Investors who lost money in a long-running fake cryptocurrency scheme have taken a meaningful step toward partial reimbursement after a London court issued confiscation orders against the two men already serving prison sentences for the crime.
Southwark Crown Court directed Raymondip Bedi to pay £603,404.28 and Patrick Mavanga to pay £247,997.99, producing a combined figure of £851,402.27.
The Financial Conduct Authority (FCA), which brought the original prosecution, has said it will channel any sums collected under those orders back to the people who were defrauded.
The scheme ran from February 2017 until June 2019.
The pair used unsolicited telephone calls to pitch what they presented as attractive cryptoasset investments.
They operated through vehicles that included CCX Capital and Astaria Group LLP. In reality the opportunities did not exist.
At least 65 people handed over money and together lost £1,541,799.
The confiscation total therefore covers a little more than half of the recorded losses.
How much any individual investor ultimately receives will depend on how much of the ordered amounts the authorities actually recover and how the money is later divided.
Both men were convicted after an FCA investigation and sentenced in July 2025.
Bedi received five years and four months; Mavanga received six years and six months.
Their pleas covered conspiracy to defraud and unauthorised financial activity.
Bedi also admitted money-laundering offences.
The later confiscation hearing was a separate Proceeds of Crime Act process.
Under that legislation a court can require an offender to repay either the benefit obtained from the crime or the value of assets still available, whichever is smaller.
The figures now imposed reflect that calculation.
Steve Smart, the FCA’s joint executive director of enforcement and market oversight, said the two men had left investors out of pocket and that the new orders move those investors closer to seeing some of their money returned.
He added that the regulator would continue to pursue fraudsters and hold them to account.
The men have three months to satisfy the orders.
If they fail to pay, Bedi could face up to five extra years in prison and Mavanga up to two years.
Those default terms would sit on top of the sentences they are already serving and would not cancel the outstanding financial liability.
The FCA has already identified and contacted the known victims. Once funds are collected they are expected to be distributed through the confiscation process rather than through a separate compensation scheme.
The regulator has not published a timetable for payments or the precise method of allocation among the 65-plus investors.
The case illustrates both the persistence of unauthorised investment scams that exploit public interest in digital assets and the tools available to UK authorities after conviction.
Confiscation does not guarantee full restitution; the gap between the £1.54 million lost and the £851,402 now ordered remains substantial.
It does, however, convert a criminal finding into a concrete mechanism for clawing back what can still be found. For the people who answered those cold calls nearly a decade ago, the court decision converts an earlier prison sentence into a possible financial recovery, even if that recovery is only partial.