The FCA has begun High Court proceedings against a number of individuals and companies over an alleged unauthorised investment which saw £23m of consumers' money invested in static homes.

The regulator has begun High Court proceedings against Concept Capital Group (CCG) over the alleged investment scheme.

It has also begun action against six individuals and another business.

The six individuals are: Ian Anthony Elliott, Adrian Felix, Ayub Swaibu, Edmund Brew, Ernest Kargbo and Raymondip Bedi.

Also facing High Court action is Gateridge Consulting Limited.

The FCA says it has become aware that some investors in the unauthorised scheme may be worried that undertakings CCG gave to the Court prevent it from making rental payments to them.

The watchdog said: “To be clear, CCG’s undertakings to the Court allow it to make payments of rent, license fees or regular returns on investments, and do not allow it to make redemption or buy-back payments. Also, while CCG’s undertakings to the Court do not allow it to promote or sell the Scheme, existing tenancies or licences in respect of static homes owned by CCG or by investors are unaffected by CCG’s undertakings."

The FCA has discontinued its claim against Riverrun Consulting Limited, a company run by Raymondip Bedi (also known as Martin Swann). The FCA says it has taken into account a number of factors in its decision including that the company is now dissolved. 

The FCA’s claim against CCG, Ian Anthony Elliott, Adrian Felix, Ayub Swaibu, Edmund Brew, Ernest Kargbo (also known as Ernest Moore), Raymondip Bedi and Gateridge Consulting Limited continues.

CCG has given undertakings to the Court which have the effect of freezing its assets, pending the outcome of the trial or further order of the Court. These undertakings also prohibit the promotion or sale of the scheme.

The FCA claims that CCG promoted investments in static homes, which were said to be let to social housing tenants placed by local councils. Investors were promised fixed returns and told the scheme was backed by the UK Government, claims the FCA considers false or misleading.

The FCA alleges that the scheme operated as an unauthorised collective investment scheme with CCG carrying on regulated activities in the UK without the required authorisation or exemption.

The FCA also alleges that the firm issued unauthorised financial promotions and made false or misleading statements and/or impressions, in breach of the Financial Services and Markets Act 2000 (FSMA) and the Financial Services Act 2012 (FSA 2012).

Alongside Ian Elliott, the FCA claims that Adrian Felix and his company Gateridge Consulting, Ayub Swaibu, Edmund Brew, Ernest Kargbo, and Raymondip Bedi and his company Riverrun Consulting were knowingly concerned in CCG’s breaches.

Mr Bedi was sentenced on 4 July 2025 for a separate fraud uncovered by the FCA. Raymondip Bedi was sentenced at Southwark Crown Court to a total of 5 years and 4 months imprisonment, following guilty pleas to conspiracy to defraud, conspiracy to breach the FSMA and money laundering offences.

The FCA is seeking restitution orders in favour of affected investors, declarations of contraventions and injunctions to prevent further breaches. The proceedings are at an early stage and no trial date has yet been set.

Last week the FCA warned consumers to beware of investing in high-risk schemes from unregulated firms without appreciating the risks involved.