Court Orders £851,402 Payment in Crypto Fraud Case

Southwark Crown Court has ordered two men convicted of running a cryptocurrency investment fraud to pay a combined £851,402.27, a sum that is less than the £1,541,799 in losses reported by at least 65 investors. The Financial Conduct Authority says it will return money collected through the confiscation process to identified victims, but the orders do not establish that funds have been recovered or distributed. At a hearing on September 28, the court ordered Raymondip Bedi to pay £603,404.28 and Patrick Mavanga to pay £247,997.99. The orders followed their convictions in a case brought by the FCA. The regulator says both men have three months to pay. The FCA says the scheme operated from February 2017 to June 2019, when Bedi and Mavanga used cold calls to solicit investments in cryptocurrency opportunities that did not exist. The men operated through companies including CCX Capital and Astaria Group LLP, according to the regulator. At least 65 investors lost a total of £1,541,799, an amount substantially greater than the court-ordered sums. The FCA says it has identified and contacted victims and will return money recovered under the orders.