Confiscation Orders Target Two Convicted Fraudsters
The Financial Conduct Authority has obtained court-ordered confiscation payments totalling £851,402 from two individuals responsible for a cryptocurrency investment fraud that cost at least 65 investors a combined £1,541,799. Southwark Crown Court directed Raymondip Bedi to pay £603,404.28 and Patrick Mavanga to pay £247,997.99, with both men given a three-month window to comply.
The FCA stressed that the existence of the orders does not automatically mean victims have been made whole. If the full sum is ultimately collected, it would recoup approximately 55% of the reported losses. The regulator confirmed it has identified and reached out to affected investors and intends to pass on any recovered funds once the compensation process is completed, though no timeline for distributions or a breakdown of how the money will be split among victims has been published.
How the Cold-Call Crypto Scheme Worked
Between February 2017 and June 2019, Bedi and Mavanga systematically cold-called members of the public, pitching them on what they presented as lucrative cryptocurrency investment opportunities. The operation ran through entities including CCX Capital and Astaria Group LLP. In reality, the FCA determined that the investment products were entirely fictitious, and the money investors handed over was never deployed in any legitimate crypto trading or staking activity.
From a scam-alert standpoint, several red flags in this case warrant attention for anyone encountering unsolicited investment calls. The scheme relied on pressure tactics and unfamiliar company names with no verifiable regulatory registration. The fact that the FCA later classified the operation as unauthorised underscores that no legitimate crypto investment would be marketed through unsolicited telephone calls without proper licensing. Traders and retail investors should be particularly wary of any approach that combines urgency, promises of high returns in digital assets, and a lack of transparent company registration.
Sentences and Broader Criminal Convictions
The FCA brought the criminal prosecution itself. In July 2025, the court handed down custodial sentences: Bedi received five years and four months, while Mavanga was ordered to serve six years and six months. Both men pleaded guilty to fraud and to operating an unauthorised financial business.
Beyond the core fraud charges, each man carried additional convictions. Bedi was also found guilty of money laundering offences, while Mavanga was convicted of using false identification documents and of attempting to pervert the course of justice. These supplementary charges illustrate the layered nature of the fraud and the extent to which the pair attempted to obscure the trail of stolen funds.
What Investors Should Take Away
The confiscation proceedings that followed the criminal trial were designed to claw back the proceeds of the offences. Bedi and Mavanga now face a strict three-month deadline to settle their respective orders. Should they fail to do so, the court can impose additional prison terms, although the FCA made clear that any such sentences would not extinguish the underlying financial liability.
For the 65-plus individuals who lost savings to the scheme, the practical reality is that full recovery is unlikely even if every pound is collected. The regulator has not indicated when or how distributions will be made, and the final amount each victim receives will hinge on successful collection and the completion of the FCA's compensation workflow.
The episode serves as a stark reminder that once funds are moved into the hands of unregistered operators, the path to recovery is slow, partial, and legally complex. Investors who receive cold calls touting crypto or other high-yield opportunities should verify the firm's FCA registration, seek independent advice, and treat any pressure to invest immediately as a warning sign rather than a selling point.
