The UK’s Financial Conduct Authority obtained confiscation orders on Sept. 28 against two men who ran a fake cryptoasset investment scheme. At Southwark Crown Court, Raymondip Bedi was ordered to pay £603,404.28 and Patrick Mavanga £247,997.99, a combined £851,402.27. The FCA says it has identified and contacted victims and will return recovered funds to them.
From February 2017 to June 2019, the pair cold-called consumers and persuaded them to invest in fake crypto opportunities through companies including CCX Capital and Astaria Group LLP. At least 65 investors lost a total of £1,541,799. In July 2025, following an FCA prosecution, Bedi was sentenced to 5 years and 4 months in prison and Mavanga to 6 years and 6 months.
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.”
Why it matters
Confiscation orders under the Proceeds of Crime Act 2002 require offenders to repay the benefit they gained from criminal conduct or the value of their available assets, whichever is lower. If the men do not pay within three months, Bedi faces up to five additional years in prison and Mavanga up to two. For crypto and payments firms, the case shows UK enforcement continuing past conviction into recovery. The regulator’s wider push on misleading firms is covered in FCA Cracks Down on Firms Faking UK Credibility.
The insight
The scheme ended in June 2019 and the victims’ recovery order arrives more than seven years later. The combined order equals about 55% of the £1,541,799 lost, and the release does not say how much of it can be collected. Exchange-side losses are a separate exposure, covered in Bitget’s $387.5M hot-wallet hack.
Source: Financial Conduct Authority
