UK FCA Secures £851,000 Confiscation Orders Against Crypto Fraudsters

Victims of a £1.5 million cryptoasset investment scam will recover a portion of their stolen funds after the UK Financial Conduct Authority (FCA) obtained confiscation orders against two convicted fraudsters ¹. At a Southwark Crown Court hearing on Sept. 28, 2026, Raymondip Bedi was ordered to pay £603,404.28, while co-conspirator Patrick Mavanga was ordered to repay £247,997.99 ¹.

The regulator stated that the recovered proceeds will be distributed directly back to the victims ¹. Under the Proceeds of Crime Act 2002, the confiscation figures reflect either the total criminal proceeds gained or the value of the convicts' available assets, whichever is lower ¹. Both individuals must satisfy the orders within three months ¹. Should they default on the payments, Bedi faces up to an additional five years of imprisonment, while Mavanga risks up to two more years ¹.

The Investment Scam and Enforcement Actions

Between February 2017 and June 2019, Bedi and Mavanga orchestrated an illicit cold-calling enterprise that lured consumers into fake crypto investments using entities such as CCX Capital and Astaria Group LLP ¹. The scheme defrauded at least 65 retail investors out of a total of £1,541,799 ¹. In July 2025, an FCA prosecution resulted in Bedi receiving a prison sentence of five years and four months, while Mavanga received six years and six months ¹.

The enforcement milestone follows broader efforts by British authorities to rein in unregistered operations in the digital asset market, which have recently included targeted warnings to peer-to-peer operators ¹. Steve Smart, the FCA's joint executive director of enforcement and market oversight, stated that the agency would continue pursuing fraudulent actors to hold them accountable, emphasizing that fighting financial crime remains a core pillar in the regulator's five-year strategy ¹.