The FCA has begun High Court proceedings against Concept Capital Group (CCG), Ian Anthony Elliott, Adrian Felix, Ayub Swaibu, Edmund Brew, Ernest Kargbo, Raymondip Bedi, Riverrun Consulting Limited and Gateridge Consulting Limited over an alleged unauthorised investment scheme involving consumer investments of more than £23 million in static homes.
Update: 26 September 2025
The FCA has become aware that some investors in the Scheme may be worried that the undertakings that CCG gave to the Court prevent it from making rental payments to them. 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 also discontinued its claim against Riverrun Consulting Limited, a company run by Raymondip Bedi (also known as Martin Swann). In making this decision, the FCA has had regard to a number of factors 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 were 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.
The FCA is seeking:
- Restitution orders in favour of affected investors.
- Declarations of contraventions.
- Injunctions to prevent further breaches.
These proceedings are at an early stage and no trial date has yet been set.
Notes to editors
- The alleged breaches are:
- s.19 FSMA – carrying on regulated activities in the UK without FCA authorisation or exemption.
- s.21 FSMA – issuing unauthorised financial promotions.
- s.89 FSA 2012 – making false or misleading statements.
- s.90 FSA 2012 – creating false or misleading impressions.
- In a separate case, Raymondip Bedi was sentenced[1] at Southwark Crown Court to a total of 5 years and 4 months imprisonment, following guilty pleas to conspiracy to defraud, conspiracy to breach s.19 FSMA, and money laundering offences.
- More about unregulated collective investment schemes[2].