The UK Financial Conduct Authority (FCA) secured confiscation orders totaling £851,402 to compensate victims of a £1.5 million cryptoasset investment scam. The ruling, handed down this Monday, September 28, at Southwark Crown Court under the Proceeds of Crime Act 2002, orders convicted operators Raymondip Bedi and Patrick Mavanga to repay £603,404 and £247,997, respectively, after defrauding more than 65 individuals through front schemes such as CCX Capital.
This judgment bolsters the British regulator’s crackdown on illicit platforms and confirms that financial penalties pursue real assets, regardless of prison terms served. The measure sends a clear signal of strict institutional oversight across the crypto ecosystem, highlighting that unauthorized entities will face direct forfeitures to protect retail capital.
The FCA will distribute the confiscated funds among identified victims and urged other affected investors to reach out via its consumer helpline. Meanwhile, the defendants have three months to pay the amounts or face additional prison sentences of up to five years.
Source: https://www.fca.org.uk/news/press-releases/fca-secures-money-back-victims-crypto-fraud
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