FCA launches criminal proceedings against four individuals for conspiracy to commit fraud

The UK Financial Conduct Authority (FCA) has started criminal proceedings against four individuals for conspiracy to commit fraud and for conspiracy to carry out regulated activity without authorisation, against two of those individuals for money laundering, against one of those individuals for possession of false identity documents and perverting the course of justice offences.

The FCA alleges that over a 2-year period between February 2017 and June 2019, Raymondip Bedi, Patrick Mavanga, Nicholas Harper, and Rowena Bedi defrauded investors out of approximately £1.4 million using investment schemes that were not genuine. Those 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 regulator asks that anyone who made an investment with one of these schemes and has not previously spoken to the FCA, to contact the FCA.

Specifically, the FCA alleges that between 1 February 2017 and 19 June 2019 Raymondip Bedi, Patrick Mavanga, Nicholas Harper, and Rowena Bedi, conspired to defraud others to persuade them to invest with Capital Partners Group, CCX Capital, Alexander Growth Capital Ltd, Astaria Group LLP, and or Ian Buckley Financial Services by making false representations.

Between 1 July 2016 and 19 June 2019 Raymond Bedi, Patrick Mavanga, Nicholas Harper and Rowena Bedi conspired together to contravene the General Prohibition against carrying out a regulated activity without authorisation.

Also, between 1 March 2018 and 1 January 2020 Raymondip Bedi laundered at least £114,870 in cash via deposits to his bank account.

Furthermore, between 5 March 2019 and 14 March 2019 Patrick Mavanga perverted the course of justice by arranging the deletion of telephone call recordings.

Two of the defendants were remanded in custody and 2 of the defendants on conditional bail ahead of first appearance at Southwark Crown Court on 2 May 2023.