Key Takeaways
- • Southwark Crown Court ordered two convicted fraudsters to repay £851,000 combined to victims of a £1.54 million crypto investment scheme: Raymondip Bedi (£603,404.28) and Patrick Mavanga (£247,997.99).
- • The scheme operated between February 2017 and June 2019, targeting at least 65 investors through cold calls promoting fake cryptoasset investment opportunities under entities including CCX Capital and Astaria Group LLP.
- • Both perpetrators were previously convicted and sentenced to prison in July 2025—Bedi received five years and four months, while Mavanga received six years and six months—with the confiscation orders now enabling victim restitution separate from criminal penalties.
- • The FCA has identified and will contact all affected investors to distribute recovered funds through the confiscation process under the Proceeds of Crime Act 2002, which mandates repayment of either criminal proceeds or available assets, whichever is lower.
- • The recovery represents approximately 55% of total losses incurred by victims, underscoring both enforcement success and the substantial gap between actual fraud losses and recoverable assets in complex schemes.
Summary
The U.K. Financial Conduct Authority has secured confiscation orders totaling £851,000 against two individuals convicted of operating a sophisticated cold-call cryptocurrency fraud scheme. On September 28, 2026, Southwark Crown Court ordered Raymondip Bedi to pay £603,404.28 and Patrick Mavanga to pay £247,997.99. These orders represent a critical enforcement outcome for victims who collectively lost £1.54 million between February 2017 and June 2019.
The scheme employed direct cold-call tactics to solicit investments in purported cryptoasset opportunities that had no underlying legitimate basis. Bedi and Mavanga operated through registered entities including CCX Capital and Astaria Group LLP, targeting a victim population of at least 65 investors. The FCA's investigation and prosecution resulted in criminal convictions in July 2025, with Bedi receiving a five-year, four-month prison sentence and Mavanga receiving a six-year, six-month sentence.
The confiscation orders operate as a distinct enforcement mechanism under the Proceeds of Crime Act 2002, separate from criminal sentencing. Rather than constituting punishment, these orders function as civil recovery instruments designed to strip convicted offenders of assets derived from criminal activity. The court determines repayment obligations based on either the total benefit gained from criminal conduct or the offender's available assets, whichever amount is lower—a constraint that explains the £851,000 recovery against £1.54 million in total losses.
The FCA has committed to identifying and contacting all affected investors to distribute recovered funds through the confiscation process. This victim-centered approach represents a partial but meaningful restitution pathway, though the shortfall between total losses and recoverable assets highlights persistent challenges in protecting retail investors from sophisticated fraudulent schemes targeting the cryptocurrency sector. The case demonstrates both the efficacy of regulatory enforcement and the practical limitations of asset recovery in cases involving substantial victim populations.
The scheme employed direct cold-call tactics to solicit investments in purported cryptoasset opportunities that had no underlying legitimate basis. Bedi and Mavanga operated through registered entities including CCX Capital and Astaria Group LLP, targeting a victim population of at least 65 investors. The FCA's investigation and prosecution resulted in criminal convictions in July 2025, with Bedi receiving a five-year, four-month prison sentence and Mavanga receiving a six-year, six-month sentence.
The confiscation orders operate as a distinct enforcement mechanism under the Proceeds of Crime Act 2002, separate from criminal sentencing. Rather than constituting punishment, these orders function as civil recovery instruments designed to strip convicted offenders of assets derived from criminal activity. The court determines repayment obligations based on either the total benefit gained from criminal conduct or the offender's available assets, whichever amount is lower—a constraint that explains the £851,000 recovery against £1.54 million in total losses.
The FCA has committed to identifying and contacting all affected investors to distribute recovered funds through the confiscation process. This victim-centered approach represents a partial but meaningful restitution pathway, though the shortfall between total losses and recoverable assets highlights persistent challenges in protecting retail investors from sophisticated fraudulent schemes targeting the cryptocurrency sector. The case demonstrates both the efficacy of regulatory enforcement and the practical limitations of asset recovery in cases involving substantial victim populations.
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