UK Court Orders Crypto Fraudsters to Repay £851,402 to Scam Victims

TLDR

• A UK court ordered Raymondip Bedi and Patrick Mavanga to pay a combined £851,402.27.
• At least 65 investors lost £1,541,799 in the fake crypto investment scheme.
• The pair cold-called victims between February 2017 and June 2019.
• The FCA plans to return recovered funds to victims.
• The men have three months to pay or face more prison time.

Two men convicted of running a fake crypto investment scheme in the UK have been ordered to pay back £851,402.27. The money is set to go to victims of the fraud.

The orders were made at a hearing at Southwark Crown Court on Sept. 28. The UK Financial Conduct Authority, or FCA, sought the orders.

Raymondip Bedi must pay £603,404.28. Patrick Mavanga must pay £247,997.99.

At least 65 investors lost a total of £1,541,799 in the scheme. The amount ordered covers only part of those losses.

How the Crypto Scam Worked

Between February 2017 and June 2019, the two men cold-called people and convinced them to invest in crypto opportunities. Those opportunities did not exist.

The pair ran the scheme through companies including CCX Capital and Astaria Group LLP. According to the FCA, they used a professional-looking website that promised investors high returns.

Both men were convicted in 2024. In July 2025, Bedi was sentenced to five years and four months in prison, while Mavanga received six years and six months.

Bedi pleaded guilty to conspiracy to defraud and conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000. He also pleaded guilty to money laundering offenses.

Mavanga pleaded guilty to conspiracy to defraud and conspiracy to breach the same prohibition. He also admitted to having false identification documents with improper intent.

Unexpected calls and offers of unusually high returns are common warning signs of crypto fraud. In this case, the cold calls led investors to schemes that were not real.

What Happens Next for Victims

The orders were made under the Proceeds of Crime Act 2002. Under this law, an offender must pay either the amount gained from the crime or the value of their available assets, whichever is lower.

Steve Smart, the FCA’s joint executive director of enforcement and market oversight, commented on the ruling. “Bedi and Mavanga defrauded investors and left them out of pocket. These orders bring victims a step closer to getting money back,” he said.

The FCA says it has identified and contacted victims. How much each person gets back will depend on how much money is recovered.

Victims who have not heard from the FCA can contact its Consumer Helpline.

The regulator has also warned about scammers posing as officials who offer to help recover stolen funds. The FCA says it has already reached out to known victims and will pay out recovered money through its court action.

Bedi and Mavanga now have three months to pay. If they fail to do so, Bedi could face up to five more years in prison, and Mavanga could face up to two more years.

The post UK Court Orders Crypto Fraudsters to Repay £851,402 to Scam Victims appeared first on Blockonomi.