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Instagram trader, 20, confronted on TV over conning people out of £4m for months

'Get rich quick' trader, Gurvin Singh Dyal, from Plymouth, is alleged to have scammed 1,250 people on Instagram - luring victims in with images of flash cars and luxury hotel stays

An Instagram trader who allegedly conned victims out of £3.8million with flashy images of cars and luxury hotels was forced to confront his actions in a new BBC documentary aired this week.

Gurvin Singh Dyal, 20, from Plymouth, is believed to have convinced as many as 1,250 people to join his 'copy trading' scheme using images that portrayed his high life on social media.

Dyal used the social media platform to lure in new investors with images flashy jewellery and spa weekends, and even posted an image of himself handing free cash to the public on Plymouth High Street.

Using Instagram handles @GS_3 and @gs3trades – both of which have now been deleted - Dyal claimed he was making a fortune out of online trading and said he wanted to give something back.

He claimed his success was in the form of Forex, or foreign exchange, which allows traders around the world to buy and sell currencies between each other to make a profit.

This is the practice in which traders buy currently when it’s low and then sell it when the price rises.

However, earlier this year Dyal was accused of scamming his investors out of more than £3.8million by emptying their accounts and blaming the losses on Brexit.

In a new BBC documentary, Dyal is confronted on his parents’ doorstep in Ilford, East London.

He refused to answer any questions, hiding in a shop before getting into his car and driving off.

During the documentary called Scam City: Money, Mayhem and Maseratis, journalist Mobeen Azhar spoke to investors who claimed the so-called businessman assured them he was an authorised and FCA-recognised Forex trader.

The 20-year-old claimed he turned £200 into £100,000 while studying to be a doctor and offered trading services via his company GS3 Trades, where he managed money on behalf of investors.

One victim Jonathon, invested his entire £17,000 deposit for his first home.

But after climbing to £30,000, the accountant’s investment collapsed at Christmas, leaving him with just £48 by Boxing Day.

“I'm seeing him making a lot of money trading and now he's bringing out his own trading service, so I was like cool, I want to get involved. So I sent him a message and he said "yeah you can get involved, minimum deposit is £500", so I was like cool,” he told viewers.

Jonathan was added to an exclusive WhatsApp group with a number of other clients where Dyal and his team sent updates on their gains.

On the first day Jonathan told how he made £100. He invested further as the money grew.

“I was properly excited about it,” he explained. “I know it's risky but I'm not going to lose the whole amount, in trading that's kind of unheard of.”

By December his £17,000 had turned into almost £30,000.

Gurvin was confronted at his parents' house in London (Image: gurvz/Instagram)

That was until his entire investment collapsed on Boxing Day.

“It was quick, I'm talking about every two, three minutes. £27,000 turned to £9,000 in that one day, Christmas Eve. And I watched it live as it was happening, just money disappearing, going going going,” he said.

Despite being told that he could withdraw money at any time, Jonathan said he was instructed by Gurvin and his team not to, otherwise they'd “kick him off the system” for “making everything go south”.

“There's a very different narrative before you signed up to when you're actually on it,” he said.

Speaking on other investors, he said: “Everyone was like, 'that's my life savings, I can't pay my rent, I was going to buy a house, I borrowed money from my parents',” he recalled.

“From day one, as soon as you put your money in I think it was lost, I don't think there was ever a good outcome.”

Days beforehand, Dyal had shared images of himself driving a Ferrari through the streets of Paris.

He has since removed that profile but a different one is now live, with the same old photos of sports cars and lavish stays at The Shard hotel in London.

Gurvin's new Instagram profile @mr.gurvz cites him as founder of Academy2Earn, an online learning platform that 'teaches students how to start an online business'.

On December 31, Gurvin was added to the Financial Conduct Authority's warning list of unauthorised Foreign Exchange (Forex) traders.

It transpired GS3 Trades was not regulated by the FCA and Gurvin didn't even have a licence to trade. In the end Jonathan and everyone else's investments were lost.

The documentary found Gurvin had been acting as an affiliate marketer, promoting a desirable lifestyle to lure potential investors (to introduce to brokers for a fee) and make trading look like something they could easily do in their spare time.

The financial watchdog said: “This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”

In January he was being looked into by the National Fraud Intelligence Bureau (NFIB) after hundreds of victims reported him to Action Fraud.

In a statement Infinox Capital Limited in London told the BBC: “We are regulated by the FCA in the UK and take our obligations under applicable law and regulation extremely seriously.

“We are fully aware of the regulatory requirements under which we operate and are confident that our activities have not breached applicable law or regulation.

“We wholly reject any and all allegations of wrongdoing. We have acted, and continue to act, in an open and cooperative manner with the FCA.”

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