FCA orders Bedi and Mavanga to pay £851,402 in confiscation orders after crypto fraud
Confiscation orders require Bedi to pay £603,404.28 and Mavanga £247,997.99, totalling £851,402.27 of the £1,541,799 lost by at least 65 investors.
Why it matters
The ordered sum of £851,402.27 falls short of the £1,541,799 that Crypto News and Bitcoin.com News say at least 65 investors lost, and the FCA has not set out a payout timetable. The story concerns a compensation process for two convicted fraudsters rather than any change to crypto markets or the regulatory regime.
Where the sources disagree
Total amount ordered in the confiscation orders
£1.5 million in confiscation orders
Crypto News (CryptoNews.net)
£851,000 in confiscation orders
Crypto News (CryptoNews.net)
£851,402.27 in confiscation orders
Bitcoin.com News
Crypto News described the confiscation orders themselves as totalling £1.5 million and headlined a later report at £851,000, while Bitcoin.com News gave a combined figure of £851,402.27 split between the two defendants.
Key facts
A confiscation order requires Raymondip Bedi to pay £603,404.28.
603,404.28 GBPReported by Bitcoin.com News
A confiscation order requires Patrick Mavanga to pay £247,997.99.
247,997.99 GBPReported by Bitcoin.com News
The two confiscation orders total £851,402.27.
851,402.27 GBPDisputed figureReported by Bitcoin.com News
At least 65 investors lost a combined £1,541,799 in the fake cryptocurrency scheme.
1,541,799 GBPReported by Crypto News (CryptoNews.net)
Crypto News described the confiscation orders as totalling £1.5 million, the same figure it used for the investment scam itself.
1,500,000 GBPDisputed figureReported by Crypto News (CryptoNews.net)
Bedi and Mavanga cold-called consumers between February 2017 and June 2019 to promote purported cryptocurrency investments through companies including CCX Capital and Astaria Group LLP.
Reported by Crypto News (CryptoNews.net)
In July 2025 Bedi was sentenced to five years and four months in prison and Mavanga to six years and six months.
Reported by Crypto News (CryptoNews.net)
Bedi and Mavanga have three months to satisfy the orders, and the FCA has not disclosed when distributions will begin or how the money is split among victims.
Reported by Crypto News (CryptoNews.net)
What happened
A hearing at Southwark Crown Court on 28 September produced confiscation orders requiring Raymondip Bedi to pay £603,404.28 and Patrick Mavanga to pay £247,997.99, a combined £851,402.27, Bitcoin.com News reported. The FCA, which prosecuted the case, says it has identified and contacted the victims and plans to return money collected under the orders. Crypto News put the losses at £1,541,799 across at least 65 people, and described Bedi and Mavanga cold-calling consumers between February 2017 and June 2019 to push purported cryptocurrency investments through companies including CCX Capital and Astaria Group LLP. Crypto News also described the confiscation orders as totalling £1.5 million, which does not match the £851,402.27 split Bitcoin.com News reported. Both men admitted fraud, and in July 2025 Bedi was sentenced to five years and four months in prison while Mavanga received six years and six months. Crypto News reported that Bedi and Mavanga have three months to satisfy the orders, that non-payment could bring further prison terms without replacing the debt, and that the FCA has not disclosed when distributions begin or how recovered money is allocated.
How the story developed
- First report
First report by Crypto News (CryptoNews.net)
FCA Targets £1.5m Crypto Fraud, Orders Fund Recovery
- Update
Crypto News reports FCA confiscation orders against Bedi and Mavanga
Crypto News described the orders as securing the return of funds to at least 65 victims of a £1.5 million investment scam.
- Update
Crypto News sets out the cold-call scheme and the July 2025 sentences
The same outlet reported the February 2017 to June 2019 cold-call period, losses of £1,541,799 and prison terms of five years four months for Bedi and six years six months for Mavanga.
- Resolution
Bedi and Mavanga jailed after FCA prosecution
In July 2025 Bedi received five years and four months in prison and Mavanga six years and six months, according to Crypto News.
- Official statement
Official statement from Bitcoin.com News
UK Orders Crypto Fraudsters to Repay £851,402 to Scam Victims
- Update
FCA plans to return recovered funds to identified victims
The FCA said it has contacted victims and will distribute money collected, while Crypto News reported that no distribution date or allocation method has been disclosed.
- Official statement
Confiscation orders issued at a Southwark Crown Court hearing
Bitcoin.com News reported orders of £603,404.28 against Bedi and £247,997.99 against Mavanga, and quoted FCA enforcement director Steve Smart saying the orders bring victims a step closer to getting money back.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 28 Sept 2026, 17:32 UTC: Crypto News (CryptoNews.net) — 1 independent source, 1 reports
- 28 Sept 2026, 21:30 UTC: Crypto News (CryptoNews.net) — 2 independent sources, 2 reports
- 30 Sept 2026, 03:30 UTC: Bitcoin.com News, official — 3 independent sources, 3 reports
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | UK Orders Crypto Fraudsters to Repay £851,402 to Scam Victims | Independent | |
| Crypto News (CryptoNews.net) Aggregator | FCA Targets £1.5m Crypto Fraud, Orders Fund Recovery | Original | |
| Crypto News (CryptoNews.net) Aggregator | FCA Secures £851,000 Confiscation Orders for Crypto Fraud Victims | Syndicated |
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