LONDON, UK – Sunday, March 15, 2026 – Raymondip Bedi, a key figure in a sophisticated crypto investment fraud that swindled at least 65 victims out of more than £1.5 million, has been sentenced to 5 years and 4 months imprisonment. The conviction, handed down at Southwark Crown Court, marks a significant victory for the Financial Conduct Authority (FCA) in its ongoing battle against digital asset scams.
Raymondip Bedi, 35, of Bromley, London, orchestrated the extensive scheme alongside accomplice Patrick Mavanga. Their operation, which ran for over two years between February 2017 and June 2019, involved cold-calling unsuspecting individuals and luring them into what appeared to be lucrative cryptocurrency investments. Victims were directed to professionally designed websites, seemingly offering high returns on their crypto holdings, only for their funds to disappear into the fraudsters’ pockets.
The Charges Against Raymondip Bedi
Raymondip Bedi pleaded guilty to four serious charges: conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000 (FSMA), and two counts of money laundering. His sentence includes 5 years for conspiracy to commit fraud, with an additional 4 months for the conspiracy to breach the general prohibition, to run consecutively. He also received 2 years for each of the money laundering offenses (possession and conversion of criminal property), which will run concurrently with the longer sentences.
The FCA’s investigation revealed a meticulous operation designed to mimic legitimate investment opportunities. Bedi and Mavanga used front companies such as CCX Capital and Astaria Group LLP, and even cloned legitimate firms like Capital Partner(s) Group and Ian Buckley Financial Services, to lend an air of authenticity to their bogus offerings. The promise of high returns, a classic red flag in investment fraud, proved irresistible to many victims, some with limited experience in the volatile crypto market.
The scale of the crime is staggering. Over £1.5 million (£1,541,799 to be precise) was stolen from at least 65 individual investors. Beyond the direct investment fraud, Bedi was also implicated in laundering at least £114,870 in cash through his bank account between March 2018 and January 2020. Further demonstrating the illicit nature of his activities, £78,500 in criminal property was seized from his home during a raid in March 2019.
Raymondip Bedi, born in October 1989, was involved in operating the aforementioned companies, as well as being a director of the now-dissolved Exsor Technologies Limited and Riverrun Consulting Limited. While his specific professional background outside of these fraudulent ventures is not detailed, his involvement in these entities provided the infrastructure for his criminal enterprise.
The intricate fraud was uncovered following a complaint lodged with the FCA, which then launched a comprehensive investigation. The Metropolitan Police Service provided crucial assistance, leading to Bedi’s arrest in March 2019. Following the arrests, Bedi’s accomplice Patrick Mavanga attempted to destroy evidence by deleting phone call recordings. Charges were formally filed by the FCA in April 2023, with Bedi making his first court appearance and pleading guilty on May 2, 2023, at Southwark Crown Court. Mavanga also pleaded guilty in June 2023 and was later convicted of perverting the course of justice in November 2024.
“This sentencing sends a clear message that those who exploit the burgeoning interest in cryptocurrency for fraudulent gain will be pursued relentlessly by authorities. The emotional and financial toll on victims is immense, and we are committed to recovering as much as possible.”
With Bedi now imprisoned, confiscation proceedings are actively underway to recover the ill-gotten gains from both Bedi and Mavanga. The FCA’s primary objective is to return these funds to the victims, many of whom suffered severe financial and emotional distress, including losing life savings and developing mental health issues. Bedi’s wife, Rowena Bedi, was acquitted of related money laundering charges, while a third defendant awaits a retrial in September 2025. Another individual, Minas Filippidis, remains wanted in connection with these offenses.
This case serves as a stark reminder of the persistent threats in the investment landscape. Consumers must remain vigilant against common related fraud investigations. Red flags in the Bedi case included unsolicited cold-calls offering investment opportunities, promises of unusually high returns, and the use of unauthorized firms or clones of legitimate companies. Always verify a firm’s authorization status on the FCA Register before committing any funds. If an investment opportunity sounds too good to be true, it almost certainly is.
