It could be argued that if you trust a 20-year-old with your money, then you deserve to lose it.
Either way, the old adage that a fool and his money are soon parted certainly applies in the case of the “rich kid of Instagram,” who duped more than 1,000 investors out of millions of dollars.
Gurvin Singh, 20, a British foreign exchange trader with more than 170,000 online followers, was all the rage after the student claimed he turned 200 British pounds into 100,000 pounds — the equivalent of more than $130,000 U.S. dollars.
Studying to become a doctor, Singh posted photos of luxury cars, like a gold-wrapped Maserati, on Instagram and drew followers by the thousands.
The get-rich-quick crowd and those out to expand their gains hit Singh up, looking for investment tips and “signals,” a service where clients pay foreign exchange traders who let them copy their moves on the market, Metro UK reported.
“The Plymouth-based student then started a team of ‘affiliate marketers’ called GS3 Trades to help set up clients, whose money would be managed on a platform called Infinox,” they wrote. “Alleged victims have said there were at least five WhatsApp groups with 250 investors in each, meaning there could be more than 1,250 involved.”
As reported, things got off to a nice start, but that didn’t last long. Millions were lost in a matter of weeks as the fund rapidly plummeted — Metro displayed screenshots that showed Singh’s clients lost more than $5 million between August 2019 and Christmas Eve.
That’s when investors were told the fund was closed until March due to “Brexit-related headwinds,” the British paper reported.
They have not heard from Singh since then, and their money may be unrecoverable, possibly ending up with a broker in the Caribbean.
He told Metro he never led anyone to believe they were investing through an FCA-regulated broker, suggesting that sub-affiliates may have made such claims while impersonating him. Singh deleted the Instagram account used, claiming it was due to “a matter linked to the police.”
There’s also the possibility that the money was lost through bad trading.
More from Metro UK:
An investor claiming to have experience in forex trading suspects that a small portion of the money was traded day-to-day to show steady profits, while a much larger amount was used on risky trades that remained open for a longer period of time.
The fund only appears to have been closed once the losses on the open trades neared the amount of money that had been invested in the first place.
If the trades were indeed closed then the money may have been lost on the market and may not even be held in the Bahamas.
Singh is being investigated by financial authorities as a potential scammer, and police are looking into possible charges of fraud.
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