The former Plymouth student at the center of a BBC investigation into Forex trading has revealed how he received death threats and needed counseling for depression after the forex market crashed and people who he had instigated to negotiate had lost thousands of pounds. Gurvin Singh – who was at the center of the four-part Scam City: Money, Mayhem and Maseratis exhibit – has revealed he himself lost over £100,000 when the market crashed in December 2019.
The former biosciences student, who drove around Plymouth in a gold Maserati sports car, also admitted he gave £2,000 to strangers in Cornwall Street at the end of 2019 because it was a less expensive to advertise your Forex business than to advertise on social media. Mr Singh, who describes himself as a ‘marketing genius’, also said he had now rebuilt his wealth and was driving a £70,000 Mercedes and enjoying parties in Mayfair and trips to Dubai.
The former student, who started his Forex adventures with money from a scholarship from Plymouth University, revealed his version of the events surrounding the December 2019 currency crash, on the Anything Goes podcast with James English, which featured famous sports and TV celebrities including Paul Merson and Jimmy White. The Youtube show, hosted by Scottish TV star and model James English, has already been watched over 33,000 times in the first three days alone.
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Mr Singh became a national sensation amid claims that people lost a total of £4 million in the Forex market when he suffered a major drop in December 2019. In January 2020 the Financial Conduct Authority (FCA) issued an official warning about Mr Singh and his companies, GS3 Trades and GS3 Marketing Limited, saying they were unauthorized and people should be wary of dealing with them, following complaints from many people who claimed they lost money in the December crash.
The BBC then broadcast an investigation into the events, in May 2021. But Mr Singh told Plymouth Live at the time that he had never acted dishonestly, or even handled people’s money, but that he had been paid to introduce potential investors to a broker who then dealt with the investments.
In Mr English’s podcast, he reveals more about what happened after the accident and how he watched a wad of £200,000 he had amassed fall to just £10,000 or £20,000. He revealed how he was recruited to introduce potential traders to the market and even lured his family, friends and his former teacher and driving instructor.
Mr Singh said everyone, including himself, was trading cash in the forex market, although they now consider it to amount to “gambling”. But one day the market suddenly dropped and he said, “Everything is starting to fall apart. Investments are cut in half by December 24, my phone is going crazy. All these people who obviously signed up, because I thought ‘this is something reasonable’, are texting me, I’m getting death threats, my home address is leaking online. On Boxing Day, everything drops, all investments drop about 90%. »
He added: “I created a group chat with everyone in it. I said let’s get this straightened out. People don’t get it from me, they turn on me saying ” give us back our money”. Mr Singh said that in January 2020 he had “lost everything”. He said: “I had invested all my money in marketing and I had nothing left. Two years work, my whole background, this £200,000 thing, it’s all gone. I had a few tens of thousands and the Maserati, worth around £30,000 I’d say.”
Mr Singh denied doing anything other than introducing brokers to people who wanted to trade in the forex markets. And he denied that those he brought had lost anything like the £4m figure that was quoted at the time, saying it was more like “a few hundred thousand”.
“I wasn’t the only influencer promoting this,” he said. “There were a ton of influencers. If you watched the documentary, you’ll know that they spoke to other influencers who promoted the same thing. All the influencers who promoted this, the money went into a big trading account. That’s what was £4m. My clients were a long way from £4m.
He said he was badly affected by the aftermath of the accident and said: “It ruined me. I must have had advice on that. Mr Singh said on the podcast that he even contacted the police and the FCA. He said, “I went to the police, actually. I was the first to go to the police. I went to Ilford Police Station to explain what had happened. They say “it’s just Forex trading, we won’t do anything, the money is gone”. I say my clients lost money and I get death threats about it, and they say “did someone physically do or say anything to you”, I said “no ‘, they said ‘when they do, tell us’. I was getting threats. I called the FCA and explained what had happened.
Mr Singh, described as an entrepreneur and influencer on the Mr English podcast, revealed he was raised by a single mother and bullied at school in London. He was tough and worked at Next in Ilford and “had no social life”. He wanted to become a doctor but because his A-level grades weren’t high enough he “took a different route”, studying biomedical science at Plymouth University, with a view to training as a doctor later.
He said he ‘couldn’t afford anything’ when he started out at Plymouth, and relied on his mum to send ‘£30 a week for a Tesco store’ and worked ‘night shifts instead of delivering sandwiches’. He said, “I needed to make some money.” Mr Singh revealed he used a ‘£500 or £1,000’ university scholarship to pay for an online Forex course, and said: ‘I started learning more about forex markets and trying to make money out of it.”
Mr Singh told the podcast that when he was 19 he was into Forex trading, affiliate marketing, course selling, social media growth and drop shipping, earning “a few hundred pounds a week”. He said: “With the money I made online I bought my first car, an Audi A1 13 plate, for around £4,000. A few months later I bought myself an Audi A5. Spectacular, I loved that car. Black out the windows, white car, I loved it and I guess it just kept going up and up from there. Eventually the Maserati came along.” He added: “I made £100,000 by that time. But multiple income. Affiliate marketing, direct shipping, little exchange.
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Mr Singh, now 23, says he has now rebuilt his wealth, via e-commerce and online marketing, and now has his own brand of LED-lit vapes. He said: “The vapes are erupting right now. They are tens of thousands coming from China in a few weeks. I put all my energy in the vapour. I was thinking about what could potentially earn me tens of millions and that’s where the idea of vaping came from.
Mr. Singh said, “I am a marketing genius. I had successful Shopify stores. I have so many connections. So many celebrities, influencers I know, I have so many connections to make these vapes literally global.
On the Anything Goes podcast, Mr Singh also lifts the lid on his famous cash giveaway in Plymouth city center at the end of 2019. He handed out £10 notes to strangers outside Drake Circus shopping centre. On the podcast, Mr Singh said: “I’ll be honest, it was marketing. At the time I was trying to grow as a social media influencer. Handing out £2,000 attracted more attention. “public attention, I would say, me running a £10,000 Facebook ad. It went viral, viral. It’s business. I don’t know how I thought about it at that age. I thought ‘ I have £2,000 here if I spend it on a facebook ad or an instagram ad that will reach 10,000 to 20,000 people whereas if I do this and the media watches it I could reach hundreds of thousands of people and that’s exactly what happened.
The entire Anything Goes with James English podcast can be viewed here
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