FCA: FCA secures money back for victims of crypto fraud

• FCA prosecuted Raymondip Bedi and Patrick Mavanga, who operated a fraudulent scheme between February 2017 and June 2019, defrauding at least 65 investors.
• If Bedi and Mavanga fail to pay within 3 months, they face up to 5 years and 2 years additional prison time respectively, according to Financial Conduct Authority.

On 28 September 2026, the Financial Conduct Authority obtained confiscation orders against Raymondip Bedi and Patrick Mavanga at Southwark Crown Court, requiring them to pay £603,404.28 and £247,997.99 respectively. The FCA will ensure recovered funds are returned to victims of the £1.5m crypto investment fraud.

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 lost £1,541,799.

• £1,541,799 Total amount lost by victims
• 65 Number of investors defrauded

• Review client exposure to CCX Capital and Astaria Group LLP for links to fraudulent activity.
• Verify if any clients were contacted by Raymondip Bedi or Patrick Mavanga between February 2017 and June 2019.
• Monitor compliance with Proceeds of Crime Act 2002 regarding confiscation orders and asset recovery.

This case highlights the importance of robust AML/CFT controls to detect and prevent fraudulent investment schemes, especially those involving cryptoassets. The FCA’s action demonstrates the effectiveness of confiscation orders under the Proceeds of Crime Act 2002 in recovering funds for victims. Compliance officers must ensure their institutions can identify similar typologies, respond to regulatory actions, and support asset recovery processes to protect consumers and uphold market integrity.