UK FCA Seizes Millions from Crypto Fraudsters

The UK's Financial Conduct Authority (FCA) has taken action against two individuals involved in a £1.5m crypto investment fraud.

Raymondip Bedi and Patrick Mavanga operated a scheme between February 2017 and June 2019, cold-calling consumers to invest in fake cryptoasset opportunities through companies including CCX Capital and Astaria Group LLP.

At least 65 investors were defrauded, losing a total of £1,541,799. Bedi was sentenced to 5 years and 4 months' imprisonment in July 2025, while Mavanga received a sentence of 6 years and 6 months.

The FCA has obtained confiscation orders against the pair, with Bedi ordered to pay £603,404.28 and Mavanga £247,997.99. The authority will work to return recovered funds to victims.