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 foreign exchange market crashed and people he persuaded to trade lost thousands of pounds. The main focus of the four-part Scam City: Money, Mayhem and Maseratis, Gurvin Singh revealed that he lost more than £100,000 when the market crashed in December 2019.
The former bioscience student, who famously drove around Plymouth in a gold Maserati sports car, admitted to giving £2,000 to foreigners on Cornwall Street in late 2019 because it was a cheaper way to advertise Forex activities than to advertise it. social media. Mr Singh, who describes himself as a “marketing genius”, said he has now rebuilt his fortune and driven a £70,000 Mercedes and enjoyed spending nights in Mayfair and traveling to Dubai.
The ex-student, who started his Forex adventures with cash from a University of Plymouth scholarship, revealed his side of the events of the December 2019 currency crash on the podcast Everything Goes with James English, which includes famous sports and TV celebrities. Paul Merson and Jimmy White. Directed by Scottish TV star and model James English, the YouTube show garnered more than 33,000 views in just three days.
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Mr Singh became a national news sensation amid rumors that people lost a total of £4m in trades in the Forex market when he suffered a massive drop in December 2019. In January 2020, the Financial Conduct Authority (FCA) issued an official warning to Mr. Singh, and his companies, GS3 Trades and GS3 Marketing Limited, after multiple complaints from people claiming they lost cash in the December crash, said they were unauthorized and that people should be careful when dealing with them. told.
The BBC later published an investigation into the events in May 2021. However, Mr. Singh told Plymouth Live at the time that he had never been dishonest or even used people’s cash, but was paid to introduce potential investors to a broker and then dealt with that commission. investments.
On Mr. English’s podcast, he gives more information on what happened after the accident and how he saw the £200,000 wad he had accumulated dropped to just £10,000 or £20,000. He explained how he was hired to introduce potential traders to the market and even convinced family, friends, and his former teacher and driving instructor.
Mr. Singh said that all of them, including himself, had been trading cash in the foreign exchange market, but now he thought it was tantamount to “gambling”. But one day the market suddenly crashed and he said: “Everything starts to fall. By December 24th investments are halving, my phone is going crazy. All these people who have signed up openly text me, I get death threats, I leak my home address to the Internet because I think ‘this makes sense’. Boxing Day, everything goes down, all investments go down like 90%.”
He added: “I had a group chat with all the people in it. I said we need to fix this. People don’t buy from me, they turn their backs on me by saying ‘get our money back’.” Mr Singh said he had “lost everything” by January 2020. He said: “I put all my money into the marketing part of this and I’m left with nothing. Two years of work, my entire journey, that £200,000 thing, all gone. I had a few tens of thousands and Maserati, worth about £30k I’d say. “
Mr. Singh denied doing anything other than promoting it to brokers looking to trade in the foreign exchange markets. And he denied they had brought in that they had lost something like the £4m figure quoted at the time, saying it was more like “a few hundred thousand”.
“I wasn’t the only influencer promoting this,” he said. “There was a ton of impressive. If you’ve watched the documentary, you know they’ve talked to other influencers promoting the same thing. All the influencers promoting it, the money went to a big trading account. That’s what was £4 million. My clients were not close to £4 million.”
Stating that it affected him very badly after the accident, he said, “It destroyed me. I had to get counseling for this.” Mr. Singh said on the podcast that he had contacted the police and the FCA. He said: “I actually went to the police. I was the first to go to the police. I went to Ilford police station to explain what had happened. They say, ‘This is just Forex trading, we will not do anything, the money is gone’. I say my clients lost money and I got death threats over it and they would say ‘did he physically do or say anything to you?’ I said ‘no’, ‘let us know when they do’. ‘. I was getting threats. I called FCA and explained what was going on.”
Described as an entrepreneur and influencer on Mr English’s podcast, Mr Singh revealed that he was raised by a single mother and was bullied at school in London. He was a hard worker and worked at Next in Ilford and “did not have a social life”. He wanted to become a doctor but “took a different path” because his A-Level grades weren’t high enough, then he studied biomedical science at the University of Plymouth to become a doctor.
He said during his early days in Plymouth that “I couldn’t afford anything” and trusted his mother to send him “£30 a week for a Tesco store” and worked the “night shift at the sandwich delivery place”. “I needed to make money,” he said. Mr Singh explained that he used a “£500 or £1,000” university scholarship to pay for an online Forex course and said, “I started learning about the currency markets and making money from it.”
Mr Singh told the podcast that by the age of 19, he was making “a few hundred pounds a week” by trading Forex, affiliate marketing, selling courses, growing social media and dropshipping. “Using the money I made online, I bought my first car, the Audi A1 13 license plate, for around £4,000. A few months later I bought myself an Audi A5. Fabulous, I loved that car. Blacked out the windows, white car, loved it and I guess it just kept going up and up from there. Finally, Maserati arrived.” And he added: “I had £100,000 saved at that point. But it comes more than once. Affiliate marketing, shipping, some currency.”
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Mr Singh, now 23, says he has rebuilt his fortune through e-commerce and online marketing, and now his own brand of LED-lit vapes are out. He said: “Vapes are booming right now. Tens of thousands of people arrive from China in a matter of weeks. I spend all my energy on vapors. I was thinking about what makes me potentially ten million, and that’s where the idea for vape came from.”
Mr. Singh said, “I’m a marketing genius. I’ve had successful Shopify stores. I have so many connections. So many celebrities, influencers I know, so many connections to make these vapes literally global.”
On the Everything Goes podcast, Mr. Singh also took off the cover of his famous cash draw in Plymouth town center in late 2019. He handed out £10 notes to foreigners outside Drake Circus Shopping Centre. On the podcast, Mr. Singh said: “I’ll be honest, it was marketing. At that point, I was trying to grow as a social media phenomenon. I’d say handing out £2,000 gets more public attention than running a £10,000 Facebook ad. It went viral, it went viral. It’s his job. I don’t know how I thought at that age. I’ve got £2,000 here, and I thought if I spent it on a Facebook ad or an Instagram ad that would reach 10,000 to 20,000 people, if I did that and the media followed suit, I could reach hundreds of thousands. people and that’s exactly what happened.”
The full Everything Goes with James English podcast is available to watch here
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