The con artists’ comeuppance is here: they’re behind bars, and the money still has to be handed back.
On September 28, the UK Financial Conduct Authority (FCA) obtained a confiscation order at the Royal Courts of Justice in Southwark. Two convicted crypto investment fraudsters — Rameedip Bedi and Patrick Marwan Aga — are required to repay £603,400 and £248,000 respectively, for a total of £851,400.
This scam isn’t particularly sophisticated. Between 2017 and 2019, the two used cold calls and fake crypto investment firms to drain at least £1.5418 million in savings from 65 ordinary people. Both had already been sentenced to prison; now, the court has issued a further confiscation order under the Proceeds of Crime Act 2002. If they don’t pay within three months, they could face up to an additional five years in prison.
However, note that a confiscation order doesn’t mean the money has already been recovered. The FCA says it has contacted victims, and the confiscated funds will be returned through the proper process; the amount is currently estimated to cover about 55% of the losses. A quick reminder: if someone cold-calls you to “recommend coins” and promises high returns, you can basically hang up immediately.
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