Summary
The FCA has started criminal proceedings against four individuals for conspiracy to commit fraud and for conspiracy to carry out regulated activity without authorisation. Two of the four are also charged with money laundering, and one with possession of false identity documents and perverting the course of justice.
Over a two-year period between February 2017 and June 2019, the FCA alleges that Raymondip Bedi, Patrick Mavanga, Nicholas Harper, and Rowena Bedi defrauded investors of around £1.4m using investment schemes that were not genuine.
These investment schemes were with:
- Astaria Group LLP
- An unauthorised clone of Capital Partner(s) Group
- CCX Capital
- An unauthorised clone of Ian Buckley Financial Services.
The FCA has asked anyone who made an investment with one of these schemes, and who has not previously spoken to the FCA, to contact it now.
Specifically, the FCA alleges that:
- between 1 February 2017 and 19 June 2019 Bedi, Mavanga, Harper, and Rowena Bedi, conspired to defraud others to persuade them to invest with the above-mentioned firms by making false representations
- between 1 July 2016 and 19 June 2019, Bedi, Mavanga, Harper, and Rowena Bedi conspired to carry out a regulated activity without authorisation
- on 6 March 2019, Bedi and Rowena Bedi were in possession of criminal property, namely £78,500 in cash which was seized from their home address
- between 1 March 2018 and 1 January 2020, Bedi laundered at least £114,870 in cash via deposits made into his bank account
- between 1 February 2017 and 19 June 2019, Mavanga was in possession, with improper intent, of a number of identification documents belonging to others
- between 5 March 2019 and 14 March 2019, Mavanga perverted the course of justice by arranging for the deletion of recordings made of telephone calls.
Two of the defendants were remanded in custody and two granted conditional bail ahead of a first appearance at Southwark Crown Court on 2 May 2023.
Links: https://www.fca.org.uk/news/statements/criminal-market-abuse-regime-review-completion