Daily fraud update: 10th January

Alleged forex fraudster “disappears” after Christmas Eve raid

A man from Britain who allegedly raided the accounts of traders on Christmas Eve has disappeared.

Gurvin Singh, who is from Plymouth and was studying medicine, is accused of having solicited 1,250 or so traders to participate in a “copy trading” scheme with him.

He populated a range of social media accounts with images of his expensive lifestyle and told his alleged victims that they could see profits as high as £300 per day.

At first, it is alleged, there were apparent profits.

However, around Christmas time, it appeared that the value of the accounts of many who used his service were becoming empty.

On Christmas Eve, the level of funds in many of the accounts apparently dropped to nothing.

Singh later became uncontactable.

Now, Singh has been added to the Financial Conduct Authority’s (FCA) watchlist of unauthorised forex traders.

In a statement posted on its website, the FCA said that Singh’s enterprise appeared to need authorisation.

“This firm is not authorised by us and is targeting people in the UK”, it said.

“Based upon information we hold, we believe it is carrying on regulated activities which require authorisation”, it added.

He is believed to have operated under several names on Instagram and elsewhere, including GS_3 and gs3trades.

He also used the messaging service WhatsApp, creating groups containing 250 investors each.

In total, some reports are suggesting that £3.527m could be involved.

Singh is now believed to be under investigation by the National Fraud Intelligence Bureau (NFIB).

In a statement provided to the news website MailOnline, one alleged victim named Kanad Patel said that he had invested some money with Singh on behalf of other family members.

“He said it was 100 per cent safe and I would get a full refund in 90 days if I wasn’t happy”, Patel said.

“I deposited my dad’s money. He thought it sounded like a good idea so he put money in my account.

“I was making £200 or £300 a day. But then my account started showing no profits at all”, he added.

Indian woman left defrauded after forex investment

A woman from close to the Indian city of Pune has reported an alleged foreign exchange crime to the police.

The alleged victim said that she had come across a person on social media who offered her forex trading opportunities.

However, this person then allegedly went on to defraud her out of almost four lakh rupees – a figure roughly equivalent to $5,600 or £4,300.

While the woman received some of her initial deposit back, she did not receive all of it – and waited over 12 months to do so.

Now, she has gone to the police – who have opened an investigation under Section 420 of the Indian Penal Code, which covers cheating and dishonestly inducing delivery of property.

In a statement, a police spokesperson outlined how the root of the alleged fraud was a foreign exchange Facebook group.

“She joined the group in 2018. The suspect got in touch with her and told her that she would get handsome returns on investment in foreign exchange”, the spokesperson said.

Chris Lee

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