Checkaco Scam News: the so-called ‘Instagram Forex influencers’ who take your money and lose it
By Harry Mottram: It seemed too good to be true but a man began handing out £20 notes to passer-byes in Plymouth in 2019. Gurvin Singh Dyal came to prominence by ensuring the local newspaper witnessed the stunt – which was to make him if not famous then at least well known in the world of online influencers as thousands of people began to follow his Instagram account. It was the start of a high profile lifestyle for the student who claimed to study medicine but in reality sold a Forex scheme to gullible people – mainly young men who were attracted to the glamorous life he portrayed online. Fast cars, flashy watches and gadgets and of course foreign holidays in the sun were the allure – all achieved without having to do any work – just invest in the Forex market through Gurvin.
Forex is short for Foreign Exchange and is the practice of investing in global currencies which rise and fall – buying currency when it is undervalued and selling it when it rises in value. Gurvin’s activities have been well documented by journalists with TV and radio documentaries about how it went about ripping off his clients – nearly always young men desperate to get rich quick. Of course the opposite happened as once hooked their investments went down and they were prevented from withdrawing their cash or what was left of it. And it appears that the money simply went to fund Gurvin’s lavish tastes in super cars and glitzy apartments. Police investigated the Forex trader and he was charged and fined for contempt of court by refusing to provide pin numbers and passwords for his devices – the case remains open – but from the evidence from the BBC’s journalist Mobeen Azhar’s investigations there is a whole world of Forex scammers fleecing the gullible of their savings.
Investingdotcom give this advice: “Legitimate forex trading operates through regulated exchanges and brokers who facilitate transactions between buyers and sellers. These brokers must adhere to strict regulatory standards that vary by country but generally require: Registration with appropriate financial authorities; Maintenance of minimum capital requirements; Segregation of client funds from operational accounts; Regular financial audits; Transparent fee structures.”
If you are tempted to invest in a Forex scheme through someone like Gurvin Singh Dyal they need to be regulated with the Financial Conduct Authority (FCA) and explain when you have a trading account which they control that you can lose money as markets fluctuate. If they promise there are no risks and you will make guaranteed profits - they are scammers. Remember – if it is too good to be true then it is. Use Checkaco to check a company before you invest is the golden rule.
For details about Forex trading scams and how to avoid them from the FCA visit https://www.fca.org.uk/consumers/forex-trading-scams
For more on Mobeen Azhar’s work visit Scam Land: Money, Mayhem and Maseratis at https://www.bbc.co.uk/programmes/p09hbs4m
A report on Gurvin's contempt case: https://www.bbc.co.uk/news/articles/cn5z5z753wgo
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