The Financial Conduct Authority (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.
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 at Southwark Crown Courtto
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.
-
Almost all financial services firms
operating in the UK must be authorised or registered by the
FCA. Consumers should check the FCA Register before investing.
Dealing with unauthorised firms means you are unlikely to be
protected by the Financial Ombudsman Service or the Financial
Services Compensation Scheme (FSCS).
-
More about unregulated collective
investment schemes.
