'Rich kid of Instagram' trader 'scammed hundreds of victims out of £4,000,000'

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'Rich kid of Instagram' trader 'scammed hundreds of victims out of £4,000,000'
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Gurvin Singh boasted that he had seven luxury cars including a gold-wrapped Maserati

An Instagram trader who claimed he was making £110,000 a month has been accused of duping more than 1,000 investors into losing nearly £4,000,000 in a Bahamas fund.

On Christmas Eve they were told the fund would be closed until March due to ‘Brexit-related headwinds’, but none have heard from Mr Singh since.AdvertisementMr Singh is under investigation by the financial authorities as a potential scammer, and the police’s fraud unit have confirmed they are looking into the allegations.Mr Singh’s instagram page promised investors GS3 would trade for them

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. He and IT manager Richard Ham, 35, who invested £1,500, formed a WhatsApp group of 440 other investors who had started complaining.

Jonathan told Metro.co.uk ‘If I knew that this investment was not FCA-regulated, and it was not actually GS3 trading for me, I would never have deposited money into the scheme whatsoever.’Advertisement 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.

Many people claiming to have put money in the fund also said they asked to have their initial investment withdrawn before Christmas Eve but have yet to receive it.Advertisement

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