Victims of crypto scam who lost a combined £1.5m will have their capital returned to them following a confiscation order by the FCA.
At a hearing at Southwark Crown Court yesterday (28 September), Raymondip Bedi was ordered to pay £603,404.28 and Patrick Mavanga £247,997.99.
The pair ran a fraudulent investment scheme between February 2017 and June 2019 that entailed cold-calling consumers and persuading them to invest in fake cryptoasset opportunities through companies including CCX Capital and Astaria Group. At least 65 investors were defrauded and lost £1,541,799.
The regulator has contacted victims of the fraud and said it will ensure funds recovered through the confiscation process are returned to victims.
Following an FCA prosecution, Raymondip Bedi was sentenced to 5 years and 4 months' imprisonment and Patrick Mavanga was sentenced to 6 years and 6 months' imprisonment in July 2025 for their roles in the scheme.
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.”
