A UK court has ordered two men convicted over a fake crypto investment scheme to repay £851,402.27, bringing victims a step closer to recovering part of the money they lost. The Financial Conduct Authority said it intends to distribute any funds recovered under the orders to affected investors.
The case relates to a fraud that took £1,541,799 from at least 65 people. The amount now ordered by the court is below the total losses, so any eventual repayment will depend on how much is actually collected through the confiscation process.
Confiscation orders issued at Southwark Crown Court
At a hearing on Sept. 28 at Southwark Crown Court, the FCA secured confiscation orders against Raymondip Bedi and Patrick Mavanga. Bedi was ordered to pay £603,404.28 and Mavanga £247,997.99, for a combined total of £851,402.27.
The regulator said it has identified and contacted victims of the scheme. It plans to return money recovered through the confiscation orders, though the final amount distributed will depend on the sums successfully collected.
Scheme ran from 2017 to 2019
According to the FCA’s account, the fraud operated between February 2017 and June 2019. During that period, Bedi and Mavanga cold-called consumers and persuaded them to invest in what were presented as crypto investment opportunities.
The operation used companies including CCX Capital and Astaria Group LLP. The FCA said the scheme was supported by a professional-looking website that promoted high returns, helping the fraud run for more than two years.
Earlier convictions and prison terms
The confiscation ruling follows prison sentences handed down in July 2025 after an FCA prosecution. Bedi received a sentence of five years and four months, while Mavanga was sentenced to six years and six months.
The latest court order concerns the recovery of proceeds linked to the criminal conduct rather than the original convictions themselves. Under the process described by the FCA, repayment to victims is tied to whatever money can be recovered from the two men.
What happens next for victims
The FCA said the orders were made under the Proceeds of Crime Act 2002. Under that framework, a confiscation order requires an offender to pay either the benefit obtained from criminal conduct or the value of available assets, whichever is lower.
Both men have three months to pay, according to the regulator. If they fail to do so, Bedi could face up to five additional years in prison and Mavanga up to two additional years. The FCA said anyone affected by the scheme who has not been contacted can reach out through its Consumer Helpline.
Source: news.bitcoin.com