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Southwark Crown Court handed the FCA a win last Sunday. Confiscation orders against two convicted fraudsters will push roughly £851,000 back toward the 65 investors they fleeced out of a combined £1.54 million.
Why It Matters
The recovery of £851,000 for victims of the CCX Capital fraud underscores the ongoing challenges of investor protection in the rapidly evolving cryptocurrency market, which has been plagued by scams and fraudulent schemes. This case highlights the necessity for regulatory bodies like the FCA to enforce compliance and pursue restitution for victims, as the crypto sector continues to attract both legitimate innovation and illicit activity. As regulators ramp up their efforts to crack down on fraud, such outcomes may serve as a deterrent to potential wrongdoers and bolster investor confidence in the long term.
The orders, granted September 28, 2026, target Raymondip Bedi and Patrick Mavanga — the pair behind a cold-calling crypto fraud that ran from February 2017 to June 2019. Bedi has to pay £603,404.28. Mavanga owes £247,997.99. Together that’s £851,402.27 — not the full £1,541,799 lost, but it’s real money going back to real people. The two ran their operation through companies called CCX Capital and Astaria Group LLP, using those fronts to convince ordinary investors that bogus cryptoasset opportunities were the real thing. They cold-called targets, made promises of strong returns, and collected money for investments that didn’t exist. At least 65 people fell for it before the FCA caught up with them.
Bedi was born October 9, 1989. Mavanga, November 24, 1984.
Prison Time Already Handed Down
Both men were sentenced back in July 2025 after an FCA prosecution. Bedi got 5 years and 4 months. Mavanga drew a longer sentence — 6 years and 6 months — for his role in the scheme. Now, on top of the prison time, they’ve got three months to pay up. If they don’t, Bedi could face up to five additional years behind bars. Mavanga’s exposure is up to two more years. The orders were issued under the Proceeds of Crime Act 2002, which lets courts force offenders to repay either the benefits they gained from criminal conduct or the value of their available assets — whichever figure is lower. It’s basically a legal mechanism to strip crime of its profit motive, and the FCA leans on it hard when it can.
Crypto fraud cases are notoriously difficult to unwind. By the time investigators piece together what happened, assets have often moved, been converted, or simply spent. Getting confiscation orders that actually result in victim repayment is harder than it sounds. So this outcome — real funds going back to 65 defrauded investors — isn’t something the FCA takes lightly.
What the FCA Said, and What Comes Next for Victims
Steve Smart, joint executive director of enforcement and market oversight at the FCA, said the orders bring victims a step closer to recovering their losses. He didn’t sugarcoat the agency’s intent — the FCA wants fraudsters to know there are consequences beyond a jail sentence.
The agency has already reached out to the affected investors directly. The plan is to ensure the recovered funds get returned to them once the orders are paid. Anyone who thinks they were caught up in the CCX Capital or Astaria Group LLP scheme but hasn’t heard from the FCA yet can call the FCA’s Consumer Helpline. That’s probably the most important practical detail buried in this story — there may be victims who don’t know they’re owed money.
Cold-calling investment fraud isn’t new, but it’s found fresh legs in crypto. The promise of high returns on assets most people don’t fully understand makes cryptoasset scams a natural fit for boiler-room-style operations. Bedi and Mavanga’s scheme ran for more than two years before it was shut down, which is a long time to be making calls and collecting checks. The FCA’s investigation had to trace the money, identify victims, and build a prosecution strong enough to hold up in court — and then, years later, pursue confiscation on top of that.
Sixty-five victims. That’s not a small number for a single operation. And the £1.54 million total loss figure is probably conservative — fraud schemes like this often go underreported because victims are embarrassed or unsure whether what happened to them counts.
The Proceeds of Crime Act gives the FCA teeth it wouldn’t otherwise have. Without it, a conviction is just a conviction. With it, the agency can go after whatever assets the offenders still hold and claw something back. It won’t always cover the full loss — it didn’t here — but £851,402.27 is better than nothing, and for some of those 65 investors, it might be the difference between recovering and not.
The FCA says consumer protection and fighting financial crime stay at the top of its enforcement priorities. Cases like this one — multi-year fraud, multiple victims, corporate fronts used to add legitimacy — are exactly the kind the agency wants to make examples of. Bedi and Mavanga now have three months to comply with the orders. The clock started September 28, 2026.
Frequently Asked Questions
How much money will be recovered for the victims of the CCX Capital fraud?
The FCA secured confiscation orders totaling £851,402.27 — £603,404.28 from Raymondip Bedi and £247,997.99 from Patrick Mavanga — to be returned to the 65 defrauded investors.
What happens if Bedi and Mavanga don’t pay within three months?
If the orders go unpaid within three months, Bedi faces up to five additional years in prison and Mavanga faces up to two more years on top of their existing sentences.
