FCA wins confiscation orders to repay victims of a £1.5m crypto fraud
Victoria Shinder1 min readThe UK Financial Conduct Authority has obtained confiscation orders against two men convicted of running a fraudulent crypto investment scheme, and says the money will go back to victims. The orders were made on 28 September at Southwark Crown Court: £603,404.28 from Raymondip Bedi and £247,997.99 from Patrick Mavanga, together £851,402.27.
According to the FCA, the scheme ran from February 2017 to June 2019. Consumers received unsolicited calls and were talked into buying non-existent crypto investments sold through firms such as CCX Capital and Astaria Group LLP. The regulator counts at least 65 victims and total losses of £1,541,799. Following an FCA prosecution, Bedi was sentenced in July 2025 to five years and four months in prison and Mavanga to six years and six months.
The regulator says it has identified and contacted the victims and will ensure that money recovered through the confiscation process is returned to them. Steve Smart, joint executive director of enforcement and market oversight, said the orders bring victims a step closer to getting their money back.
What it means
The orders cover a little over half of what investors lost, and a confiscation order sets an amount to be paid, not money already collected. The case also shows the timescale: the scheme ended in 2019, the sentences came in 2025 and the confiscation stage in 2026. For victims of crypto investment fraud, the criminal route can recover money, but over years rather than months.