Theclaimers Logo

The Unlicensed Forex Trader Who Lost €3.8 Million in A Forex Trading Scam

The case study is about an unlicensed forex trader who lost €3.8 million. Forex scams have followed in the footsteps of the popularity of forex trading. This case concerns Gurvin Singh Dyal, a 20-year-old biomedical student who is accused of defrauding others by pretending to be an expert in forex trading.

Rose Gold Car

He used his 125,000 Instagram followers to entice people by posting pictures of his Maserati, designer clothes, and jewelry, among other things, in an attempt to persuade them that he had inherited all of that money through forex trading, which he was so good at that he could even act as an expert offering service on the subject.

Over £27 million lost to scams involving Forex Trading investments in 2018 and 2019 alone.

Securities and Exchange Commission

If you’re someone who is into Forex Trading, then you’re definitely at the right place. We can give you the best practices in identifying red flags as well as help you in recovering your stolen money from scammers!

Table of Contents

Challenges Encountered by The Victims of This Scam

chart on ipad

The victims of this forex scam encountered many challenges due to having fallen prey to Gurvin Singh’s scam. Many had invested their life savings into this hoax, and once they lost all their investments, they were left so broke that the individuals could not even meet ends. Not only did the individuals lose everything they had, but they also lost the ability to trust. The emotional damage this scam inflicted was enormous.

Solutions

research

The solution to such scams, first and foremost, is to be aware of the massive amount of unlicensed and non-regulatory institutes that are running. Not everything you see on social media is true, and if it seems too good to be true, then it probably is. There are a number of red flags one needs to be aware of before getting into online trading. Do not fall under false pretenses or advertisements. If this case study has taught us anything, it is to not look at the number of followers or possessions but at tangible aspects, and one should do thorough research.

What Is A Forex Scam?

chart on phone and laptop

With almost US$5 trillion transacted daily, the foreign currency exchange market, also known as the Forex market (FX), is the world’s largest trading market, dwarfing the Stock Exchange. The service is available 24 hours a day, and trading in Tokyo and Hong Kong resumes when New York shuts. Currency pairs are always traded, such as the US$ and the UK£ or the US$ and the EURO. 

With regular price changes, this chaotic market can make a lot of money for institutions, organizations, and some individuals. The spot FX market, which varies from the futures market in that currencies are physically switched in real-time when a transaction is completed, is where the majority of Forex trading takes place. The date the trading price is decided and the day the currency is exchanged are different in the futures market.

WORRIED THAT SOMEONE HAS YOUR PERSONAL & BUSINESS INFORMATION?

With how easy it is for scammers to acquire your data, it’s reasonable to be alarmed. Protect yourself and your loved ones by getting advice from experts. We will guide and even help you get your money back from scammers.

When a vacationer visits their bank to exchange currencies, they are participating in the spot foreign exchange market. The forex financial world, also known as the foreign exchange market, is the world’s largest financial market, where investors and institutions trade currencies. The currency markets exchange over $6.5 trillion every day, according to the 2019 Triennial Central Bank Survey. Although forex trading is legal, it is plagued by scams and dishonest actors. 

Before entering what might be a Wild West version of global financial markets, investors must do their homework. The FX market is a highly volatile market with significant hazards. It’s not a good place to put the money you can’t afford to lose, like retirement funds, because you might lose most or all of it very rapidly. In recent years, there has been a rapid increase in forex trading scams, and we wish to advise you on how to spot potential fraud.

Deep Dive into The Company History

The scam case is one of many such cases that have taken place and have robbed people of their life savings through their phony schemes and tactics. Just like Gurvin Singh, who disappeared off Instagram after scamming people and then coming back to rob them again, these companies have a history of such activities. 

Therefore, it is crucial to be aware of them not only, so you are protected from them but also so you know the tactics and traits that are big red flags you need to shield yourselves from. Infinox is an unregulated organization that has aided in robbing many of its holdings. It employed Gurvin Singh, an Instagrammer with a substantial following, to paint the picture of its legitimacy, whereas, in reality, it has been nothing more than a hoax. Gurvin Singh is said to have resurfaced again in the game of scamming, and it won’t come as a surprise if he is still affiliated with Infinox and they again use the same means to scam people.

Details Regarding the Scam Case

forex on cellphone

20-year-old, Gurvin ran a forex scam through a hoax he had created via his Instagram account. The individual gave away free money and displayed his lavish lifestyle by showcasing his expensive cars and other possessions. It was assumed that Gurvin had earned all that money through forex trading, and since he had earned so much for himself through it, he was supposedly qualified enough to offer a “course” on the subject matter. 

He had mastered the art of deception to the extent that he was able to disappear with €3.8 million. Gurvin would trade on behalf of anyone willing to try this new means of making money through his company, GS3 Trades. A WhatsApp group was made in which all the trading information was exchanged. At first, during the stage of investment, it is said that the investors were told by the team at GS3 traders that they could extract their investments and withdraw them at any point they felt. However, when the time actually came to withdraw the amount, the team at GS3 threatened the investors that they would be kicked off the system if they were to withdraw their money.

Jonathan Was The Victim Who Invested €1000

jonathan

An individual by the name of Jonathan had invested €1000. Once Jonathan felt that the platform was somewhat reliable, his total investment added up to become €17,000. He had put all his savings into this in hopes of higher returns. Little did Jonathan know he would fall prey to an uncomprehending able scam and lose all his life savings. At first, Jonathan’s investment increased to €30,000. However, on the Christmas Eve of 2019, his investment had gone to just €48. It comes as no surprise that Jonathan was not the only one these scammers were praying on. 

