Daily Compliance Brief — FCA Secures Confiscation Orders in £1.5m Crypto Fraud Case

September 28, 2026

Signal

The UK Financial Conduct Authority (FCA) secured confiscation orders on September 28, 2026 against Raymondip Bedi and Patrick Mavanga following their convictions for a £1.5 million crypto investment fraud. According to the FCA press release, Southwark Crown Court ordered Bedi to pay £603,404.28 and Mavanga £247,997.99.

The FCA stated that at least 65 investors were defrauded through a scheme involving fake cryptoasset investment opportunities. The regulator has identified and contacted victims and will return recovered funds through the confiscation process.

Why it matters

The action demonstrates the importance of asset tracing and recovery alongside enforcement of cryptoasset fraud, particularly where illicit proceeds have moved through multiple entities or investment structures.

Firms involved in cryptoasset services should maintain controls capable of identifying fraud indicators, preserving transaction records, and supporting investigations into the movement and recovery of suspected illicit proceeds.