FCA wins back money for victims of £1.5m crypto fraud
Two men ordered to repay more than £851,000 after conning at least 65 investors into fake cryptoasset schemes.
Confiscation orders made against pair
Victims of a £1.5m cryptocurrency investment fraud are set to get money back after the Financial Conduct Authority secured confiscation orders against two men at Southwark Crown Court.
At a hearing on 28 September 2026, Raymondip Bedi was ordered to pay £603,404.28 and Patrick Mavanga £247,997.99. The FCA says funds recovered through the process will be returned to victims, whom it has already identified and contacted.
How the fraud worked
Between February 2017 and June 2019, Bedi and Mavanga ran a fraudulent investment scheme that cold-called consumers and persuaded them to put money into fake cryptoasset opportunities. The pair used companies including CCX Capital and Astaria Group LLP to carry out the scam. At least 65 investors were defrauded, losing a combined £1,541,799.
Both men were prosecuted by the FCA and sentenced in July 2025. Bedi received 5 years and 4 months in prison, while Mavanga was given 6 years and 6 months, a combined 12 years between them, for their roles in the scheme.
What happens if they don’t pay
The confiscation orders were made under the Proceeds of Crime Act 2002, which requires offenders to repay either the benefit they gained from their crime or the value of their available assets, whichever figure is lower.
If Bedi and Mavanga fail to pay within three months, they face further prison time on top of their existing sentences. Bedi could be jailed for up to an additional 5 years, and Mavanga up to an additional 2 years, for non-payment.
FCA response
Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: “Bedi and Mavanga defrauded investors and left them out of pocket. These orders bring victims a step closer to getting money back. We’ll keep coming after fraudsters and holding them to account.”
The regulator describes tackling financial crime as a priority under its five-year strategy.
What happens next
The FCA says it has previously sought to contact those affected by the scheme and will continue the process of returning recovered funds to victims. Anyone who believes they may have invested through the scheme but has not been contacted by the regulator is advised to get in touch with the FCA’s Consumer Helpline.
The confiscation orders mark the latest stage in a case that began with cold calls to consumers nearly a decade ago and has now moved from criminal conviction to the recovery of funds, with the three-month payment deadline set to determine whether either man faces additional prison time over and above their original sentences.