FCA recovers lost funds for crypto fraud victims

The Financial Conduct Authority (FCA) will compensate victims of a £1.5m crypto investment fraud after the regulator obtained confiscation orders against Raymondip Bedi and Patrick Mavanga.

The pair were ordered to pay £603,404.28 and £247,997.99 respectively at a hearing at Southwark Crown Court yesterday.

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 just over £1.5m.

In July 2025, Bedi was sentenced to five years and four months’ imprisonment following an FCA prosecution, while Mavanga was sentenced to six years and six months’ imprisonment for their respective roles in the scheme.

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

Executive director of enforcement and market oversight at the FCA, Steve Smart, stated: "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."

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