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UK Sends 2 to Prison for Combined 12 Years for Crypto Scam

The UK has sentenced two men to a combined total of 12 years in prison after they admitted to running a crypto scheme that stole over 1.5 million British pounds ($2 million) by cold-calling victims.
The Financial Conduct Authority said on Friday that a central London court handed the scheme’s operators, Raymondip Bedi and Patrick Mavanga, their sentences after the pair pleaded guilty to multiple charges in November.
Bedi was sentenced to five years and four months behind bars, while Mavanga was sentenced to six years and six months.
“Bedi and Mavanga lured investors with promises of high returns on crypto investments, but their schemes were nothing but a callous scam,” Steve Smart, the FCA’s joint executive director of enforcement and market oversight, said at the time of the pair’s conviction in November.
Pair ran cold-calling crypto con
The FCA said in November that between February 2017 and June 2019, the pair were part of a group that would cold-call people to direct them to a “professional-looking website where they were offered high returns for fake investments in crypto.”
The duo managed to defraud at least 65 investors out of just over 1.54 million British pounds ($2.1 million) over that time.
The money was sent to companies they operated — Astaria Group LLP, CCX Capital and authorized clones of the firms Ian Buckley Financial Services and Capital Partners Group.
Duo were “leading players” in scam
In sentencing on Friday, the FCA said Southwark Crown Court Judge Griffiths remarked that Bedi and Mavanga “were both leading players in a conspiracy whereby the victims of the fraud were persuaded to invest in cryptocurrency consultancy”
“You conspired to drive a coach and horses through the regulatory system,” he reportedly told the pair.
Related: 5 ‘insidious’ crypto scams to watch out for this year
The FCA’s Smart said the pair “ruthlessly defrauded dozens of innocent victims, and it is right that they have received these prison sentences.”
Bedi and Mavanga pled guilty to crypto scheme
The two men were first charged in April 2023. The FCA said in November last year that Bedi pleaded guilty to conspiracy to defraud, money laundering and conspiracy to breach the UK’s financial services laws.
Mavanga similarly pleaded guilty to conspiracy to defraud and conspiracy to breach finance laws, along with admitting to possessing fake identification documents with an improper intention.
He was also convicted by a jury of perverting the course of justice for deleting phone call recordings after Bedi was arrested in March 2019.
At the time, a jury did not reach a verdict on a third unnamed defendant, and they would face a retrial in September, while Rowena Bedi, a fourth person charged in connection with the scheme, was acquitted of a single money laundering charge, the FCA said.

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Efficient materials for solar Panels

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TON Coin Erases Some Gains After Golden Visa Clarification

The native cryptocurrency of The Open Network has retraced 6% from its 24-hour high after United Arab Emirates regulators refuted claims that staking Toncoin (TON) could create a pathway to UAE residency.
Toncoin initially shot up 10% to $3.03 on Sunday after The Open Network claimed that applicants staking $100,000 worth of Toncoin for three years make applicants eligible for the UAE’s golden visa program.
However, the cryptocurrency partially retraced after the Emirates News Agency shared a joint statement from several regulators denying that claim.
TON is now trading at $2.84, a 6% decrease from its recently posted 24-hour high.
UAE disputes golden visa claim
TON claimed that applicants who stake $100,000 worth of TON for three years and pay a one-time $35,000 processing fee would be eligible for a 10-year golden visa.
Telegram CEO Pavel Durov added to the speculation by reposting the announcement on X from crypto influencer Ash Crypto on Sunday, though he has made no official comment.
However, the Emirates News Agency later reported on Monday that the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority have said golden visas are not issued to digital asset holders.
They also clarified that digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility.
“The authority further confirmed that digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility. It urged investors to obtain information from credible, official sources to avoid misinformation or fraud,” the Emirates News Agency reported.
Cointelegraph reached out to the TON Foundation, President Manuel Stotz and CEO Max Crown for comment.
Golden visa eligibility
The golden visa is a long-term residency visa introduced by the UAE government in 2019 to attract skilled individuals to the region.
It enables foreign nationals to live, work, and study in the UAE without needing a national sponsor, with visa durations ranging from five to 10 years, according to the Federal Authority for Identity, Citizenship, Customs and Port Security.
Related: ‘Is this real?’ CZ questions TON’s UAE Golden Visa as gov’t sources stay silent
To be eligible, users must meet strict criteria, such as having special skills, like being a doctor, scientist, or researcher.
Investors can receive a golden visa if they have public investments worth 2 million United Arab Emirates dirham ($544,000) or more.
Entrepreneurs can also be eligible if they own a registered startup recognized by the UAE authorities that is tech-based.
Business
Trump Claims Musk ‘Off The Rails’ For Making Political Party

