- Southwark Crown Court made confiscation orders on 28 September 2026 against Raymondip Bedi, for £603,404.28, and Patrick Mavanga, for £247,997.99.
- Both men were jailed in July 2025 over a cold-calling operation that took £1,541,799 from at least 65 investors between February 2017 and June 2019.
- The orders total £851,402.27. The FCA, which prosecuted the case and is the sole source for these figures, says money recovered will go back to victims.
Two men convicted last year of running a fake cryptoasset investment scheme have been ordered by a court to hand over £851,402.27 between them. The 65 people they defrauded lost £1,541,799. The orders mark a stage in a recovery process rather than the end of one.
Money lost to investment fraud rarely comes back in full, and when it does come back it tends to come back slowly. The orders made at Southwark Crown Court cover a little over half of what was taken in this case, and none of it has been shown to have been paid yet. For anyone waiting on the outcome of a crypto fraud case, that is the realistic shape of recovery: a legal instrument first, then a collection process, then whatever is left.
What the court ordered
Between February 2017 and June 2019, Raymondip Bedi and Patrick Mavanga cold-called consumers and talked them into putting money into cryptoasset opportunities that did not exist, operating through companies including CCX Capital and Astaria Group LLP. At least 65 investors handed over a combined £1,541,799.
Following an FCA prosecution, Bedi was sentenced in July 2025 to five years and four months in prison, and Mavanga to six years and six months.
The hearing on 28 September 2026 dealt with the money rather than the sentence. Bedi was ordered to pay £603,404.28 and Mavanga £247,997.99.
A confiscation order is not a payment
This is the part the headlines on the day skated over. A confiscation order is made under the Proceeds of Crime Act 2002, and it is a legal demand rather than a transfer of funds. The court works out what the defendant gained from the crime, then compares it with the assets they actually have available, and orders the lower of the two.
From there it becomes a compliance question. Bedi and Mavanga have three months to pay. If they do not, Bedi faces up to a further five years in prison and Mavanga up to a further two. Those default sentences exist precisely because confiscation orders are not always paid, and serving the extra time does not cancel the debt.
So the court has settled what is owed. Whether the cash arrives, and when any of it reaches the people who lost it, depends on a collection and distribution process the FCA has not put a timetable on.
The gap nobody mentioned
Set the two numbers next to each other. The orders come to £851,402.27. The recorded losses come to £1,541,799. Even if both men pay every penny on time, roughly £690,000 of what investors put in is not covered by these orders at all.
That shortfall is a normal feature of confiscation rather than a failure of this particular case: the court can only order what a defendant has, and fraud proceeds are often spent long before anyone is charged. The FCA’s press release does not address it, and the regulator has not said how many of the 65 victims it has reached or how any distribution would be split.
The FCA’s own language is more careful than its headline. Its release is titled “FCA secures money back for victims of crypto fraud”, while Steve Smart, its joint executive director of enforcement and market oversight, is quoted in the same release saying: “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.”
A step closer is the accurate description. One other thing worth noting: every figure here comes from the regulator’s own account of its own prosecution, and we have not seen the court record.
If you were approached by this scheme
The FCA says it has identified and contacted victims, and that it will ensure recovered funds are returned to them. If you invested through CCX Capital or Astaria Group LLP and have not heard anything, the FCA’s consumer helpline is the route to register that.
For fraud that is not already the subject of an FCA case, reports go to Action Fraud in England, Wales and Northern Ireland, or Police Scotland on 101. Before putting money anywhere, the FCA Warning List shows firms the regulator has flagged as operating without authorisation, and our guide to buying crypto in the UK covers what registration does and does not protect you from. Cold calls about investments remain the single most common first contact in cases like this one.
What to watch
The three-month deadline, which falls at the end of December 2026. If either order goes unpaid, the next hearing will be about default prison terms rather than about compensation, and victims would be no nearer their money.
Beyond that, whether the FCA publishes anything on how much is actually collected and distributed. Enforcement outcomes get announced loudly; recovery rates usually do not, and that is the figure that tells you what these orders were worth. We cover enforcement action on our policy page as it develops.