UK Authorities Respond to Complaints Vs. Forex Scammer

British authorities have issued their statements regarding the measures they are performing as a response to alleged forex scammer Gurvin Singh. The Financial Ombudsman Service and the Financial Conduct Authority of the United Kingdom have confirmed that they are working on the complaints filed by the ‘self-made’ forex trader’s victims.

We want to share this important report with our readers who are new or seasoned forex traders. In addition, we think that this news informs the public to stay vigilant and careful versus swindlers that abound today.

According to the report posted online by the British newspaper Metro, a representative for the Financial Ombudsman Service said that their firm’s role is to look into individual grievances. In this manner, any communication with an individual complainant would be based on the facts of their particular case.

The spokesperson also affirmed that they are evaluating the individual complaints not based on the broader determination of other consumers’ capability to complain to their office.

Meanwhile, the UK Financial Conduct Authority or the FCA has already issued a fraud alert against Singh and unnamed cohorts under his brand called GS3. The British financial regulatory body believed that the 22-year-old forex trader and his group offered financial services without its authorization. This action could lead to criminal prosecution, per the FCA.

Singh promoted a seemingly successful foreign exchange or forex investment scheme to his Instagram followers, numbering 252,000 at the time of writing. Singh’s Instagram handle is @mr.gurvz.

He advertised his forex investment scheme as a “copy-trading service” that would mirror his moves onto his clients’ own accounts. He got accused of covering up considerable losses and swindling forex investors into thinking that the British financial authorities safeguarded the forex investment scheme.

The investors’ funds were actually dispatched to a forex broker registered in The Bahamas utilizing the Infinox brand.

Singh denied duping his customers in December 2019. Additionally, he has not replied to subsequent requests for a statement. In Singh’s investment scam, he advised his clients to monitor their investment via an application demonstrating the closed trades’ value.

These victims reportedly saw months of steady profits going into their investment accounts. Additionally, the forex traders were lawfully entitled to view open trades’ performances.

The latter would have disclosed how the traders commenced building up losing positions since the summer and merely began closing them when they attained £3.9 million (or approximately US$5.51 million at the time of writing) on Christmas Eve, emptying all the investors’ accounts.

When Singh’s firm collapsed in two days over Christmas 2019, about 1,250 investors lost grip of their investment money worth from £500 (or about US$705) to £88,000 (or roughly US$124,000). We want to thank the Financial Conduct Authority of the United Kingdom and the Financial Ombudsman Service for their responsiveness to Mr. Singh’s victims.

We believe that justice is achievable for the forex investment scheme victims. We also want to warn our readers always to be very careful and always conduct their research before investing in any forex investment opportunity to protect themselves. They should always gather substantial information, especially from government agencies, to stay safeguarded and well-informed at all times.

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