UK court orders two crypto fraudsters to repay £851K to victims of a £1.5M cold-call scam

At least 65 investors defrauded in a fake crypto investment scheme could get part of their money back after Southwark Crown Court ordered two jailed men to pay £851,402, roughly 55% of the £1.54 million lost, the Financial Conduct Authority said.

Raymondip Bedi must pay £603,404 and Patrick Mavanga £247,998 within three months, or face up to five and two additional years in prison respectively. The orders followed a Sept. 28 hearing.

Court orders repayment in crypto investment fraud case

The court ordered Raymondip Bedi to pay £603,404.28 and Patrick Mavanga to pay £247,997.99. Together, the orders total £851,402.27, representing a portion of the £1,541,799 lost by investors.

The FCA said it has identified and contacted affected investors and intends to distribute money recovered through the confiscation process. The orders followed a Sept. 28 hearing at Southwark Crown Court.

“Bedi and Mavanga defrauded investors and left them out of pocket. These orders bring victims a step closer to getting money back.” — Steve Smart, joint executive director of enforcement and market oversight, FCA.

The case had already resulted in prison sentences in July 2025. Bedi was sentenced to five years and four months, while Mavanga received six years and six months.

The repayment proceedings demonstrate how a crypto investment fraud can continue to have legal and financial consequences after criminal convictions.

How the crypto investment fraud targeted consumers

The scheme operated between February 2017 and June 2019, when Bedi and Mavanga cold-called consumers and promoted fake cryptocurrency investment opportunities. The businesses involved included CCX Capital and Astaria Group LLP.

According to the FCA, the operation presented investors with a professional-looking website and promises of high returns. The apparent legitimacy of the operation was used to encourage consumers to commit funds to investments that did not exist.

The FCA previously secured convictions against the two men in 2024. Bedi pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000, and money laundering offences.

Mavanga pleaded guilty to conspiracy to defraud, conspiracy to breach the same prohibition and possessing false identification documents with improper intent.

The case illustrates a familiar pattern in crypto investment fraud: unsolicited approaches can be used to direct potential investors toward purported opportunities that lack the underlying assets or investments being advertised.

What the confiscation orders mean for victims

The £851,402.27 ordered by the court is substantially below the £1,541,799 identified as investor losses. That means the orders do not, by themselves, represent full compensation for everyone affected by the crypto investment fraud.

Under the Proceeds of Crime Act 2002, a confiscation order requires an offender to pay the benefit obtained from criminal conduct or the value of available assets, whichever is lower. The FCA said Bedi and Mavanga have three months to pay the amounts ordered by the court.

Failure to pay can carry additional consequences. The FCA said non-payment could result in up to five additional years of imprisonment for Bedi and up to two years for Mavanga.

For investors, the practical outcome will depend on how much money is ultimately recovered. The FCA said it will return funds collected through the orders to affected investors, and the regulator has already contacted those it identified as victims.

The recovery process is particularly relevant in cases involving crypto investment fraud because victims may be approached again by criminals claiming they can recover stolen money. The supplied case information notes that the FCA has separately warned about fraudulent communications impersonating the regulator.

FCA warns against further recovery scams

The prospect of recovering money can create another opportunity for fraudsters to target people who have already suffered losses. Individuals affected by the scheme who have not heard from the FCA can contact the regulator’s Consumer Helpline.

The original investment scheme ran for more than two years, but the financial consequences have extended well beyond its operation. The court’s confiscation orders now provide a formal mechanism through which some recovered assets can be returned to victims of the crypto investment fraud.

The case also underscores the importance of checking whether a firm or investment opportunity is authorised before transferring funds. Cold calls, unsolicited approaches and promises of unusually high returns can be warning signs of investment fraud.

For the victims in this case, however, the immediate focus is on recovery. The FCA has identified those affected and says money recovered through the court orders will be distributed to them.

The proceedings do not erase the full £1.54 million loss, but they establish a route for a portion of the money to be returned. The remaining gap between the investor losses and the confiscation orders highlights the financial impact that can remain even after a crypto investment fraud has resulted in convictions and prison sentences.

The FCA’s action also shows the distinction between criminal punishment and financial recovery. Although Bedi and Mavanga have already received custodial sentences, the confiscation proceedings address the separate question of recovering assets linked to their criminal conduct.

For investors, the court orders therefore represent a recovery mechanism rather than a guarantee that every pound lost will be returned. The final amount distributed will depend on the funds successfully recovered under the orders.

The case remains a reminder that consumers approached with unsolicited investment opportunities should verify the legitimacy of firms and offers before transferring money, particularly where high returns are presented as an incentive.