The 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.
It has also started criminal proceedings against two of the individuals for money laundering, and against one for possession of false identity documents and perverting the course of justice offences.
The FCA alleges that over a two-year period between February 2017 and June 2019, Raymondip Bedi, Patrick Mavanga, Nicholas Harper, and Rowena Bedi defrauded investors out of approximately £1.4m ($1.75m, €1.6m) using investment schemes that were not genuine.
The investment schemes were with:
- Astaria Group LLP;
- An unauthorised clone of Capital Partner(s) Group;
- CCX Capital; and
- An unauthorised clone of Ian Buckley Financial Services.
The UK regulator is asking that anyone who made an investment with one of these schemes and has not previously spoken to the watchdog, to contact the FCA.
Allegations
Specifically, the FCA alleges:
- Between 1 February 2017 and 1 June 2019 Raymondip Bedi, Mavanga, 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, Mavanga, Harper and Rowena Bedi conspired together to contravene the general prohibition against carrying out a regulated activity without authorisation;
- On 6 March 2019 Raymondip 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 Raymondip Bedi laundered at least £114,870 in cash via deposits to his bank account;
- Between 1 February 2017 and 19th June 2019 Mavanga was in possession, with an improper intention, of a number of identification documents that belonged to others; and
- Between 5 March 2019 and 14th March 2019 Mavanga perverted the course of justice by arranging the deletion of telephone call recordings.
Two of the defendants have been remanded in custody and two of the defendants on conditional bail ahead of first appearance at Southwark Crown Court on 2 May 2023.
