- Southwark Crown Court has ordered Raymondip Bedi to pay £603,404.28 and Patrick Mavanga £247,997.99 under the Proceeds of Crime Act.
- The pair were jailed in July 2025 over a cold-calling scheme that took £1,541,799 from at least 65 investors between February 2017 and June 2019.
- The two orders come to roughly £851,402, about 55% of the money lost. The FCA has not said whether any of it has been collected.
Two men convicted of selling fake cryptoasset investments over the phone have been ordered to repay about £851,000 between them. At least 65 people lost £1,541,799 to the scheme. The Financial Conduct Authority says the orders bring victims “a step closer” to getting money back, which is a different thing from money returned.
Anyone who put money into CCX Capital or Astaria Group is now at the stage where recovery becomes legally possible, not the stage where it arrives. The FCA says it has already identified and contacted the people affected, so the next contact about payment should come from the regulator rather than from anyone asking for a fee or a wallet address.
The wider point is about how these cases end. Court-ordered recovery in fraud cases is usually partial, and the amount is set by what the offenders still have rather than by what was taken.
What the court ordered
The hearing took place at Southwark Crown Court on 28 September 2026. Bedi was ordered to pay £603,404.28 and Mavanga £247,997.99.
Both were prosecuted by the FCA and sentenced in July 2025, Bedi to five years and four months, Mavanga to six years and six months. Between February 2017 and June 2019 they cold-called consumers and persuaded them to invest in cryptoasset opportunities that did not exist, operating through companies including CCX Capital and Astaria Group LLP.
In the press release announcing the orders, Steve Smart, the FCA’s joint executive director of enforcement and market oversight, said: “Bedi and Mavanga defrauded investors and left them out of pocket. These orders bring victims a step closer to getting money back.” He added: “We’ll keep coming after fraudsters and holding them to account.”
An order to pay is not a payment
A confiscation order is made under the Proceeds of Crime Act 2002. It requires an offender to hand over the benefit they gained from their crime, or the value of the assets they actually have, whichever of the two is lower. That second limb is doing most of the work in this case.
The order creates a legal debt. It does not confirm that the money is already sitting in an account waiting to be distributed, and the FCA’s own notice makes that clear in a way its headline does not: if the sums are not paid within three months, Bedi faces up to a further five years in prison and Mavanga up to two. A default prison term does not clear the debt, which survives the extra time served.
It is also worth separating two different court orders that get conflated. A compensation order directs money from an offender to the people they harmed. Confiscation strips criminal proceeds more generally, which is why the FCA’s stated commitment to return recovered funds to the 65 investors matters rather than being a formality.
Why £851,000 and not £1.5m
The £1,541,799 figure is the loss reported by victims of the original fraud. The confiscation orders total roughly £851,402, leaving around £690,000 of the reported losses outside the scope of what has been ordered.
The press release does not explain how the two figures were arrived at, or what assets were traced. Under the available-assets rule, an order can land well below the sum taken simply because money spent, moved or lost years earlier cannot be recovered from someone who no longer holds it. The FCA has not published a timetable for when payments would reach the people affected.
Regulation was never the missing piece
A recurring assumption about cases like this is that the fraud happened because crypto sat outside the rules. The UK’s cryptoasset regime does not come into force until 25 October 2027, and it is fair to say the sector was largely unregulated when this scheme was running. But cold-calling people and taking their money for investments that do not exist was already criminal, and it was prosecuted as such. What changes in 2027 is authorisation and conduct standards for legitimate firms, not the legality of lying to people on the phone. You can read more of our policy coverage on how that regime is being built.
The practical defence has not changed either. The FCA keeps a free-to-search warning list of firms it has concerns about, and suspected investment fraud can be reported to Action Fraud in England, Wales and Northern Ireland, or to Police Scotland. If you are choosing where to buy crypto, our guide to UK platforms covers venues you can check yourself rather than ones that contact you first.
What to watch
The three-month payment deadline, which falls in late December 2026. That is the point at which we find out whether the orders produce cash or default proceedings.
After that, whether the FCA publishes anything on distribution: how much was actually collected, and how it is split between the 65 investors. The confiscation figures are now public. The recovery figures are the ones that will tell you what this was worth to the people who lost money.