Victims of a £1.5m crypto investment fraud will be able to recover lost funds after the FCA obtained confiscation orders against Raymondip Bedi of Bromley and Patrick Mavanga of Peckham, who were jailed for a combined 12 years for their roles in the scam.
At least 65 investors were defrauded and lost £1,541,799.
At a hearing at Southwark Crown Court on 28 September, Mr Bedi was ordered to pay £603,404.28 and Mr Mavanga £247,997.99.
Between February 2017 and June 2019, the pair 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.
The FCA said it had identified and contacted victims of the fraud and will ensure that funds recovered through the confiscation process are returned to victims.
In sentencing, Judge Griffiths said that Mr Bedi and Mr Mavanga, “were both leading players in a conspiracy whereby the victims of the fraud were persuaded to invest in crypto currency consultancy” and “you conspired to drive a coach and horses through the regulatory system.”
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.”
In a separate case, Mr Bedi is one of a number of defendants facing charges over an alleged unauthorised collective investment scheme involving consumer investments of more than £23m in static homes.
In July 2025, the FCA announced High Court proceedings against Concept Capital Group (CCG) and others over the alleged unauthorised investment scheme. Since then CCG has been under a court order that temporarily froze its assets.
CCG went into administration in March.