Two UK men sentenced to 12 years in prison for crypto scam selling fake investments

Two men in the UK were sentenced to a total of 12 years in prison for running a crypto scheme that stole over 1.5 million British pounds through cold-calling victims. The Financial Conduct Authority revealed that the pair lured investors with promises of high returns on crypto investments, resulting in a callous scam.

Between 2017 and 2019, the duo cold-called individuals, directing them to a fake crypto investment website, defrauding at least 65 investors of over 1.54 million British pounds. The money was sent to companies they operated, including Astaria Group LLP and CCX Capital.

During sentencing, the FCA stated that the two men were considered “leading players” in the scam, conspiring to persuade victims to invest in cryptocurrency consultancy. The judge remarked that they violated the regulatory system and ruthlessly defrauded innocent victims, leading to their prison sentences.

The two men, Bedi and Mavanga, pleaded guilty to various charges related to the crypto scheme, including conspiracy to defraud and money laundering. Mavanga also faced additional charges for possessing fake identification documents and perverting the course of justice. Another defendant would face retrial, while a fourth person charged was acquitted.

Read more at Cointelegraph: UK Sends 2 to Prison for Combined 12 Years for Crypto Scam