Buyer Beware

Infinox Capital – Scam Stole 4 Million GBP from Clients

Infinox Capital is a FCA-regulated forex broker which used its regulatory status to dupe investors out of £4,000,000. 

Although Infinox Capital is a legitimate forex broker, their business tactics don’t align with their regulatory status. 

The people behind Infinox had partnered with an Instagram trader and together they scammed around 1,250 people. 

Investors lost up to £88,000 when a supposedly successful investment scheme on a “regulated” trading platform collapsed. 

Most of the victims blamed the self-made forex trader Gurvin Singh. 

Infinox Capital scam

Singh had promoted the scheme to his 170,000 followers, calling it a ‘copy-trading’ service where they could do the trades he had performed.

However, investors accused him of covering up losses and making them believe the scheme was under the protection of FCA. In reality, he sent all of their funds to a Bahamas-based broker.

Subsequently, the Financial Conduct Authority issued an alert against Gurvin Singh and several of his associates who worked for his ‘GS3’ brand. 

Still, many victims point out that the FCA stopped investigating Singh and Infinox Capital after a while. Moreover, they can’t afford to pursue a legal fight against the two in court. 

Jonathan, an investor who lost £17,000 in this scheme, told the media that only a police investigation was going on but he hasn’t received any updates on it for months. 

A big reason why people fell prey to the scam was when they looked up Infinox Capital, they found that it’s an FCA-regulated broker. However, they didn’t know that Gurvin and Infinox will send their money to an offshore broker, which doesn’t fall under FCA’s regulation.

How Jay K Mawji (Infinox Capital Owner) Responded:

When the news broke out about the scam, Jay K Mawji, the Director of Infinox Capital said they had no association with the Bahamian firm. 

He is the owner of the Infinox brand and claimed his company didn’t have any association with Singh. 

In fact, he insisted that Inifnox Bahamas was a different company and it had nothing to do with them.

He had to issue these statements as investors began complaining to Infinox Capital UK about the multi-million scam. However, the company shrugged off each complaint by saying it was a separate legal company. 

Even Anthony Stubbs, a businessman claiming to be the CEO of Infinox Bahamas refused to take any responsibility and said Singh was responsible for the losses of all investors. 

However, investors disagree with Jay Mawji’s claims. 

They point out that they had received emails from Infinox Capital UK. Also, the contracts said that signing them would make them engage with the services of both companies. Clearly, the two companies were Infinox Bahamas and Infinox UK.

Did Jay Mawji Lie? 

Metro UK investigated the matter and found some interesting evidence suggesting Jaw Mawji might be lying to save his skin. 

They found 2 Infinox Capital UK employees who were admins of multiple WhatsApp groups for the hundreds of GS3 clients. 

Although the pair is no longer working at the company, they posted many messages in teh group indicating they were in charge of the funds. For example, one of them signed a message with “best regards, Trading Team”. 

Also, they had instructed the investors to observe their investment through a specific app. There, they saw steady profits entering their accounts. 

Furthermore, the clients had the legal right to see the performance of open trades. It would have allowed them to see the building up, losing positions which only closed when it reached £3.9 million.

At that point, every investor’s investment had vanished. 

Journalists found that the app had hidden these important terms in small print at the end of the contracts. Furthermore, Infinox’s website didn’t mention it at all. 

When Gurvin Singh told the group members that they weren’t allowed to see such data and quietly removed those who questioned it, the Infinox Capital employees didn’t do anything.

The Infinox staff didn’t do anything when a few investors began discussing ‘negative trades’ four months into the scheme. Singh told them that their funds were safe and the trades would go positive once “Brexit was over”. 

“They Use Their Offshore Brands to Run Schemes Illegal in the UK”

A trader who used to work with Infinox Capital in a role similar to Gurvin Singh told Metro that Infinox uses the Bahamas firm as a front. It allows them to profit from the highly-risky schemes FCA has banned in the UK.

Also, the trader pointed out Infinox Capital UK employees pushed the clients he had introduced them to a separate Bahamas server. 

This way, he claimed they were able to profit from the loose regulations of the tax haven. 

It’s worth noting that Bahamian regulators allow traders to use 16 times more leverage than allowed by the FCA in th UK.

This increases the potential profits of the forex broker substantially as it increases the transaction size. 

Also, the trader said Infinox Capital Uk had told him the scheme was under FCA’s regulation. However, he soon found out that FCA’s legal limit meant they couldn’t earn enough to pay affiliates like him from accounts under FCA’s jurisdiction.

That’s because Infinox Capital would have had to close all trades of the accounts under FCA’s regulation when their losses hit 50%. 

Metro reveals the trader had shown them agreements with Infinox Capital UK and the company executives used ‘’ and ‘’ email addresses.

More Evidence Suggesting Infinox Capital UK was Involved in the Multi-million Scam:

Apart from their discussions with the trader, Metro also found an audio recording. 

It consisted of an Infinox Bahamas employee telling them that their sales, finance, customer services and compliance departments were all based in the Infinox UK’s headquarters. 

Also, Instagram and YouTube footage shows them and the employees who worked with Sing working in the offices. 

The financial documentation of Infinox Capital shows they made £9 million in 2019-20 and £1 million out of them came from the “Caribbean market”. 

Jay Mawji didn’t give any explanation for it. He said the information is not available in the public domain. 

Also, the forex broker’s latest public records have stopped sharing such geographic spread of its revenue. Now, they claim they make money from clients across the world. 

