A 20-year-old British foreign-exchange trader allegedly duped more than a thousand investors out of millions.
A young man by the name of Gurvin Singh is accused of swindling millions of dollars from 1,250 people after convincing his following that he and his team of 'affiliate marketers' known as GS3 Trades would use their investment funds in a foreign exchange trading scheme.
Evidence gathered by Metro, states that Singh utilized the trading platform Infinox in order to gather the funds of thousands of investors hoping to generate some extra income. The Plymouth, England-resident convinced the hopeful investors that their funds would be kept in a secure electronic UK-based fund safe and where they would have access to withdraw their money at any given time.
Initially, participants saw an increase in their investments but from the months of Aug. 2019 through Dec. 2019, Singh's clientele base lost an insane total of£3,865,000 (more than $5 million). On Christmas Eve 2019, the investment group was informed that the fund would be closed until March due to 'Brexit-related headwinds.' None of the participants in Singh's trading scheme have heard from the alleged scammer since then.
The 20-year-old originally made headlines last year when he revealed on social media that he had supposedly (£)200 British pounds (approximately $261) into £100,000 (approximately $130,000). After flexing his luxury car collection and material items on his Instagram account, Singh gained the online moniker of 'Rich Kid of Instagram.' The boisterous youngster eventually garnered a following of more than 170,000 people on IG and he began to receive messages from patrons around the globe in search of investment tips.
According to Metro, the money ended up in the possession of a broker in the Carribean in an unrecoverable account. Singh's social media accounts affiliated with his marketing team have been forcibly removed as a part of a blossoming investigation. British authorities are currently looking into the case of what might take the cake for scam of the year thus far. Is Gurvin Singh's investment scam better than the notorious Fyre Festival scam of yesteryear? Check out Gurvin Singh flex is gold-wrapped Maserati and statement on how he hopes to become a doctor in the future in the video provided below.