Instagram scammer, under investigation for getting over 4 million pounds from victims

Forex Distribution

A forex trader who was promoting his business on social media, claiming he was making £110,000 per month, was accused of duping over 1000 investors into losing over £4 million in a fund located in the Bahamas.

Gurvin Singh, aged 20, managed to convince at least 1250 people to put their money into a foreign exchange trading scheme, which he highly recommended, and this is where everything started.

Many of his ‘victims’ revealed that Singh eventually misled them, believing that their money would eventually be traded by him and his team, using a safe fund based in the UK, with the possibility of withdrawing whenever they want. Even more, in the first phase, their accounts appeared to be doing very well but the panic began when the fund started losing important amounts in just a few weeks.

The worst gift for investors

On Christmas Eve, all investors were announced that the fund needs to be closed until March 2020, due to ‘Brexit-related headwinds’. And, as expected, nobody heard a word from Singh ever since.

It was later revealed that investors’ money ended up with a broker located in the Caribbean and it could be almost impossible to recover everything.

Right now, Gurvin Singh is being investigated by the financial authorities, being considered a scammer, while the police’s fraud unit is looking into all allegations.

This isn’t the first time when the 20-year-old medical student made the headlines, however. Back in 2019, he claimed to have turned £200 into £100,000 while trading on the foreign exchange market. He kept posting pictures on social media, showing a lavish lifestyle and managed to build a follower base of over 170,000 fans.

He quickly began receiving messages from his followers, as a lot of them were interested in investment tips and signals, the latter consisting of a service whereby forex traders share their moves for a price.

The student started building a team of affiliate marketers, known as GS3 Traders, in order to set up a network of clients. Eventually, everyone interested in investing had their money managed on a platform called Infinox.

Aggressive reactions after raising the alarm

According to some victims, Singh was managing around five WhatsApp groups, each of them having over 250 investors, meaning that more than 1,250 people were actually scammed. They have also revealed some screenshots from Infinox accounts, showing that all investors lost around £3,865,000 between August 2019 and December 24, 2019.

After a few investors started raising the alarm when they observed the losses declared that their initial concerns were ignored. Also, several screenshots were showing GS3 marketers aggressively warning investors about backing out once the panic began, claiming that if they retire, it would mess up the entire group.

For the moment, there aren’t any comments from Gurvin Singh regarding the entire situation.