Key Takeaways
- • Southwark Crown Court ordered Raymondip Bedi and Patrick Mavanga to repay a combined £851,402.27 to victims of a cryptocurrency investment fraud affecting at least 65 investors between February 2017 and June 2019.
- • Total victim losses reached £1,541,799, with the confiscation order recovering approximately 55% of losses; Bedi was ordered to pay £603,404.28 and Mavanga £247,997.99.
- • The UK Financial Conduct Authority (FCA) has identified and contacted victims and plans to distribute recovered funds through the confiscation process, providing partial restitution following the defendants' 2024 convictions.
- • The fraud operated through entities including CCX Capital and Astaria Group LLP, using professional-looking websites and cold-calling tactics to solicit investments with promises of high returns in fake cryptocurrency schemes.
- • Prison sentences imposed in July 2025 preceded these repayment orders, with Bedi receiving five years and four months and Mavanga six years and six months, reflecting the severity of the coordinated investment fraud.
Summary
A UK court has ordered two convicted fraudsters to repay £851,402.27 to victims of a cryptocurrency investment scheme that defrauded at least 65 investors of £1.5 million. Following a September 28, 2026 hearing at Southwark Crown Court, Raymondip Bedi was ordered to pay £603,404.28 and Patrick Mavanga £247,997.99. The combined repayment represents approximately 55% recovery of total victim losses, with the Financial Conduct Authority (FCA) responsible for distributing recovered funds to identified claimants.
The fraudulent scheme operated between February 2017 and June 2019, with Bedi and Mavanga employing systematic cold-calling tactics to persuade consumers to invest in fake cryptocurrency opportunities. The perpetrators operated through multiple corporate entities, including CCX Capital and Astaria Group LLP, deploying professionally designed websites to enhance credibility and attract investors with promises of unusually high returns. This operational sophistication—combining legitimate-appearing digital infrastructure with aggressive telemarketing—enabled the perpetrators to accumulate losses across a broad victim base of at least 65 investors.
The confiscation orders represent the culmination of FCA enforcement action that resulted in criminal convictions and custodial sentences in July 2025. Bedi received five years and four months imprisonment, while Mavanga received six years and six months. Steve Smart, the FCA's joint executive director of enforcement and market oversight, stated that "These orders bring victims a step closer to getting money back," underscoring the regulatory body's commitment to restitution alongside criminal prosecution.
The partial recovery highlights both the success of enforcement action and the limitations of confiscation in cryptocurrency fraud cases. The £851,402.27 recovery, while meaningful for affected investors, leaves a gap of approximately £690,397, reflecting challenges in asset tracing and recovery common in cases involving digital assets or transferred proceeds. The FCA's identification and direct contact with victims positions the recovery process for efficient distribution, though individual claimants should expect partial rather than complete restitution of their losses.
The fraudulent scheme operated between February 2017 and June 2019, with Bedi and Mavanga employing systematic cold-calling tactics to persuade consumers to invest in fake cryptocurrency opportunities. The perpetrators operated through multiple corporate entities, including CCX Capital and Astaria Group LLP, deploying professionally designed websites to enhance credibility and attract investors with promises of unusually high returns. This operational sophistication—combining legitimate-appearing digital infrastructure with aggressive telemarketing—enabled the perpetrators to accumulate losses across a broad victim base of at least 65 investors.
The confiscation orders represent the culmination of FCA enforcement action that resulted in criminal convictions and custodial sentences in July 2025. Bedi received five years and four months imprisonment, while Mavanga received six years and six months. Steve Smart, the FCA's joint executive director of enforcement and market oversight, stated that "These orders bring victims a step closer to getting money back," underscoring the regulatory body's commitment to restitution alongside criminal prosecution.
The partial recovery highlights both the success of enforcement action and the limitations of confiscation in cryptocurrency fraud cases. The £851,402.27 recovery, while meaningful for affected investors, leaves a gap of approximately £690,397, reflecting challenges in asset tracing and recovery common in cases involving digital assets or transferred proceeds. The FCA's identification and direct contact with victims positions the recovery process for efficient distribution, though individual claimants should expect partial rather than complete restitution of their losses.
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