FCA recovers £851k for crypto fraud victims as confiscation orders land against two convicted fraudsters

Routine enforcement: context, not panic. No action required for regulated firms. If you have clients who may have been victims and have not heard from the FCA, point them to the FCA Consumer Helpline.

The FCA has secured confiscation orders totalling £851,402 against Raymondip Bedi and Patrick Mavanga at Southwark Crown Court on 28 September 2026. Bedi must pay £603,404.28 and Mavanga £247,997.99.

The pair were convicted following an FCA prosecution for running a fraudulent investment scheme between February 2017 and June 2019. They cold-called consumers and persuaded them to invest through companies including CCX Capital and Astaria Group LLP, promising fake cryptoasset opportunities. At least 65 investors lost a combined £1,541,799. In July 2025, Bedi was sentenced to 5 years and 4 months in prison and Mavanga to 6 years and 6 months.

The orders were made under the Proceeds of Crime Act 2002, which requires offenders to repay either the benefit they gained from criminal conduct or the value of their available assets, whichever is lower. If either defendant fails to pay within three months, Bedi faces up to five further years in prison and Mavanga up to two further years.

The FCA says it has already identified and contacted victims and will return recovered funds to them. The gap between the £851k recovered and the £1.54m lost reflects how the Act works in practice: confiscation is capped at available assets, not the full harm caused.

Anyone who believes they were affected and has not heard from the FCA should contact the FCA's Consumer Helpline.

Fighting financial crime is a stated priority in the FCA's five-year strategy. This case is the model: criminal conviction, asset recovery, proceeds returned to victims rather than the public purse.

Sources

• FCA secures money back victims crypto fraudfca.org.uk