UK FCA Convicts Two Men for £1.5M Telecoin Crypto Scam, Highlighting Regulatory Enforcement

The UK’s Financial Conduct Authority (FCA) has successfully convicted two men, Raymondip Bedi and Patrick Mavanga, for orchestrating a telecoin cryptocurrency scam, which defrauded 65 investors of £1.5 million (approximately $1.95 million). From February 2017 to June 2019, these individuals cold-called potential investors, referring them to sophisticated-looking websites that fraudulently promised high returns. Both pled guilty to conspiracy to defraud, operating without FCA authorization, and money laundering. While a third defendant will face retrial in 2025, another suspect remains at large, and a fourth was acquitted. Sentencing for Bedi and Mavanga will occur later. This case underscores the FCA’s crucial role in enforcing regulations to protect consumers against crypto scams and stresses the importance of transacting only with registered entities.