Gurvin Singh finally breaks silence on £ 4million Forex ‘scam’
An Instagram trader accused of misleading hundreds of people by losing £ 4million in an offshore investment scheme has spoken of his involvement after more than a year of silence.
Gurvin Singh, 22, introduced his 170,000 subscribers to a “copy trading” service on a global trading platform called Infinox as a golden opportunity to mirror his winning moves on their accounts.
Messages and web ads attributed to Singh suggested the program was protected by the UK financial authorities – but the money was sent to a Bahamian registered broker using the Infinox brand, rather than the company based in London which owns the brand.
Some 1,250 people are believed to have lost sums of £ 500-88,000 when the seemingly successful scheme collapsed in 48 hours on Christmas 2019.
In comments exclusive to Metro.co.uk, Singh accused regulated municipal brokers Infinox UK of helping him market the program. The company claims not to have broken any laws or regulations.
Speaking about the business for the first time since the money went missing, the 22-year-old admitted to signing a marketing agreement with the Bahamian company but “didn’t think about it” because he insists that he has dealt with the staff of Infinox UK.
He has denied acting dishonestly or dealing with any of the missing millions, which is the subject of a new BBC Three documentary series produced in conjunction with a reporter from Metro.co.uk.
Singh made headlines in 2019 when he claimed to have turned £ 200 into £ 100,000 in the forex market while studying biomedical sciences at Plymouth University.
He today declined to comment on why he declined to comment when approached for two Metro.co.uk exposes the alleged scam, or when confronted near his parents’ home in east London by journalist Mobeen Azhar in the latest episode of the series.
Singh last commented when Metro.co.uk revealed that the Financial Conduct Authority (FCA) had added him and his associates under its “GS3” brand to a list of warnings for “providing services”. financial without our authorization ”, dismissing the FCA’s allegations and denying any wrongdoing.
The 22-year-old said he offered to speak to the FCA shortly thereafter and now plans to issue a new statement explaining his silence after consulting with his legal representatives.
Infinox UK has repeatedly denied any affiliation with it, while its chief executive, Jay Mawji, previously said Infinox Bahamas was a “separate legal entity” that had “nothing to do” with its business.
Anthony Stubbs, a Bahamian businessman who claimed to be CEO of Infinox Bahamas, blamed Singh for the losses, but contracts also indicated his company was ultimately responsible for business decisions.
Singh again referred to the contracts in his statement today, saying they “ made it clear who was trading on [the clients’] name and management of their accounts ”.
Screenshots previously posted by Metro.co.uk appear to show posts from an Instagram account it was using at the time telling a potential investor that ‘me and my team’ would ‘trade on your behalf ”.
Earlier this month, Metro.co.uk revealed evidence suggesting that Mr Mawji’s employees were in charge of the money and helped Singh run a WhatsApp group service which victims claimed was the key to concealing massive casualties.
Victims say they were encouraged to add more money after seeing months of growth. But independent statistics have revealed that traders have been racking up losing positions since the summer of 2019 and only closing them when they hit £ 3.9million months later, emptying everyone’s accounts.
Customers have been kept away from the statistics and have repeatedly pointed to an app that paints a rosy picture of stable profits, according to WhatsApp chat logs.
Meanwhile, a trader claiming to have worked with Infinox in a role similar to Singh told Metro.co.uk that he is using the Bahamian company as his before taking advantage of ultra-risky schemes prohibited by British regulations.
Bahamian regulations allow traders to use ‘leverage’ strategies that are over 16 times riskier than those allowed in the UK, dramatically increasing the amount of money brokers can make from costs transaction.
Metro.co.uk also discovered two other international entities linking Infinox UK, Infinox Bahamas and Infinox UK CEO Robert Berkeley.
The BBC series, titled “Scam City: Money, Mayhem and Maserati”, is currently available on iPlayer and continues on BBC One next Wednesday.
He also investigated the connections between Infinox, revealing the effect that sharing branding and logos between their websites had on investors trying to do their due diligence.
“Many investors say that this similarity has allowed people like Gurvin to deceive them,” Mobeen later wrote. “You would be forgiven for thinking that they are the same company. “
Mobeen was blocked off by Mr Berkeley while an associate who visited the Infinox Bahamas headquarters – a villa in the gated community of Sandyport on the Caribbean island – found no signs of employees .
In a statement, Infinox UK added: “As previously stated, we are fully aware of the regulatory requirements under which we operate and are confident that our business has not violated applicable law or regulations. We fully reject all allegations of wrongdoing and will take all steps necessary to defend our reputation and obtain compensation for damages caused by the publication of such allegations.
“We are unable to comment on the subjective perceptions of individual affiliates and introductory brokers as these are not matters to our knowledge. With respect to Mr. Singh, however, he has signed an introductory brokerage agreement with IX Capital Group Limited (“IXCG”) which sets out the terms and conditions of his contract with IXCG. ‘
IX Capital Group Limited is the registered name of the Bahamas company, which previous statements by Infinox UK and Mr. Mawji referred to as Infinox Bahamas.
The UK company continued: ‘At all material times Mr Singh knew or should have known that the entity he contracted with was IXCG. The same point applies to all other affiliates and introductory brokers engaged by IXCG. “
The company declined to explain how it could have commented on the deal despite declining to comment on Infinox Bahamas’ activities in previous statements on the grounds that it is a “separate legal corporation.”
Infinox Bahamas previously said all losses in the £ 4million program had been “settled in the financial markets” but have since declined to comment.
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