Infinox Broker is an FCA-regulated forex broker that used its regulatory status to defraud investors of £4,000,000.
Even though Infinox Broker is a legitimate forex broker, their business practices are inconsistent with its regulatory status.
Infinox’s creators collaborated with an Instagram trader to defraud approximately 1,250 people.
When a supposedly successful investment scheme on a “regulated” trading platform collapsed, investors lost up to £88,000 each.
The FCA-regulated platform has several unregulated offshore subsidiaries through which it is scamming forex traders.
The majority of the victims held self-made forex trader Gurvin Singh responsibly.
Singh had promoted the scheme to his 170,000 followers as a ‘copy-trading’ service where they could replicate his trades.
However, investors accused him of covering up losses and misleading them into believing the FCA protected the scheme. He transferred all of their funds to a broker in the Bahamas.
The Financial Conduct Authority then warned Gurvin Singh and several associates who worked for his ‘GS3’ brand.
Many victims claim that the FCA failed to investigate Singh and Infinox Capital. Furthermore, they cannot afford to go to court against the two.
Jonathan, a £17,000 loser in this scheme, told the media that only a police investigation was underway, but he hasn’t heard anything about it in months.
When people looked up Infinox Capital, they discovered that it is an FCA-regulated broker, which was a major reason they fell victim to the scam. They had no idea that Gurvin and Infinox would send their money to an offshore broker, which the FCA does not regulate.
The Response By Infinox Broker Owner
When the scam spread, Jay K Mawji, Director of Infinox Broker, stated they had no affiliation with the Bahamian firm.
He owns the Infinox brand and has stated that his company has no affiliation with Singh.
He insisted that Inifnox Bahamas was a separate entity with nothing to do with them.
He was forced to make these statements after investors complained to Infinox Capital UK about the multi-million dollar fraud. However, the company dismissed each complaint by claiming it was a separate legal entity.
Even Anthony Stubbs, a businessman claiming to be the CEO of Infinox Bahamas, refused to accept responsibility, claiming Singh was to blame for all investors’ losses.
On the other hand, investors are sceptical of Jay Mawji’s claims.
They claim to have received emails from Infinox Capital UK. Furthermore, the contracts stated that signing them would obligate them to use the services of both companies. The two companies were Infinox Bahamas and Infinox UK.
The Lies of Infinox Broker Owner Exposed
Metro UK investigated the matter and discovered some intriguing evidence that Jaw Mawji may be lying to save his skin.
They discovered two Infinox Capital UK employees who were administrators of numerous WhatsApp groups for hundreds of GS3 clients.
Even though the company no longer employs the pair, they posted numerous messages in the group indicating that they were in charge of the funds. For example, one signed a memorandum with “best regards, Trading Team”.
They also instructed the investors to monitor their investments using a specific app. They noticed consistent profits entering their accounts.
Furthermore, clients had the legal right to monitor the progress of open trades. It would have allowed them to see the construction as it progressed, losing positions that were only closed when it reached £3.9 million.
Every investor’s investment had vanished at that point.
Journalists discovered that the app had concealed these crucial terms in small print at the end of the contracts. Furthermore, Infinox’s website made no mention of it.
When Gurvin Singh informed the group members that they were not permitted to view such data and quietly removed those who objected, the Infinox Capital employees did nothing.
Infinox Broker is an FCA-regulated forex broker that used its regulatory status to defraud investors of £4,000,000. Even though Infinox Broker is a legitimate forex broker, their business practices are inconsistent with its regulatory status.