On Tuesday, September 29, 2026, Finance Magnates reported that the UK Financial Conduct Authority has obtained confiscation orders totalling £851,402 against two men convicted of a cryptocurrency investment fraud that cost victims more than £1.5 million.
Southwark Crown Court ordered Raymondip Bedi to pay £603,404.28 and Patrick Mavanga to pay £247,997.99. If the full sum is collected, it would cover roughly 55% of the £1,541,799 lost by at least 65 investors.
The regulator said the pair cold-called consumers between February 2017 and June 2019, persuading them to put money into what were presented as cryptocurrency investments. The opportunities were fake, according to the FCA. The scheme ran through firms including CCX Capital and Astaria Group LLP.
The FCA prosecuted the case. In July 2025, Bedi was sentenced to five years and four months in prison, and Mavanga received six years and six months. Both admitted fraud and offences linked to operating without authorisation. Bedi was also convicted of money laundering offences, while Mavanga was convicted of using false identification documents and perverting the course of justice.
The confiscation proceedings followed the criminal case and aimed to recover the proceeds of the offences. Bedi and Mavanga have three months to pay. Failure to do so could lead to additional prison terms, although those sentences would not cancel the debts.
The orders do not mean investors have yet received any money. The FCA said it has identified and contacted the victims and will return funds recovered through the confiscation process. The amount each investor receives will depend on how much the regulator collects and on the completion of the compensation process.
The FCA has not said when payments to victims will begin or how the recovered money will be divided among them.
Source: Finance Magnates
Be the first to comment