Key Takeaways
- A court ordered Raymondip Bedi and Patrick Mavanga to pay £851,402.27.
- At least 65 investors lost £1,541,799 to the fake investment scheme.
- The FCA plans to return recovered funds to victims.
Court Orders Repayment After £1.5 Million Crypto Fraud
At least 65 people who lost money to a fake crypto investment scheme may receive some of it back after a Sept. 28 hearing at Southwark Crown Court. The UK Financial Conduct Authority (FCA), which regulates financial services, obtained confiscation orders requiring Raymondip Bedi to pay £603,404.28 and Patrick Mavanga to pay £247,997.99.
The combined £851,402.27 ordered is less than the £1,541,799 investors lost. The FCA has identified and contacted victims and plans to return money recovered through the confiscation process. Steve Smart, the FCA’s joint executive director of enforcement and market oversight, said:
“Bedi and Mavanga defrauded investors and left them out of pocket. These orders bring victims a step closer to getting money back.”
The ruling follows prison sentences imposed in July 2025 after an FCA prosecution. Bedi received five years and four months, while Mavanga received six years and six months.
How the Fraud Reached Investors
Between February 2017 and June 2019, Bedi and Mavanga cold-called consumers and persuaded them to put money into fake crypto investment opportunities. They operated through companies including CCX Capital and Astaria Group LLP. The FCA’s account of their 2024 convictions describes a professional-looking website used to offer investors high returns.
The pair had already been sentenced for the fraud when the FCA pursued the orders for repayment. Bedi pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000, and money laundering offenses. Mavanga pleaded guilty to conspiracy to defraud, conspiracy to breach that prohibition, and possessing false identification documents with improper intent.
Unexpected approaches and offers of unusually high returns are among the warning signs associated with crypto investment fraud. In this case, the cold calls led investors toward opportunities that did not exist. The scheme ran for more than two years, from February 2017 to June 2019.
What the Orders Mean for Victims
Under the Proceeds of Crime Act 2002, a confiscation order requires an offender to pay the benefit gained from criminal conduct or the value of available assets, whichever is lower. The FCA said Bedi and Mavanga have three months to pay. Failure to do so could add up to five years to Bedi’s prison term and two years to Mavanga’s.
The FCA said it will return money collected through the orders to affected investors. Its announcement establishes a path to repayment, while the amount victims ultimately receive depends on the funds recovered. Anyone affected by this scheme who has not heard from the regulator can contact the FCA Consumer Helpline.
People seeking the return of stolen funds can also face fraudulent recovery offers from criminals posing as officials. The FCA has separately warned about fake communications claiming to come from the regulator. In this case, the agency says it has contacted identified victims and will distribute funds recovered through its court action.
