Jonathan Reuben an accountant, who was scammed out £17,000 on instagram, nanansem.com can report.
“I was following this guy on Instagram and he always posts with his car, a rose gold Maserati, saying that he’s rich and self-made and really young, he said
He discovered a foreign exchange trade investment scheme through an account he followed on Instagram
“At first I put in £1,000 and once I saw I was getting money I deposited a bit more and more. In the end I was scammed out £17,000,” he told the BBC’s Money Box programme
Gurvin Singh claims he got rich quick through foreign exchange trading
Since the coronavirus outbreak began last year, the average number of Instagram frauds reported each month has increased by more than 50%, according to new figures by Action Fraud, the UK police national reporting centre for fraud and cyber crime.
Before that there’ve been cases of lost money. Before the pandemic it averaged £60,000 a month, but it has now risen to about £200,000 a month.
Jonathan said the alleged fraudster, Gurvin Singh, a man from Plymouth, claimed he got rich quick through foreign exchange trading. Mr Singh then offered users who follow him on Instagram the chance to follow his get-rich-quick trades
“He said any trade he does will be copied to my account when I signed up.”
At first, his profits rose and he invested more money. But he became suspicious after a few months, when he saw his funds plummet over two days
“I did attempt to withdraw, but it just said withdrawal failed. I asked them for an explanation and their excuse was that the profits dropped because of Brexit. After a few days all my money was gone and I could no longer contact Gurvin or anyone involved,” Jonathan said. “I’ve reported it to the police, my banks and Instagram.
Action Fraud’s National Fraud Intelligence Bureau said the activities of Mr Singh were being investigated, but said there was no criminal inquiry.
Mr Singh did not respond to the BBC’s request for comment.