FCA Secures £851,000 Confiscation Orders in £1.5 Million Crypto Fraud Case

The UK Financial Conduct Authority has secured confiscation orders totalling £851,402.27 against two men convicted of operating a fraudulent cryptocurrency investment scheme that caused at least 65 investors to lose £1,541,799.

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

The orders follow a fraudulent investment scheme operated by Bedi and Mavanga between February 2017 and June 2019. The pair cold-called consumers and persuaded them to invest in purported cryptoasset opportunities through companies including CCX Capital and Astaria Group LLP.

The investment opportunities were fraudulent, with investors losing more than £1.5 million in total.

The confiscation proceedings followed criminal convictions secured by the FCA. In July 2025, Bedi was sentenced to five years and four months in prison, while Mavanga received a six-year and six-month sentence for their respective roles in the scheme.

The confiscation orders were made under the Proceeds of Crime Act 2002 and require the defendants to repay the benefit obtained from criminal conduct or the value of their available assets, depending on the circumstances established by the court.

Both men have three months to satisfy the orders. Failure to pay may result in additional imprisonment.

The FCA has identified and contacted the victims and said funds recovered through the confiscation process will be returned to them.

The combined confiscation orders represent approximately 55% of the £1.54 million lost by the identified investors. The orders themselves do not mean that the full amount has already been recovered or distributed, as payment and the subsequent compensation process remain outstanding.

By fLEXI tEAM