Robert Berkeley (Infinox Capital UK CEO) is the Director of Infinox Bahamas

Infinox wiki

After receiving countless complaints from the victims, Jay Mawji’s firm admitted that the CEO of their UK division is the director of Infinox Bahamas. 

His name is Robert Berkeley. 

According to Australian’ regulatory documents, Robert Berkeley the director of a Sydney-based company as well. This company falls under the ownership of Infinox Bahamas and is used to keeping client funds in “segregated accounts”.

Also, Robert owns a company in St Vincent and Grenadines which holds the underlying assets of Infinox Capital Bahamas. 

When journalists contacted Infinox Bahamas, the company denied any participation in the scheme. It claimed they settled the losses in the financial markets. 

Many forex scams tend to mimic a trading experience and match their clients’ bets with other companies who steal the profits.

Also, when journalists asked Infinox Capital Bahamas about how it passes its profits to others, they declined. 

Furthermore, they didn’t deny earning around £4,000,000 from the fraudulent scheme’s collapse.

It’s worth mentioning that their website in 2022 claims to offer up to 1:1000 leverage, which is illegal in the UK. 

Infinox Capital login

The Shady Outsourcing Arrangement Between Infinox Capital and Infinox Bahamas:

Considering how Robert Berkeley and Jay Mawji own so many offshore entities, it raises a question: “Are they shell companies?”

However, Jay and Infinox Capital UK denied this notion. They said the St Vincent and Grenadines entity is a dormant company which has never held any assets. 

Furthermore, it said they have had a historical ‘outsourcing arrangement’ with Infinox Bahamas. 

But Jay insists that the UK authorities are aware of this arrangement. They didn’t deny that their employees were involved in the scam. 

Also, the company claims the sign up process makes it clear which entity the clients are dealing with. They mention the different suffixes on their website and references. 

Furthermore, they claimed that the findings of a Financial Ombudsman supports their delineation claim. 

The finding rejected a complaint from a copy-trader saying they cannot be considered a client of Infinox Capital UK. 

However, journalists understood that the ombudsman didn’t consider the email referring to “services offered by Infinox Capital Ltd”, which doesn’t include a risk notice. 

Furthermore, the email didn’t mention any of the interactions between the GS3 clients and Infinox employees. This victim had invested in a different fund. 

What Infinox Capital didn’t tell the journalists themselves was that the ombudsman had said the firm “likely had some involvement”. 

Furthermore, the ombudsman had expressed concerns about their operations. However, they couldn’t do anything because of FCA’s definition of a client. 

More About Infinox Capital: 

Infinox Capital started operating in 2009 and claims to focus on providing its clients with advanced trading technology. 

They operate globally and have licenses from teh Financial Conduct Authority, Financial Sector Conduct Authority and the Securities Commission of the Bahamas. 

The broker offers the popular MT4 and MT5 trading platforms to its clients. These platforms are extremely popular because of their helpful interface and multitude of features. 

However, the minimum deposit requirement is substantially higher than the industry standard. 

Infinox Capital minimum deposit is $100 while most reputed brokers keep their minimum deposit requirement around $10. 

Furthermore, the company offers 50+ currency pairs along with CFDs. 

While FCA prohibits its brokers from offering leverage higher than 1:30, Infinox Capital offers leverage up to 1:1000 thanks to its offshore accounts. 

You should be cautious, however, because their offshore accounts played a huge role in the multi-million scam I mentioned above. 

Available payment methods include Neteller, bank transfer, credit cards, Skrill and others. 

On paper, Infinox Capital seems like an attractive forex broker but its reviews don’t inspire confidence. 

Infinox Capital Reviews You Must Read:

While this broker has received several 5-star reviews online, it’s difficult to trust them as the broker has a robust affiliate network. 

Paid affiliates tend to post a lot of positive reviews on their partner firm as it helps them increase their revenue as well. 

However, what’s alarming is the large number of complaints this broker has received. 

I’m sharing some of them below: 

Infinox Capital review
Infinox Capital review
Infinox Capital review
Infinox Capital review
Infinox Capital review
Infinox Capital review
Infinox Capital review
Infinox Capital review
Infinox Capital review


While the promises and trading conditions of Infinox Capital might make it seem like an attractive forex broker, its history suggests it’s a fraudulent firm. 

The broker has received countless complaints calling it a scam or fraud. 

Similarly, the company profited £4 million when the investors of one of their affiliates lost all of their investment instantly. The company didn’t face any legal consequences as it shifted all the blame on its own offshore branch. 

Such shady operations and ethics indicate you should avoid trading with this broker at all costs. 

There are plenty of scammers in the forex industry. For example, OmegaPro is an MLM scam posing as a forex trading platform. Similarly, you have Eurotrader which has received numerous complaints for stealing from its clients. 

Due to these reasons, I don’t recommend trading with Infinox Capital.

1.9 Total Score

Infinox Capital is a forex broker owned by Jay Mawji. The comapny uses offshore entities to avoid legal accountability and was the primary suspect in a multi-million scam which stole £4 million from investors in 2019.

2.5Expert Score
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1.2User's score
Customer Support
  • None
  • Earned £4 million by scamming investors
  • Unethical business practices
  • Multiple reviews call it a scam
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1 Comment
  1. 0.6
    Customer Support

    This forex broker is total scam.

    Infinox Capital hides behind its tricky terms and conditions so when you lose your money, they have no responsiblity.

    I have already lost 2000 EUR with these scammers. Nobody should fall for this scam.

    + PROS: None
    - CONS: Scam
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