The UK Financial Conduct Authority has secured confiscation orders worth £851,402 following a £1.54 million cryptocurrency investment fraud. If the full amount is recovered, it would cover about 55% of the losses reported by at least 65 investors.
Southwark Crown Court ordered Raymondip Bedi to pay £603,404.28 and Patrick Mavanga to pay £247,997.99. However, at this stage the orders do not mean that investors have already received the money.
The FCA said it had identified and contacted the victims and would return funds recovered through the confiscation process.
Cold Calls Promoted Fake Crypto Investments
Between February 2017 and June 2019, Bedi and Mavanga cold-called consumers and persuaded them to put money into purported cryptocurrency investments. The scheme operated through companies including CCX Capital and Astaria Group LLP.
According to the regulator, the investment opportunities were fake, leaving at least 65 investors with combined losses of £1,541,799.
The FCA prosecuted the case. In July 2025, Bedi was sentenced to five years and four months in prison, while Mavanga received six years and six months. Both admitted fraud and offences connected with the unauthorised operation.
Their additional convictions differed, with Bedi also convicted of money laundering offences and Mavanga of using false identification documents and perverting the course of justice.
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Defendants Have Three Months to Pay
The confiscation proceedings followed the criminal case and sought to recover the proceeds of the offences. Bedi and Mavanga now have three months to satisfy the orders.
Failure to pay could result in additional prison terms, although those sentences would not replace the outstanding financial obligations.
The final amount returned to each investor will depend on the FCA collecting the ordered sums and completing the compensation process.
The regulator has not disclosed when distributions will begin or how the recovered money will be allocated among the identified victims.
