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The FCA has started criminal proceedings against 4 individuals for conspiracy to commit fraud and for conspiracy to carry out regulated activity without authorisation, against 2 of those individuals for money laundering, against 1 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 FCA 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 1February 2017 and 19June 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.
That between 1July 2016 and 19June 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.
That on 6March 2019 Raymondip Bedi and Rowena Bedi were in possession of criminal property, namely £78,500 in cash which was seized from their home address.
That between 1March 2018 and 1 January 2020 Raymondip Bedi laundered at least £114,870 in cash via deposits to his bank account.
That between 1February 2017 and 19June 2019 Patrick Mavanga was in possession, with an improper intention, a number of identification documents that belonged to others.
That between 5March 2019 and 14March 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.
The FCA expresses it thanks to the Metropolitan Police Service for its significant assistance with this operation.
The FCA asks that any affected consumer who made an investment with the firms to make contact on 020 70660114 or via email: operationhickory@fca.org.uk.
Notes to editors
Under Section 19 of the Financial Services and Markets Act 2000 (FSMA), a person cannot carry on a regulated activity in the UK unless they are FCA authorised or exempt (this is the General Prohibition). Any person who breaches Section 19 of FSMA is committing a criminal offence for which the maximum sentence is 2 years’ imprisonment.
Money laundering under the Proceeds of Crime Act 2002 is a criminal offence punishable on conviction by a fine and / or up to 14 years’ imprisonment.
Conspiracy to defraud is an offence under the Criminal Law Act 1977 and the Fraud Act 2006 with a maximum sentence on conviction of 10 years’ imprisonment.
Under section 4 of the Identity Documents Act 2010 the offence of possession of false identity documents with an improper intent has a maximum sentence of 10 years imprisonment.
Raymondip Bedi (Dob 09/10/1989), Rowena Bedi (Dob 07/07/1981), Patrick Mavanga (Dob 24/11/1984), Nicholas Harper (Dob 21/12/1998).
https://www.fca.org.uk/news/press-re...-fraud-charges
