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    MarketForces Africa » MarketForces News » UK FCA Secures Money Back for Victims of Crypto Fraud

    UK FCA Secures Money Back for Victims of Crypto Fraud

    Olu AnisereBy Olu AnisereSeptember 28, 2026 News No Comments2 Mins Read
    UK FCA Secures Money Back for Victims of Crypto Fraud
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    UK FCA Secures Money Back for Victims of Crypto Fraud

    Victims of a £1.5m crypto investment fraud will recover lost funds after the FCA obtained confiscation orders against Raymondip Bedi and Patrick Mavanga.

    The United Kingdom (UK) watchdog, the Financial Conduct Authority (FCA), said on Monday it has secured money back for victims of crypto fraud.

    At a hearing at Southwark Crown Court on 28 September 2026, Raymondip Bedi was ordered to pay £603,404.28 and Patrick Mavanga £247,997.99.

    FCA said between February 2017 and June 2019, Bedi and Mavanga operated a fraudulent investment scheme, cold-calling consumers and persuading them to invest in fake cryptoasset opportunities through companies including CCX Capital and Astaria Group LLP.

    At least 65 investors were defrauded and lost £1,541,799, according to an FCA statement.

    The FCA said it has identified and contacted victims of the fraud and will ensure that funds recovered through the confiscation process are returned to victims.

    In July 2025, following an FCA prosecution, Raymondip Bedi was sentenced to 5 years and 4 months’ imprisonment, and Patrick Mavanga was sentenced to 6 years and 6 months’ imprisonment for their roles in the scheme.

    Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: ‘Bedi and Mavanga defrauded investors and left them out of pocket. These orders bring victims a step closer to getting money back.

    ‘We’ll keep coming after fraudsters and holding them to account.’ UK FCA Restricts Bazar Money Transfer Payment Operation

    Crypto Market UK
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    Olu Anisere
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    Olu Anisere is a financial and economic journalist at MarketForces Africa, specialising in African macroeconomic policy, international finance, energy markets, and continental development.He covers major multilateral institutions, including the International Monetary Fund (IMF), World Bank, and the United Nations Economic Commission for Africa (ECA), providing readers with frontline reporting on policies shaping Africa's economic trajectory.Olu has reported extensively on Nigeria's fiscal and monetary policy landscape, including CBN interest rate decisions, Nigeria's bond market, FX inflows, and the country's engagement with global financial institutions.His coverage spans IMF and World Bank Spring and Annual Meetings, African Ministers of Finance conferences, and high-level economic forums where Africa's development agenda is set.His reporting captures perspectives from Africa's most influential economic voices, including Tony Elumelu, senior IMF officials, and CBN leadership, bringing institutional insight and policy depth to MarketForces Africa's readers.Olu also covers Inside Africa — tracking economic, investment, and development stories from across the continent. Olu Anisere is based in Lagos, Nigeria.

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