By Toni C. Eastwood • 10 January 2020 • 21:12
Gurvin Singh poses in front of the Eiffel Tower Paris. image: instagram
Gurvin Singh, 20, is believed to have convinced as many as 1,250 people to join his ‘copy trading’ scheme with social media pictures of his jet-setting lifestyle. Investors say he messaged them claiming he was an authorised Foreign Exchange (Forex) trader, promising guaranteed profits of up to £300 a day and that they could withdraw their money at any time.
But after a few months of healthy returns, alleged victims claim they saw their trading accounts plummet. The medical student from Plymouth ‘made excuses about Brexit’ and said things would be back to normal by March.
But on Christmas Eve, hundreds say they saw their funds drop to zero and were unable to contact him. Days beforehand Mr Singh posted pictures of himself on Instagram driving a Ferrari through the streets of Paris. He has since removed his page.
The alleged victims, mostly aged between 18 and 25, claim they have lost thousands of their family’s money, part-time wages and student loans. Mr Singh, who used the Instagram name @GS_3 and @gs3trades, was added to the Financial Conduct Authority’s warning list of unauthorised Foreign Exchange (Forex) traders on December 31.
The 20-year-old first made headlines in 2019 when he claimed to have turned £200 into £100,000 on the foreign exchange market while studying to become a doctor. Instagram snaps of his luxury car collection and lavish lifestyle quickly amassed him over 170,000 followers.
The financial watchdog warns: ‘This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.’
Matthew Horan, security director of C3IA Solutions Ltd and National Cyber Security Centre Certified Company Lead warned against potential scammers.
He said: ‘The age old saying that if it sounds too good to be true, it probably is too good is right and therefore step away. ‘People like Mr Singh will be trawling the web for potential victims. The investigation continues…
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