Two individuals have been convicted for their roles in an £1.5m investment fraud following a prosecution brought by the UK's Financial Conduct Authority. 

In a statement on 7 November, the regulator said between February 2017 and June 2019, Raymondip Bedi and Patrick Mavanga, defrauded at least 65 investors out of £1,541,799.

The group cold-called consumers, directing them to a professional-looking website where they were offered high returns for fake investments in crypto.

Raymondip Bedi pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000 and money laundering offences at an earlier hearing.

Patrick Mavanga pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000 and possession of false identification documents with an improper intention at an earlier hearing.

Patrick Mavanga was convicted of perverting the course of justice for the deletion of phone call recordings following the arrest of Raymondip Bedi in March 2019.

The jury were unable to reach a verdict on a third defendant, and they will face a retrial in September 2025.

A fourth individual, Rowena Bedi, was acquitted of the one charge they faced relating to money laundering.

Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: "Bedi and Mavanga lured investors with promises of high returns on crypto investments, but their schemes were nothing but a callous scam. If you’re contacted out of the blue about an investment opportunity that sounds too good to be true, then it probably is. If you’re in any doubt – don’t invest"

Bedi and Mavanga will be sentenced at a later date. A further individual, Minas Filippidis is wanted in relation to the same offences.

The FCA’s ScamSmart campaign provides advice on how to spot and avoid investment scams.

The FCA further said it had attempted to contact investors who lost out. Anyone who was scammed by Bedi and Mavanga and has not heard from the FCA should call 0800 111 6768 or email operationhickory@fca.org.uk. They operated companies including CCX Capital and Astaria Group LLP.