The UK Financial Conduct Authority said on 28 September 2026 that Southwark Crown Court had made confiscation orders against Raymondip Bedi and Patrick Mavanga. Bedi was ordered to pay £603,404.28 and Mavanga £247,997.99, a combined £851,402.27. The FCA says it has identified and contacted victims and will return funds recovered through the confiscation process.
This is not an unresolved allegation. FCA records say the two operated a fraudulent scheme between February 2017 and June 2019, cold-calling consumers and selling fake cryptoasset opportunities through companies including CCX Capital and Astaria Group LLP. At least 65 investors lost £1,541,799. In July 2025, Bedi received a prison sentence of five years and four months and Mavanga six years and six months.
An order, recovered cash and compensation are different things
The two orders equal roughly 55.2% of the published aggregate loss. That arithmetic does not show what each victim will receive, and it does not mean the full ordered sum was in victims’ accounts when the court ruled.
The FCA says confiscation orders under the Proceeds of Crime Act 2002 require offenders to repay the benefit obtained from criminal conduct or, if lower, the value of their available assets. The defendants have three months to pay. Failure could add up to five years to Bedi’s imprisonment and up to two years to Mavanga’s, without automatically cancelling the payment obligation.
The accurate description is therefore that final confiscation orders have been made and the FCA intends to distribute money actually recovered. It would be misleading to say the entire £1.54m loss has already been recovered, or to treat the orders as insurance, deposit protection or a platform compensation scheme.
Institutions and the money trail
The FCA brought the prosecution and recovery action, while Southwark Crown Court made the orders. CCX Capital and Astaria Group LLP are operating names identified in the FCA releases. The latest announcement does not identify a licensed trading venue as responsible for reimbursing the victims.
For traders, the practical question is the money trail: who initiated the approach, which legal entity appears in the agreement, where funds were sent, whether the receiving account matches the claimed regulated firm, and whether the supposed crypto position can be independently verified. A polished website and regulatory language are not substitutes for checking the contracting and receiving entities.
Impact on traders and legitimate firms
Before paying, traders should independently use the FCA Firm Checker or the relevant local register, verify the legal name, domain, contact details, permissions and payment recipient, and avoid relying only on links supplied by a salesperson. Bank records, messages, contract versions, screenshots and transaction hashes should be preserved because they may matter for reporting and asset tracing.
Legitimate brokers and crypto firms also need more than a generic risk warning. They should publish authoritative domains and payment routes, explain how they do and do not solicit customers, maintain an impersonation-reporting channel and respond quickly when fake sites or payment accounts misuse their identity.
TraderVote view
The important lesson is that asset recovery remains a separate process after conviction and sentencing. A prison sentence determines criminal punishment; a confiscation order creates a payment obligation; collection and distribution determine what victims actually receive.
Financial reporting should distinguish allegation, conviction, sentence, confiscation order, collection and final distribution. For traders, verification before payment remains the stronger safeguard: confirm the entity, permission and destination of funds rather than assuming that a later court order guarantees rapid, full reimbursement.
Sources
FCA, “FCA secures money back for victims of crypto fraud”, published 28 September and accessed 29 September 2026: https://www.fca.org.uk/news/press-releases/fca-secures-money-back-victims-crypto-fraud
FCA, “Two individuals sentenced to a combined 12 years for £1.5m crypto fraud”, published 4 July 2025 and accessed 29 September 2026: https://www.fca.org.uk/news/press-releases/two-individuals-sentenced-combined-12-years-crypto-fraud
FX Axe, “FCA Secures £851,000 Confiscation Orders for Crypto Fraud Victims”, published 28 September and accessed 29 September 2026: https://fxaxe.com/news/fca-secures-851000-confiscation-orders-for-crypto-fraud-victims/
Written independently by Hengyuan from public information verifiable as of 29 September 2026. This article is not investment or legal advice.
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