The WhatsApp group he was a part of was flooded with people mourning their losses and expressing their concerns about not being able to make the simplest of payments like one’s rent. To pull off such a massive scam of €3.8 million, it is speculated that Gurvin was not working alone. In fact, the WhatsApp group had two other admins; Tristan Jones and Mirko Notturno. 

Jonathan and the other people that were spoken to on this matter all told the same thing: they’d been told GS3 Trades was investing through Infinox, a financial organization with an FCA-regulated office in the City. Tristan’s response to his relations with GS3 trade stated, “we provided execution at Infinox… I was simply an employee there”. Hence, it can be established that he refused to take any responsibility but rather gave a political statement that he did what he did as an employee of an organization and holds no accountability for the losses of many. 

He just emphasized the idea that he was an employee doing his job. Robert Berkeley, the firm’s CEO, did not reply to any requests for an interview, and the firm declined to put anyone else up for one. Anthony Stubbs, the Bahamas’ Chief Executive of Infinox Capital, likewise declined to respond to my questions. According to Joanna Bailey, a lawyer who specializes in currency-related fraud, her firm has over 3,000 case files connected to alleged forex frauds.

HAVE YOU BEEN SCAMMED AND NEED HELP IN FIGHTING BACK?

Scammers can create complex scams that can trap even the most cautious of people. But it’s not too late because we can help you track the damage done by scammers. We can help you get your money back!

The Losses Were Estimated to Be Worth £4,000,000 if Not More!

Individual losses ranged from £10,000 to £4,000,000 in Joanna’s files, with almost all investors assuming their money was secured by UK regulation only to discover, after parting with their money, that their investment was made through an offshore firm with no UK protection. Tristan, Mirko, and Gurvin neglected to inform investors that they were not covered by FCA regulation across thousands of exchanges. Tristan had gone even farther, aggressively discouraging investors from asking for their money back. As a result, when their assets tanked, several investors felt compelled to keep their money locked up.

scam photo

Gurvin worked as an affiliate marketer, promoting a lifestyle and making introductions to possible investors. He was a spokesman for a fantasy of what FX trading could bring. It was his responsibility to make trading appear simple and to persuade others, such as Jonathan, to part with their money. Gurvin did an excellent job persuading his target audience that his extravagant displays of riches – stay at The Shard hotel, gleaming watches, dazzling cars – were the result of his FX trading success.

Gurvin was, however, at his home in Ilford, East London, where he lives in a humble cottage with his parents, when we finally tracked him down. There was no goat to be found. Gurvin has since recreated himself with a new Instagram account with a quarter-million followers. This profile features the same stream of images as the last one: cash, automobiles, and vague motivating words – but no mention of FX trading. He’s switched from forex to drop-shipping, a business idea that involves selling products online. He’s taking marketing courses and promises to share his success once more.

Get More Insights From The Claimers

Theclaimers Logo

When it comes to scams such as this one, retrieving your money can become not only stressful but also a huge task. The Claimers come into play here. Not only is it a trustable platform to assist you in recovering your assets, but it is there to take all your stress away and help you in the most efficient and effective way possible. With the fast pace the world is revolutionizing, people are taking the utmost advantage of this and are also coming up with new ways to rob and scam people of their possessions. 

When all else hope is lost, The Claimers are your knight and shining savior! It aids you every step of the way in order to help you get back what belongs to you. The Claimers make use of its many resources to put an end to these scammers and make people aware of their tactics. The Claimers uses a solid technology system that enables your company’s operations and is strengthened by extensive data aggregation capabilities and triggered processes, among other things. Additionally, they’re there to be at the core of your company’s operations, aiding you in the battle against crime so that you may focus on other elements of your organization.

Stay Safe From Forex Trading Scams Like This One!

Every day, trillions of dollars are traded on the forex markets. Traders from all over the world are searching for the best broker to trade forex, CFDs, stocks, cryptocurrencies, and other financial instruments. With new forex brokers appearing on a regular basis, establishing a broker’s credibility can be difficult. It is critical for a customer to conduct due diligence on a company before depositing funds to trade.

Criminals use forex trading scams to dupe consumers into investing in bogus foreign currency schemes. They frequently advertise once-in-a-lifetime investment opportunities where traders can make large profits in a short period of time. Scammers frequently vanish after receiving payment, leaving investors with nothing. The Claimers brings to you a platform that helps combat these scams and helps you recover your assets. However, there are a few things one could check themselves in order to know if they are getting themselves into a scam or not. Here is a list of things one needs to check before signing with a broker:

  • Is the company regulated? 
  • How trustworthy is the regulatory body?
  • Is there any reliable information about the company on its websites, such as its history, financials, headquarters address, or other relevant information?
  • Did you receive the offer out of the blue? Unsolicited offers are usually a scam. Hence, beware of these deceptive schemes.
  • Is the forex company advertising a “risk-free” trade? This is another red flag as there is no investment without any risks involved.

do you need help?

A lot of those who contact us have questions and concerns about their personal and business data being compromised. We aim to arm you with the legal and technical know-how in the fight against scams. Also, we will be able to refer you to top scam recovery agencies.

Please fill up the form. Rest assured that our support team will get in touch with you

Share this article
Facebook
Twitter
LinkedIn
Leave a comment

Related Posts

Alliance Health and Insurance Plan

Alliance Health Insurance

The Alliance Insurance Company website has been blacklisted for dishonest tactics, perpetuating fraud and scamming consumers in the process. Founder Michael Horvath was sentenced to six years in prison for his crimes.

Read More »