FCA wins confiscation orders against two men convicted over £1.5 million crypto investment fraud

The UK Financial Conduct Authority obtained confiscation orders against Raymondip Bedi and Patrick Mavanga at Southwark Crown Court on 28 September 2026, over a crypto investment fraud that cost investors more than £1.5 million.

Bedi was ordered to pay £603,404.28 and Mavanga £247,997.99. The FCA says it has identified and contacted the victims and will make sure money recovered through the confiscation process is returned to them.

The scheme

According to the FCA, between February 2017 and June 2019 the two men cold-called consumers and persuaded them to put money into fake cryptoasset opportunities through companies including CCX Capital and Astaria Group LLP. At least 65 investors were defrauded and lost £1,541,799 in total.

Both were prosecuted by the FCA. In July 2025 Bedi was sentenced to 5 years and 4 months in prison, and Mavanga to 6 years and 6 months.

“These orders bring victims a step closer to getting money back,” said Steve Smart, the FCA’s joint executive director of enforcement and market oversight.

How confiscation works

Confiscation orders are made under the Proceeds of Crime Act 2002. They require an offender to repay the lower of the benefit gained from the crime or the value of their available assets. That is why the orders here are smaller than the total investors lost.

What it means for traders

The scheme followed a familiar pattern: an unsolicited call offering a crypto investment through companies with professional-sounding names. Before sending money to anyone who calls you, check whether the firm is authorised. Our guide on how to check a broker licence explains how.

What happens next

The two men have 3 months to pay. If they do not, Bedi faces up to an additional 5 years in prison and Mavanga up to 2 years. The FCA says anyone who believes they were affected and has not heard from it should get in touch.