- FCA secures more than £850,000 for victims of a £1.5 million crypto fraud scheme.
- Bedi and Mavanga ordered to repay funds after a crypto scam that hit 65 investors.
- Scammers used cold calls and fake crypto investment offers to lure victims into transferring funds.
The UK’s Financial Conduct Authority (FCA) has secured confiscation orders worth more than £850,000 to compensate victims of a cryptocurrency investment fraud that caused losses of about £1.5 million.
The orders were issued against Raymondip Bedi and Patrick Mavanga following a case involving fraudulent crypto investment schemes operated through companies including CCX Capital and Astaria Group. The FCA said the scheme targeted consumers through cold calls and persuaded them to invest in fake cryptoasset opportunities.
FCA Recovers Funds After Crypto Investment Fraud
At a hearing at Southwark Crown Court on September 28, 2026, Bedi was ordered to pay £603,404.28, while Mavanga was ordered to pay £247,997.99 under confiscation orders. The recovered money will be distributed to affected investors.
The FCA said at least 65 investors were defrauded, with total losses reaching £1,541,799. The fraudulent activity took place between February 2017 and June 2019, according to details reported from the regulator’s enforcement action.
The case forms part of the FCA’s enforcement work against unauthorized cryptoasset activities and investment fraud. The regulator has repeatedly warned consumers about risks linked to unregistered firms offering crypto investments in the UK.
Fake Crypto Opportunities Targeted Investors
The FCA’s case involved companies that presented investment opportunities connected to cryptoassets. According to the regulator’s findings, consumers were contacted by cold call and encouraged to invest in schemes that did not represent legitimate investment opportunities.
Crypto investment fraud cases often involve promises of high returns, fake platforms, or misleading claims about investment products. UK regulators have highlighted the importance of checking whether firms are authorized before committing funds.
The FCA maintains a register of regulated financial firms and has advised consumers to verify investment providers before transferring money. The regulator has also taken action against firms operating without required authorization.
The case highlights the ongoing risks in crypto investment schemes and the importance of verifying firms before committing funds. While the FCA’s recovery of £850,000 offers partial relief, it also underscores that victims may not always recover their full losses, reinforcing the need for caution in high-return crypto opportunities.
Related: Van Charged Over Alleged $53 Million Crypto Laundering Romance Scam
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