At least 65 investors who lost more than £1.5 million in a fake cryptocurrency investment scheme are set to recover part of their losses after a UK court ordered two convicted fraudsters to repay £851,402.27.
The orders were secured by the UK Financial Conduct Authority (FCA) following a hearing at Southwark Crown Court on September 28.
Two Fraudsters Ordered to Pay
The court ordered Raymondip Bedi to pay £603,404.28, while Patrick Mavanga was ordered to repay £247,997.99.
Together, the orders cover more than half of the £1,541,799 lost by investors. The FCA said it plans to distribute the money recovered through the confiscation process to affected victims.
The two men have three months to pay. Failure to comply could result in additional prison time.
How the Crypto Scam Worked
The fraud operated between February 2017 and June 2019, with Bedi and Mavanga cold-calling potential investors and promoting fake cryptocurrency investment opportunities.
They used companies including CCX Capital and Astaria Group LLP and presented investors with a professional-looking website and promises of attractive returns.
Instead of investing the money as advertised, the scheme left victims facing substantial financial losses.
The pair were convicted in 2024 and sentenced in July 2025. Bedi received five years and four months in prison, while Mavanga was sentenced to six years and six months.
What Happens to the Recovered Money?
The FCA said it has identified and contacted victims and will return money recovered under the court orders.
However, because the amount ordered is lower than the total losses, victims may not recover everything they lost.
The case also highlights a common warning sign of investment fraud: unsolicited calls offering seemingly attractive investment opportunities and unusually high returns.
The FCA has warned that people who have already lost money should also be cautious of recovery scams, where criminals pretend to be regulators, lawyers or investigators and demand additional payments to retrieve stolen funds.
For victims of this scheme, the confiscation orders mark the next step toward recovering at least some of their losses.
