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ZEC $1,415 UK Orders Crypto Fraudsters to Repay £851,402 to Scam Victims
A UK court has ordered two men behind a fake crypto scheme to pay £851,402.27, less than the £1,541,799 investors lost.
Key takeaways
- The total is £851,402.27. The combined confiscation orders require repayment of £851,402.27 from two convicted men.
- Victims lost £1,541,799. At least 65 investors lost £1,541,799, so the orders cover only part of their losses.
- Three months to pay. Bedi and Mavanga have three months to pay or face up to five and two more years in prison.
What happened
A UK court ordered Raymondip Bedi and Patrick Mavanga to pay a combined £851,402.27 after a fake crypto investment scheme. The orders were made at a Sept. 28 hearing at Southwark Crown Court. The Financial Conduct Authority obtained the confiscation orders.
Bedi must pay £603,404.28 and Mavanga £247,997.99. At least 65 investors lost £1,541,799 to the scheme, so the orders cover only part of the losses. The FCA has identified and contacted victims and plans to return money recovered through the process.
Between February 2017 and June 2019, the men cold-called consumers and persuaded them to invest in fake crypto opportunities. They operated through companies including CCX Capital and Astaria Group LLP. The scheme ran for more than two years.
Why it matters
The orders give victims a path to recover some money. Steve Smart of the FCA said the orders bring victims a step closer to getting money back. The FCA will distribute funds collected through the orders.
The case shows how crypto fraud can harm many people. Unexpected calls and offers of unusually high returns are warning signs. People seeking stolen funds can also face fraudulent recovery offers from criminals posing as officials.
The FCA said Bedi and Mavanga have three months to pay. Failure to pay could add up to five years to Bedi's prison term and two years to Mavanga's. Both men were convicted in 2024 and sentenced in July 2025.
What the data shows
The court ordered £851,402.27 in total. Bedi must pay £603,404.28 and Mavanga £247,997.99. At least 65 investors lost £1,541,799. The scheme ran from February 2017 to June 2019. Bedi received five years and four months in prison, while Mavanga received six years and six months.
Background
Bedi pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000, and money laundering offenses. Mavanga pleaded guilty to conspiracy to defraud, conspiracy to breach that prohibition, and possessing false identification documents with improper intent. The orders were made under the Proceeds of Crime Act 2002.
What is still unclear
- How much each victim receives depends on how much money is recovered through the orders.
- The reports do not give a precise calendar date for the three-month payment deadline.
- The reports do not state the year of the Sept. 28 hearing.
Questions readers ask
How much must Raymondip Bedi and Patrick Mavanga repay?
The court ordered a combined £851,402.27. Bedi must pay £603,404.28 and Mavanga £247,997.99 under confiscation orders obtained by the FCA.
How many victims lost money in the crypto scheme?
At least 65 investors lost a total of £1,541,799. The FCA has identified and contacted victims and plans to return money recovered through the orders.
What happens if the fraudsters do not pay?
They have three months to pay. If they fail, Bedi could face up to five more years in prison and Mavanga up to two more years.
What are the warning signs of crypto investment fraud?
Unexpected approaches and offers of unusually high returns are common warning signs. The FCA also warns about fraudulent recovery offers from criminals posing as officials.
