FCA secures money back for victims of crypto fraud

FCA secures money back for victims of crypto fraud

Victims of a £1.5m crypto investment fraud will recover lost funds after the FCA obtained confiscation orders against Raymondip Bedi and Patrick Mavanga.

At a hearing at Southwark Crown Court on 28 September 2026, Raymondip Bedi was ordered to pay £603,404.28 and Patrick Mavanga £247,997.99.

Between February 2017 and June 2019, Bedi and Mavanga operated a fraudulent investment scheme, cold-calling consumers and persuading them to invest in fake cryptoasset opportunities through companies including CCX Capital and Astaria Group LLP. At least 65 investors were defrauded and lost £1,541,799.

The FCA has identified and contacted victims of the fraud and will ensure that funds recovered through the confiscation process are returned to victims.

In July 2025, 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 for their roles in the scheme.

Steve Smart, joint executive director of enforcement and market oversight at the FCA, yesterday 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.”