FCA recovers £850K for victims in UK crypto fraud case
7 Regulation The FCA secured £850,000 from two convicted fraudsters behind a fake crypto scheme, with funds to be returned to at least 65 victims who lost £1.54 million.
The UK Financial Conduct Authority (FCA) has secured confiscation orders totaling over £850,000 against Raymondip Bedi and Patrick Mavanga. Both were convicted for operating a fraudulent cryptoasset investment scheme between February 2017 and June 2019. The scheme, run through companies such as CCX Capital and Astaria Group LLP, involved cold-calling consumers and convincing them to invest in fake crypto opportunities. At least 65 investors lost a total of £1,541,799 as a result. At a Southwark Crown Court hearing on 28 September 2026, Bedi was ordered to pay £603,404.28 and Mavanga £247,997.99. The FCA will distribute the recovered funds to identified victims and urges other affected investors to contact its consumer helpline. The defendants have three months to pay or face further prison sentences. This action highlights the FCA’s commitment to protecting consumers and enforcing regulation in the crypto sector.
