On the 4th of July, two men were sentenced to a combined 12 years imprisonment for carrying out a crypto scam that caused victims to lose over £1.5 million.
- Authorities have continued to warn users about the dangers of not doing a proper background check on the kinds of crypto investments they make.
As the rate of crypto scams continues to increase, the Financial Conduct Authority (FCA) keeps putting different measures in place to curb and deal with crypto scammers within the country.
A few days ago, on the official website of the FCA, they shared a recent arrest and court ruling involving two men who took part in a crypto scam worth £1.5 million. This crackdown shows their commitment to promoting a scam-free environment for crypto to thrive in.
Details of the Crypto Scam
According to the FCA, the scam operated from February 2019 to June of the same year. Although the operation didn’t last for too long, the two ringleaders, Raymondip Bedi from Bromley and Patrick Mavanga from Peckham, managed to scam about 65 people.
On different occasions they called 65 unsuspecting individuals and advised them to invest in fake cryptocurrency ventures. They used companies like CCX Capital and Astaria Group LLC to deceive the victims and altogether managed to scam them of about £1,541,799.
Also Read: Crypto Scammer Tricks Same Victim Twice in Three Hours, Steals $2.6M
On July 4th, the two men appeared before the Southwark Crown Court, and Bedi received 5 years and 4 months in prison, while Mavanga received 6 years and 6 months. This sentence brings the two men’s sentence to 12 years. As of the time of writing, the authorities have given their word that they are working on reimbursing everyone who lost their money and have asked that all affected victims reach out to the FCA’s agency helpline.
This case is one out of the one hundred crypto scams that go on every day. Authorities have continued to warn citizens about the dangers of this quick-to-earn and unregulated crypto service many are involved in and advocated for doing proper financial and background checks before investing in any crypto-related service.
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