The FCA has begun criminal proceedings against four individuals allegedly involved in a £1.4m investment fraud involving a number of firms, including two ‘cloned’ firms.
The FCA has confirmed to Financial Planning Today that the charges are the first against individuals involved in cloned financial firms.
Cloned firms are financial businesses which have been copied, with websites often duplicated to replicate genuine regulated firms. Cloned firms have become a rapidly rising financial scam in recent years.
The individuals have been charged with conspiracy to commit fraud involving unauthorised investment schemes and for conspiracy to carry out regulated activity without authorisation.
Two of the individuals have also been charged with money laundering and one individual with 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 using bogus investment schemes.
The 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 (an asset manager)
The charges allege 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
- 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 19 June 2019 Patrick Mavanga was in possession, with an improper intention, of a number of identification documents that belonged to others
- 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 two of the defendants on conditional bail ahead of their first appearance at Southwark Crown Court on 2 May.
The FCA has thanked the Metropolitan Police Service for its “significant assistance” with the operation.
• The FCA asks that any affected consumer who made an investment with the firms to make contact on 020 7066 0114 or via email: This email address is being protected from spambots. You need JavaScript enabled to view it.
