Crypto fraudsters ordered to repay £851,000 to victims
Confiscation orders totalling over £851,000 have been secured against two fraudsters behind a £1.5 million crypto scam. Southwark Crown Court issued the orders on September 28, 2026, enabling the Financial Conduct Authority to return funds to 65 victims.
Cold calls and fake crypto schemes
At Southwark Crown Court on September 28, 2026, Raymondip Bedi was ordered to pay £603,404.28 and Patrick Mavanga was ordered to pay £247,997.99 under the Proceeds of Crime Act 2002.
The confiscation orders follow an investigation by the Financial Conduct Authority (FCA) into a fraudulent cold-calling operation run between February 2017 and June 2019.
Operating through entities including CCX Capital and Astaria Group LLP, the pair persuaded at least 65 investors to put money into fake cryptoasset schemes, resulting in total losses of £1,541,799. The FCA confirmed it has identified and contacted victims to ensure the recovered funds are disbursed directly to them.
Prison terms and payment deadlines
In July 2025, Bedi received a prison sentence of five years and four months, while Mavanga was sentenced to six years and six months for their roles in the scam.
Both defendants must pay the confiscation orders within three months.
Failure to pay will result in Bedi facing up to an additional five years in prison, while Mavanga faces up to two additional years.
Steve Smart, joint executive director at the FCA, noted that the orders bring victims “a step closer to getting money back.”
Partial recovery leaves painful shortfall
Securing £851,000 represents a clear enforcement win, but victims still face a shortfall of nearly £700,000. Threatening additional prison time creates a powerful incentive to surrender hidden assets.
Nevertheless, the seven-year timeline exposes the grim reality that full restitution in crypto scams remains rare.