US President Donald Trump has lashed out at his former cost-cutting czar, Elon Musk, after the world’s wealthiest man said he is launching a political party to challenge the US two-party system.
“I am saddened to watch Elon Musk go completely ‘off the rails,’ essentially becoming a TRAIN WRECK over the past five weeks,” Trump posted on his Truth Social platform on Sunday, hours after Musk declared he had formed the “America Party.”
“He even wants to start a Third Political Party, despite the fact that they have never succeeded in the United States — The System seems not designed for them,” he added.
Musk’s new party threatens to fracture the Republican vote as he has threatened to target key seats leading up to the midterm elections next year, which would include aiming to unseat some Republicans.
However, while third parties — those other than the Democratic and Republican parties — have seen some success at electing state and local officials, a third party hasn’t won a presidential election since the Republican Party became a major party in 1856.
Musk posted to his X platform on Sunday that he was forming the “America Party.” He had promised to create it if Congress passed Trump’s massive tax and spending bill, which it did on Thursday.
Multiple political parties referencing the America Party, DOGE, or X were filed with the Federal Election Commission after Musk’s post, which listed him as affiliated with the entity. Musk confirmed that at least one of the filings was fake, while some on social media have questioned the legitimacy of others.
Trump and Musk feud over “big beautiful bill”
Musk has taken issue with the spending allowance in the Republican-backed One Big Beautiful Bill Act, calling it a “disgusting abomination,” as it’s estimated to add $3.3 trillion to the national debt over the next decade.
Before the bill passed, Musk threatened that he’d look to unseat any lawmakers who supported the bill, saying they would “lose their primary next year if it is the last thing I do on this Earth.”
It’s the latest in the public spat between Musk and Trump that started in late May, just before Musk finished up his special government employee role at the so-called Department of Government Efficiency, or DOGE, named in homage to the cryptocurrency Dogecoin (DOGE).
Musk has claimed the bill undermines DOGE’s work to cut government spending.
Trump faithful fears Musk’s party could fracture GOP
Trump’s biggest backers are seemingly worried that Musk’s America Party could cause the Republican vote to splinter in the midterm elections next year, risking the party’s thin majority in Congress.
Third parties rarely threaten the Republicans and Democrats, but Musk has the money to potentially influence next year’s elections if he follows through with his plan.
The US has a first-past-the-post election system, meaning the candidate with the most first-preference votes wins even if they don’t get a majority of the votes.
Some of Trump’s most loyal backers are seemingly concerned that the America Party could win over would-be Republican voters, splitting the party’s base and risking the GOP’s majority or allowing Democrat candidates to win.
Related: Bitcoin to benefit from Trump’s ‘Big Beautiful Bill,’ analysts predict
Laura Loomer, a far-right influencer close to Trump, said on X that high-profile Republicans, including Representatives Marjorie Taylor Greene and Thomas Massie, could defect to Musk’s new party.
Musk to “laser-focus” on key Congressional seats
Musk posted to X on Friday that his party planned to focus on winning a few key House and Senate seats, which he claimed would be enough to block Republican or Democratic agendas.
“One way to execute on this would be to laser-focus on just 2 or 3 Senate seats and 8 to 10 House districts.”
“Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people,” he added.
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