A UK court has directed Raymondip Bedi and Patrick Mavanga, previously convicted for orchestrating a fake cryptocurrency investment scheme, to repay a total of £851,402.27 to victims. The ruling aims to compensate at least 65 investors who experienced a combined loss of £1,541,799 from the fraudulent operation.
Convictions and Sentencing
Southwark Crown Court issued the orders on September 28, following an application by the Financial Conduct Authority (FCA). Bedi was ordered to pay £603,404.28, and Mavanga £247,997.99. Both men are required to fulfill these payments within three months.
Bedi received a prison sentence of five years and four months, while Mavanga was sentenced to six years and six months following their convictions earlier in 2024. The sentences reflect charges of conspiracy to defraud and violations of the Financial Services and Markets Act 2000. Bedi additionally pleaded guilty to money laundering offenses, and Mavanga admitted holding false identification documents with intent to deceive.
The FCA reported that the pair conducted the fraudulent scheme using companies such as CCX Capital and Astaria Group LLP. Their approach involved cold-calling potential investors between February 2017 and June 2019, presenting offers via a professional website that falsely promised high returns. The FCA has emphasized that unsolicited investment offers and guarantees of excessive returns are notable warning signs that investors should not ignore.
Scheme Tactics and Asset Recovery
The orders were issued under the Proceeds of Crime Act 2002, which determines the amount based on either the gains from the offense or the available assets of the offenders, whichever is less. The FCA has already begun reaching out to individuals identified as victims to coordinate the return of recovered funds. The actual amount each person receives will depend on the total assets successfully recovered from Bedi and Mavanga.
Unexpected calls and offers of unusually high returns are frequent indicators of fraudulent cryptocurrency activity. The FCA has highlighted that vigilance and careful assessment of such offers can reduce the risk of falling victim to similar scams.
Steve Smart, the FCA’s joint executive director of enforcement and market oversight, explained, “Bedi and Mavanga defrauded investors and left them out of pocket. These orders bring victims a step closer to getting money back.”
Victims who have not yet been contacted are encouraged to reach out to the FCA’s Consumer Helpline. The regulator has also cautioned the public about fraudsters who may pose as officials, attempting to contact victims and offer fraudulent “recovery” services. The FCA states that payments from court action will be processed directly to individuals they have already identified.
Failure to comply with the court’s repayment orders may result in further prison time for the pair. Bedi faces up to five additional years if he does not pay, while Mavanga could serve up to two more years in custody.
Wider Crypto Market Context
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