FCA Secures £850K in Repayment Orders Over £1.5M Crypto Scam

The UK's Financial Conduct Authority (FCA) has secured £850,000 in confiscation orders to compensate victims of a cryptocurrency investment fraud. The scam targeted around 65 investors and resulted in losses of approximately £1.5 million.

Raymondip Bedi and Patrick Mavanga were ordered to repay funds after running fake crypto investment operations via companies including CCX Capital and Astaria Group. The scammers used cold calls to lure victims into transferring funds for fake cryptoasset opportunities.

The FCA said the scheme targeted consumers through cold calls, persuading them to invest in fake cryptoasset opportunities. This case highlights enforcement action in the crypto space.