FCA Seeks Repayment of £851K from Crypto Scammers

The UK Financial Conduct Authority (FCA) has secured £851,402 in confiscation orders for victims of a cryptocurrency investment fraud. The scam, which operated between February 2017 and June 2019, involved cold calls made by Raymondip Bedi and Patrick Mavanga to persuade consumers to invest in fake crypto opportunities.

The scheme was run through companies including CCX Capital and Astaria Group LLP, and at least 65 investors suffered combined losses of £1,541,799. Bedi and Mavanga were prosecuted by the FCA and sentenced to prison terms for their roles in the fraud.

Bedi was ordered to pay £603,404.28, while Mavanga was required to pay £247,997.99. The orders do not mean that investors have already received compensation, but rather give Bedi and Mavanga three months to satisfy the payments before facing additional penalties.