The defendants were accused of taking money for projects including forex-trading and crypto-assets without FCA authorisation.

Mrs Justice Bacon ordered that Bright Managment (sic) Solution Limited, Mr Hussain, Mr Kahhar and Mr Miah were jointly and severally liable for repaying money to members of the public who invested.  

A further defendant, Soccer League International Limited, had its liability capped at £137,000 to reflect the short time it was involved in the unauthorised activity, the FCA said.

The court also made declarations that the fundraising involved unauthorised deposit-taking and ordered permanent injunctions against the 5 defendants.

Proceedings continue against 2 defendants, Mr Mohammed Kabir and Soccer League UK Limited, who oppose the FCA’s claims.  

The proceedings will continue with a trial on a date to be confirmed. In the meantime, injunctions freezing the defendants’ assets up to £1.3m are in place.

Mark Steward, executive director of enforcement and market oversight at the FCA said: “This restitution order means we can take steps to repay some of the money to investors before the full case is heard by the court. 

“The FCA will continue to pursue the case against the two remaining defendants and will seek to recover as much of the balance as possible.  There is no doubt investors losses would have been worse if we had not intervened with these proceedings when we did.”