FCA Secures Money Back For Victims Of Crypto Fraud

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, 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.’

Notes to editors

1. Raymondip Bedi’s date of birth is 9 October 1989.
2. Patrick Mavanga’s date of birth is 24 November 1984.
3. FCA secures convictions against two individuals for £1.5m fraud.
4. Two individuals sentenced to a combined 12 years for £1.5m crypto fraud.
5. Confiscation orders are made under the Proceeds of Crime Act 2002 and require offenders to repay the benefit they gained from criminal conduct or the value of their available assets, whichever is lower.
6. If the defendants fail to pay the confiscation orders within 3 months, Bedi will face up to an additional 5 years in prison and Mavanga could face up to 2 years.
7. The FCA has previously sought to contact affected investors. Anyone who believes they may have been affected and has not heard from the FCA should contact the FCA’s Consumer Helpline.
8. Fighting financial crime is a priority in the FCA’s 5 year strategy.
9. The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more information about the FCA.