FCA Convicts 2 Individuals from CCX Capital & Astaria Group in £1.5M Crypto Scam

The Financial Conduct Authority (FCA) recently secured convictions against Raymondip Bedi and Patrick Mavanga for orchestrating a £1.5 million investment fraud, affecting over 65 investors between February 2017 and June 2019. This significant case, led by the FCAs enforcement team, highlights the persistent risk of fraudulent investment schemes and serves as a warning to investors to exercise caution with high-return offers, particularly those related to cryptocurrency.

Bedi and Mavanga conducted their fraudulent activities through companies such as CCX Capital and Astaria Group LLP. Operating through cold-calling tactics, they directed unsuspecting consumers to professional-looking websites, where they were enticed with promises of lucrative returns from non-existent cryptocurrency investments. This meticulously constructed scheme exploited the growing interest in cryptocurrency to deceive investors into parting with substantial sums of money.

Both individuals faced numerous charges for their roles in the scheme. Bedi, in an earlier hearing, pleaded guilty to conspiracy to defraud, conspiracy to breach the Financial Services and Markets Act 2000, and money laundering. Similarly, Mavanga admitted to conspiracy to defraud and conspiracy to breach the Financial Services and Markets Act, along with possession of false identification documents with malicious intent. In addition, he was convicted of perverting the course of justice after deleting phone call recordings following Bedis arrest in March 2019.

Meanwhile, the FCA also noted the involvement of other individuals. One defendant will face a retrial in September 2025 after the jury failed to reach a verdict. Another individual, Rowena Bedi, was acquitted of money laundering charges. Meanwhile, a fifth associate, Minas Filippidis, remains wanted in connection to similar offences.

Steve Smart, Joint Executive Director of Enforcement and Market Oversight at the FCA, underscored the lessons to be learned from this case. He highlighted how Bedi and Mavanga enticed investors with promises of high returns in cryptocurrency but ultimately delivered only financial losses and distress. Smart advised the public to remain cautious about unsolicited investment opportunities, adding that offers sounding “too good to be true” are likely scams.

This case is part of the FCAs broader effort to curb investment fraud. Earlier this year, the FCA charged three other individuals—Kristofer McGuire, Keith Williamson, and Karla Walker—in a separate scheme involving contracts for difference (CFDs). This scheme reportedly targeted pension savings, resulting in over £8 million in losses. The FCA alleged that the defendants provided false information, encouraging investors to use pensions for risky CFD investments, only to generate excessive commissions from failed trades.