Financial Conduct Authority · External Intelligence
FCA secures money back for victims of crypto fraud
- Source
- Financial Conduct Authority
- Published
- 2 October 2026
- Journal
- Crypto Fraud
- Jurisdiction
- United Kingdom
Lynx Summary
Victims of a £1.5m crypto investment fraud will recover lost funds after the FCA obtained confiscation orders against Raymondip Bedi and Patrick Mavanga. At a hearing at Southwark Crown Court on 28 September 2026, Raymondip Bedi was ordered to pay £603,404.28 and Patrick Mavanga £247,997.99.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 £1,541,799.The FCA has identified and contacted victims of the fraud and will ensure that funds recovered through the confiscation process are returned to victims.In July 2025, following an FCA prosecution, Raymondip Bedi was sentenced to 5 years and 4 months' imprisonment and Patrick Mavanga was sentenced to 6 year
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