Key Takeaways
- • Southwark Crown Court issued confiscation orders totalling £851,402.27 against Raymondip Bedi (£603,404.28) and Patrick Mavanga (£247,997.99) on 28 September 2026 for operating a fake crypto investment scheme.
- • At least 65 investors lost £1,541,799 between February 2017 and June 2019 after being cold-called with solicitations for investments through entities including CCX Capital and Astaria Group LLP.
- • The confiscation orders recover approximately 55% of reported losses, leaving a shortfall of roughly £690,397. The FCA has committed to returning recovered funds to victims, though collection and distribution mechanisms remain in progress.
- • The scheme used professional-looking websites and promises of high returns to market fraudulent cryptocurrency opportunities; no evidence indicates victims purchased genuine digital assets or that proceeds moved through blockchain channels.
- • Defendants have three months to satisfy the court orders; the extent of individual victim recovery depends on successful asset collection and the distribution process administered by the FCA.
Summary
The UK Financial Conduct Authority has secured confiscation orders requiring two men convicted of operating a fake cryptocurrency investment scheme to repay a combined £851,402.27 following a 28 September 2026 hearing at Southwark Crown Court. Raymondip Bedi must pay £603,404.28 and Patrick Mavanga £247,997.99. The orders conclude the FCA's prosecution of a cold-calling operation that defrauded at least 65 investors of £1,541,799 between February 2017 and June 2019.
The scheme operated through unsolicited telephone calls promoting investment opportunities in purported cryptocurrency assets via businesses identified as CCX Capital and Astaria Group LLP. Perpetrators deployed professional-looking websites and solicited investments with promises of high returns. The regulatory authority's investigation and prosecution clarify that victims were targeted with crypto-themed marketing for what constituted a traditional advance-fee or boiler-room fraud scheme, rather than a genuine cryptocurrency transaction or blockchain-based scam.
The £851,402.27 in confiscation orders represents approximately 55% of the £1,541,799 in total losses reported by the victim cohort, creating a recovery shortfall of roughly £690,397. The FCA has stated its intention to return funds recovered under these orders to affected victims. However, the confiscation orders themselves do not establish that funds have already been collected or distributed. Successful victim compensation remains contingent on the defendants satisfying the court orders within the prescribed timeframe—reported as three months from the court hearing—and on the FCA's subsequent collection and distribution processes. Individual victim recovery amounts will depend on the proportion of ordered sums actually collected and the methodology applied to distribute recovered capital among the 65 affected parties.
The scheme operated through unsolicited telephone calls promoting investment opportunities in purported cryptocurrency assets via businesses identified as CCX Capital and Astaria Group LLP. Perpetrators deployed professional-looking websites and solicited investments with promises of high returns. The regulatory authority's investigation and prosecution clarify that victims were targeted with crypto-themed marketing for what constituted a traditional advance-fee or boiler-room fraud scheme, rather than a genuine cryptocurrency transaction or blockchain-based scam.
The £851,402.27 in confiscation orders represents approximately 55% of the £1,541,799 in total losses reported by the victim cohort, creating a recovery shortfall of roughly £690,397. The FCA has stated its intention to return funds recovered under these orders to affected victims. However, the confiscation orders themselves do not establish that funds have already been collected or distributed. Successful victim compensation remains contingent on the defendants satisfying the court orders within the prescribed timeframe—reported as three months from the court hearing—and on the FCA's subsequent collection and distribution processes. Individual victim recovery amounts will depend on the proportion of ordered sums actually collected and the methodology applied to distribute recovered capital among the 65 affected parties.
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