Two individuals have been convicted for their roles in an £1.5 million investment fraud following a prosecution brought by the UK Financial Conduct Authority (FCA).

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 money laundering.

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 has 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.