A pair of convicted crypto fraudsters have now been ordered to pay back £850,000 to harmed investors by a London court, the U.K.’s Financial Conduct Authority (FCA) says.
In 2025, Raymondip Bedi and Patrick Mavanga were sentenced to five years and four months in prison, and six years and six months, respectively, after pleading guilty to numerous charges in connection with a crypto fraud scheme that, the FCA alleged, took over £1.5 million from investors.
On Monday, following a hearing in Southwark Crown Court, confiscation orders were issued against the pair — Bedi was ordered to pay over £600,000 and Mavanga was ordered to pay almost £250,000.
The FCA will administer the funds recovered through the court’s orders, returning that money to harmed investors.
“Bedi and Mavanga defrauded investors and left them out of pocket. These orders bring victims a step closer to getting money back,” said Steve Smart, joint executive director of enforcement and market oversight at the FCA, in a release.
While the investors’ losses in the scheme topped £1.5 million, under U.K. law, confiscation orders require offenders to repay the proceeds of their criminal conduct, or the value of their available assets, whichever is lower.
If they fail to pay the confiscation orders within three months, Bedi will face up to an additional five years in prison and Mavanga could face up to two additional years.
“We’ll keep coming after fraudsters and holding them to account,” Smart added.
The scheme, which operated between February 2017 and June 2019, involved cold calling investors to pitch fake crypto investments through various companies, including CCX Capital and Astoria Group LLP.