New Delhi. A UK court has ordered two convicted fraudsters involved in a fake cryptocurrency investment scheme to repay a total of £851,402.27, or around ₹10.9 crore, to victims. More than 65 investors lost a combined £1,541,799, or over ₹19.7 crore, in the fraudulent scheme. The money recovered under the court orders will be distributed among the affected investors.
The orders were issued following a hearing at Southwark Crown Court on September 28. The Financial Conduct Authority (FCA), the UK’s financial regulator, secured the orders as part of confiscation proceedings against the two men. The court ordered Raymondip Bedi to pay £603,404.28, or around ₹7.69 crore, while Patrick Mavanga was ordered to pay £247,997.99, or around ₹3.16 crore. Both have three months to pay the amounts. Failure to comply could result in additional prison time.
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The fraudulent cryptocurrency investment network operated between February 2017 and June 2019. Bedi and Mavanga allegedly contacted potential investors by phone and promoted what they presented as attractive opportunities to invest in cryptocurrency. A professional-looking website was used to make the scheme appear legitimate, while investors were promised attractive returns on their money.
The alleged fraud involved the use of company names including CCX Capital and Astaria Group LLP. Investors were led to believe that their money would be invested in cryptocurrency-related opportunities and generate substantial profits. However, investigators found that the money raised from investors was not invested in the manner represented, leaving a large number of people facing significant financial losses.
The two men were convicted in 2024 and were subsequently sentenced to prison in July 2025. Bedi received a sentence of five years and four months, while Mavanga was sentenced to six years and six months. The latest court orders relate separately to the recovery of money and assets available to the convicted men for repayment to victims.
The FCA said it identified investors affected by the scheme and contacted them during the investigation. Under the court orders, money recovered from the defendants will be distributed to the relevant victims. However, the amount ordered for repayment is significantly lower than the total losses suffered by investors. This means that victims may not recover all the money they lost in the scheme.
The case also highlights a common pattern seen in investment and financial fraud, where potential victims are approached through unsolicited phone calls and offered investment opportunities promising unusually high returns. Such approaches can carry significant risks, particularly when they involve complex and volatile assets such as cryptocurrencies. Investors can face substantial losses if they transfer money to an unknown individual or organisation without independently verifying its credentials and claims.
The regulator has also warned people who have already lost money in investment fraud about the risk of so-called recovery scams. In these cases, criminals may contact previous victims while falsely claiming to be regulators, lawyers or investigators who can help recover their lost money. The fraudsters then demand additional fees or payments before supposedly releasing the recovered funds.
The UK case provides a route for affected investors to recover at least part of their losses following the confiscation orders. At the same time, the gap between the total amount lost and the amount ordered to be repaid illustrates the difficulty of recovering the full value of money lost in financial fraud.
The case underlines the importance of independently checking unsolicited investment offers before making any payment. Investors should verify the identity and regulatory status of the organisation involved, examine claims about promised returns carefully and remain particularly cautious when someone approaches them unexpectedly with an opportunity to make unusually high profits in a short period.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
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