The Financial Conduct Authority has obtained confiscation orders totaling GBP 851,402.27 against Raymondip Bedi and Patrick Mavanga, with recovered funds to be returned to victims of their fraudulent crypto investment scheme. Southwark Crown Court ordered Bedi to pay GBP 603,404.28 and Mavanga to pay GBP 247,997.99. Between February 2017 and June 2019, the pair used companies including CCX Capital and Astaria Group LLP to cold-call consumers and promote fake cryptoasset investments. At least 65 investors lost GBP 1,541,799. Following an FCA prosecution, Bedi was sentenced in July 2025 to five years and four months in prison, while Mavanga received six years and six months. The defendants have three months to satisfy the orders. Failure to pay could add up to five years to Bedi's prison term and up to two years to Mavanga's term.
2026-09-28Financial Conduct Authority
UK's Financial Conduct Authority secures GBP 851,402 in confiscation orders for victims of GBP 1.5 million crypto fraud
The Financial Conduct Authority has secured confiscation orders totaling GBP 851,402.27 against two men convicted over a crypto investment fraud that cost at least 65 investors GBP 1,541,799. Recovered funds will be returned to victims, while failure to pay within three months could result in additional prison terms.