Victims of a £1.5m crypto investment fraud are set to recover some of their losses after the Financial Conduct Authority secured confiscation orders worth £851,000 against two men.

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

Bedi and Mavanga operated a fraudulent investment scheme between February 2017 and June 2019, cold-calling consumers and directing them towards fake cryptoasset investment opportunities through companies including CCX Capital and Astaria Group LLP.

At least 65 investors lost a combined £1,541,799.

The FCA has identified and contacted affected investors and said recovered funds will be returned to victims through the confiscation…